Marten Transport’s Net Income up 8.7% as Revenue Hits High
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Marten Transport saw record revenues lead to an 8.7% increase in net income, up to $16.6 million, from $15.3 million in the third quarter of 2018, according to an earnings report released Oct. 17.
Earnings per share were 30 cents, up from 28 cents a year earlier.
Revenue improved 7.7% to a record $215 million for the third quarter, up from $199.6 million for the third quarter of 2018.
Marten Transport officials said it was the highest revenue for any quarter in its history, with the previous record set in 2019’s second quarter.
“Our talented people … overcame the negative impact of the recent hurricane and flooding on our Southeast and Texas operations during the third quarter,” said Randolph L. Marten, chairman and CEO.
Randolph Marten said the company added 43 truckload and 41 dedicated tractors in the period ended Sept. 30, increasing year-to-date growth to 149 truckload and 230 dedicated tractors, a combined 14.2% fleet growth since the beginning of the year.
Marten officials said operating income improved 5.5% to a record $20 million for the third quarter of 2019, from $19 million for the third quarter of 2018.
Marten Transport is based in Mondovi, Wis. The company offers truckload, dedicated, intermodal and brokerage.
Marten Transport specializes in temperature-sensitive truckloads, transporting and distributing food and other consumer-packaged goods that require a temperature-controlled or insulated environment, according to the company’s profile.
Marten Transport officials said their dry freight services are expanding with 1,718 dry vans operating as of Sept. 30.
The company offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. 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 the largest for-hire carriers in North America.
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