Marten Transport Posts Record Results in First Quarter
Marten Transport Ltd. reported its best first-quarter operating revenue in the company’s 73-year history, according to an April 16 news release.
For the first quarter of 2019, the Mondovi, Wis.-based company also reported record first-quarter operating income and net income.
Randolph L. Marten, company chairman and CEO, said the transport carrier saw 30.4% growth in year-over-year operating income, closely matching an increase of 31.8% in the past 12 months.
Marten reported net income of $13.5 million, or 25 cents per share, in the three months ending March 31, compared with $10.3 million, or 19 cents per share, in the same period a year ago.
Operating revenue jumped 6.5% to $199 million in the first quarter of 2019, compared with $187 million in operating revenue during the same period of 2018. Operating income was $17.7 million, up from $13.6 million in the first quarter last year.
Marten said the freight economy is strong, and he expects further demand for Marten’s targeted services.
“We expect to see strong demand throughout 2019 for our premium services with our diversified base of over 650 customers,” Marten said in a news release. “We added 65 truckload and 51 dedicated tractors during the first quarter.”
How much do you know about Marten's history? Click the link to find out a little bit about our founder, Roger Marten. https://t.co/avnYFJJ5ML pic.twitter.com/GDjjBKK5K7 — Marten Transport (@MartenTransport) April 22, 2019
Marten said the company’s dry freight services are expanding, with 1,596 dry vans operating as of March 31.
The carrier specializes in hauling food and packaged goods that require refrigeration.
Marten also provides dedicated contract carriage, and intermodal and freight brokerage, along with dry van truckload service in the United States, Canada and Mexico.
Marten Transport employs about 3,500 people. Marten Transport was founded by a 17-year-old member of the Marten family who delivered milk and other dairy products from the Modena Co-op Creamery, according to the company’s website.
Marten Transport ranks No. 48 on the Transport Topics Top 100 list of largest for-hire carriers in North America.
