Marten Reports Record Earnings in 2013
Truckload carrier Marten Transport reported 2013 was the best financial year in its history, but fourth-quarter income declined.
Fourth-quarter net income dropped to $7.3 million, or 22 cents per share, from $7.7 million, or 23 cents per share, from the same time last year.
For the year ended Dec. 31, profit rose 10.6% to $30.1 million, or 90 cents per diluted share.
Operating revenue in the fourth quarter from truckload and logistics operations dipped to $166.2 million from $166.4 million the previous year, Marten said. Its full-year operating revenue increased 3.3% to $659.2 million.
“We are pleased to announce our highest net income for any year in our history. These results were earned in a challenging rate environment with significant industry headwinds including higher equipment and maintenance costs, pay inflation to drivers within a contracting driver market and revised hours-of -service regulations,” Randolph Marten, chairman and CEO, said in a statement.”
Truckload, intermodal and broker loads increased 7.5% in the fourth quarter and increased 10.2% in 2013 over the prior year, the Mondovi, Wis.-based company said.
The firm said it expects continued growth in 2014 primarily from its dedicated truckload, intermodal and Mexico operations.
Marten Transport is ranked No. 42 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
