• Marten Transport Announces First Quarter Results

    ソース: Nasdaq GlobeNewswire / 18 4 2023 16:01:39   America/New_York

    MONDOVI, Wis., April 18, 2023 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $22.5 million, or 28 cents per diluted share, for the first quarter ended March 31, 2023, compared with $27.5 million, or 33 cents per diluted share, for the first quarter of 2022.

    Operating revenue improved 3.7% to $298.0 million for the first quarter of 2023 from $287.3 million for the first quarter of 2022. Excluding fuel surcharges, operating revenue improved 3.9% to $254.9 million for the 2023 quarter from $245.3 million for the 2022 quarter. Fuel surcharge revenue increased to $43.1 million for the 2023 quarter from $42.0 million for the 2022 quarter.

    Operating income was $29.0 million for the first quarter of 2023 compared with $35.9 million for the first quarter of 2022 – at the time the highest amount for any quarter in Marten’s history.

    Operating expenses as a percentage of operating revenue were 90.3% for the 2023 quarter and 87.5% for the 2022 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 88.6% for the 2023 quarter and 85.4% for the 2022 quarter – at the time the best ratio for any quarter since Marten became a public company in 1986.

    Executive Chairman Randolph L. Marten stated, “Our bright and determined people executing our unique business model produced solid operating results despite the impact of widespread severe winter weather and a freight market which has considerably softened from the exceptionally tight conditions during the first half of last year. The market has become unsustainable for the smaller carriers who comprise a significant portion of total capacity, and who are expected to continue the recent increased industry exit rate.”

    “We believe that we are well-positioned to capitalize on profitable organic growth opportunities across our five distinct but complementary business platforms with our emphasis on premium service, data-driven operating efficiencies and cost controls – and, as a result, to expand the total capacity we provide transporting and distributing the essential food, beverages and other consumer goods to support at a fair price our diverse and growing customer base.”

    Current Investor Presentation

    Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across Marten’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

    This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACTS: Tim Kohl, Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED BALANCE SHEETS

      March 31, December 31,
    (In thousands, except share information) 2023  2022 
       (Unaudited)     
    ASSETS        
    Current assets:        
    Cash and cash equivalents $96,288  $80,600 
    Receivables:        
    Trade, net  115,430   120,702 
    Other  7,988   7,218 
    Prepaid expenses and other  24,206   27,320 
    Total current assets  243,912   235,840 
             
    Property and equipment:        
    Revenue equipment, buildings and land, office equipment and other  1,082,361   1,074,832 
    Accumulated depreciation  (348,641)  (346,665)
    Net property and equipment  733,720   728,167 
    Other noncurrent assets  1,641   1,672 
    Total assets $979,273  $965,679 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable $41,558  $37,299 
    Insurance and claims accruals  48,967   45,747 
    Accrued and other current liabilities  29,077   41,264 
    Total current liabilities  119,602   124,310 
    Deferred income taxes  137,825   137,041 
    Noncurrent operating lease liabilities  335   409 
    Total liabilities  257,762   261,760 
             
    Stockholders’ equity:        
    Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding  -   - 
    Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,233,741 shares at March 31, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding  812   811 
    Additional paid-in capital  47,151   47,188 
    Retained earnings  673,548   655,920 
    Total stockholders’ equity  721,511   703,919 
    Total liabilities and stockholders’ equity $979,273  $965,679 
             


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months 
      Ended March 31, 
    (In thousands, except per share information) 2023  2022 
             
    Operating revenue $298,023  $287,281 
             
    Operating expenses (income):        
    Salaries, wages and benefits  98,516   89,349 
    Purchased transportation  54,103   57,310 
    Fuel and fuel taxes  46,796   44,368 
    Supplies and maintenance  15,987   12,313 
    Depreciation  29,530   26,143 
    Operating taxes and licenses  2,768   2,640 
    Insurance and claims  15,070   12,704 
    Communications and utilities  2,531   2,265 
    Gain on disposition of revenue equipment  (5,246)  (4,540)
    Other  8,958   8,871 
             
    Total operating expenses  269,013   251,423 
             
    Operating income  29,010   35,858 
             
    Other  (844)  (7)
             
    Income before income taxes  29,854   35,865 
             
    Income taxes expense  7,352   8,332 
             
    Net income $22,502  $27,533 
             
    Basic earnings per common share $0.28  $0.33 
             
    Diluted earnings per common share $0.28  $0.33 
             
    Dividends declared per common share $0.06  $0.06 
             


    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)

              Dollar  Percentage 
              Change  Change 
      Three Months  Three Months  Three Months 
      Ended  Ended  Ended 
      March 31,  March 31,  March 31, 
    (Dollars in thousands) 2023  2022  2023 vs. 2022  2023 vs. 2022 
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue $102,320  $95,170  $7,150   7.5%
    Truckload fuel surcharge revenue  18,306   17,620   686   3.9 
    Total Truckload revenue  120,626   112,790   7,836   6.9 
                     
    Dedicated revenue, net of fuel surcharge revenue  86,831   78,421   8,410   10.7 
    Dedicated fuel surcharge revenue  19,618   18,339   1,279   7.0 
    Total Dedicated revenue  106,449   96,760   9,689   10.0 
                     
    Intermodal revenue, net of fuel surcharge revenue  23,401   25,605   (2,204)  (8.6)
    Intermodal fuel surcharge revenue  5,188   6,037   (849)  (14.1)
    Total Intermodal revenue  28,589   31,642   (3,053)  (9.6)
                     
    Brokerage revenue  42,359   46,089   (3,730)  (8.1)
                     
    Total operating revenue $298,023  $287,281  $10,742   3.7%
                     
    Operating income:                
    Truckload $10,041  $15,571  $(5,530)  (35.5)%
    Dedicated  13,684   10,645   3,039   28.5 
    Intermodal  787   5,036   (4,249)  (84.4)
    Brokerage  4,498   4,606   (108)  (2.3)
    Total operating income $29,010  $35,858  $(6,848)  (19.1)%
                     
    Operating ratio:                
    Truckload  91.7%  86.2%        
    Dedicated  87.1   89.0         
    Intermodal  97.2   84.1         
    Brokerage  89.4   90.0         
    Consolidated operating ratio  90.3%  87.5%        
                     
    Operating ratio, net of fuel surcharges:                
    Truckload  90.2%  83.6%        
    Dedicated  84.2   86.4         
    Intermodal  96.6   80.3         
    Brokerage  89.4   90.0         
    Consolidated operating ratio, net of fuel surcharges  88.6%  85.4%        
                     


    MARTEN TRANSPORT, LTD.
    OPERATING STATISTICS
    (Unaudited)

      Three Months 
      Ended March 31, 
      2023  2022 
    Truckload Segment:        
    Revenue (in thousands) $120,626  $112,790 
    Average revenue, net of fuel surcharges, per tractor per week(1) $4,571  $4,977 
    Average tractors(1)  1,741   1,487 
    Average miles per trip  510   520 
    Non-revenue miles percentage(2)  12.7%  10.4%
    Total miles (in thousands)  38,237   35,372 
             
    Dedicated Segment:        
    Revenue (in thousands) $106,449  $96,760 
    Average revenue, net of fuel surcharges, per tractor per week(1) $3,960  $3,851 
    Average tractors(1)  1,705   1,584 
    Average miles per trip  333   341 
    Non-revenue miles percentage(2)  1.1%  1.2%
    Total miles (in thousands)  34,076   32,753 
             
    Intermodal Segment:        
    Revenue (in thousands) $28,589  $31,642 
    Loads  7,277   8,294 
    Average tractors  180   162 
             
    Brokerage Segment:        
    Revenue (in thousands) $42,359  $46,089 
    Loads  20,688   19,684 
             
    At March 31, 2023 and March 31, 2022:        
    Total tractors(1)  3,571   3,274 
    Average age of company tractors (in years)  1.7   1.6 
    Total trailers  5,741   5,428 
    Average age of company trailers (in years)  4.1   3.5 
    Ratio of trailers to tractors(1)  1.6   1.7 
    Total refrigerated containers  802   729 


      Three Months 
      Ended March 31, 
    (In thousands) 2023  2022 
             
    Net cash provided by operating activities $49,232  $39,940 
    Net cash (used for)/provided by investing activities  (28,280)  409 
    Net cash (used for) financing activities  (5,264)  (30,817)
             
    Weighted average shares outstanding:        
    Basic  81,210   82,938 
    Diluted  81,376   83,246 


    (1 )Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 95 and 87 tractors as of March 31, 2023 and 2022, respectively. 
      
    (2)Represents the percentage of miles for which the company is not compensated.

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