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Marten Transport Announces Second Quarter Results
ソース: Nasdaq GlobeNewswire / 18 7 2022 16:01:01 America/New_York
MONDOVI, Wis., July 18, 2022 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 47.8% improvement in net income to $31.7 million, or 39 cents per diluted share, for the second quarter ended June 30, 2022, from $21.4 million, or 26 cents per diluted share, for the second quarter of 2021. The 2022 second-quarter earnings also improved 15.0% sequentially from 2022 first-quarter net income of $27.5 million, or 33 cents per diluted share. For the first six months of 2022, net income improved 50.1% to $59.2 million, or 72 cents per diluted share, from $39.4 million, or 47 cents per diluted share, for the first six months of 2021.
Operating Results Comparison Percentage Percentage Percentage Percentage Percentage Increase Increase Increase Increase Increase Three Months Three Months Year Year Year Ended Ended Ended Ended Ended June 30, March 31, December 31, December 31, December 31, 2022 vs. 2021 2022 vs. 2021 2021 vs. 2020 2020 vs. 2019 2019 vs. 2018 Operating revenue 41.8% 28.8% 11.4% 3.7% 7.1% Operating revenue, net of fuel surcharges 32.1% 23.8% 8.3% 6.8% 8.6% Operating income 43.5% 49.4% 19.8% 21.9% 8.7% Net income 47.8% 52.9% 22.9% 13.8% 11.0% Operating revenue for the second quarter of 2022 was the highest amount for any quarter in Marten’s 77-year history. Operating revenue improved 41.8% to $329.6 million for the second quarter of 2022 from $232.4 million for the second quarter of 2021 - and improved 14.7% from $287.3 million for the 2022 first quarter. Excluding fuel surcharges, operating revenue improved 32.1% to $269.1 million for the 2022 quarter from $203.7 million for the 2021 quarter - and improved 9.7% from $245.3 million for the 2022 first quarter. Fuel surcharge revenue increased to $60.4 million for the 2022 quarter from $28.8 million for the 2021 quarter due to significantly higher fuel prices.
Operating revenue improved 35.4% to $616.8 million for the first six months of 2022 from $455.5 million for the first six months of 2021. Excluding fuel surcharges, operating revenue improved 28.0% to $514.4 million for the first six months of 2022 from $401.8 million for the first six months of 2021. Fuel surcharge revenue increased to $102.4 million for the first six months of 2022 from $53.7 million for the first six months of 2021.
Operating income for the second quarter of 2022 was also the highest amount for any quarter in Marten’s history. Operating income improved 43.5% to $40.9 million for the second quarter of 2022 from $28.5 million for the second quarter of 2021 - and improved 14.2% from $35.9 million for the 2022 first quarter, which was up 16.9% from $30.7 million for the 2021 fourth quarter.
Operating income improved 46.2% to $76.8 million for the first six months of 2022 from $52.5 million for the first six months of 2021.
Operating expenses as a percentage of operating revenue improved to 87.6% for the second quarter of 2022 from 87.7% for the second quarter of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 84.8% for the 2022 quarter, the best ratio for any quarter since Marten became a public company in 1986, from 86.0% for the 2021 quarter.
Operating expenses as a percentage of operating revenue improved to 87.6% for the first six months of 2022 from 88.5% for the first six months of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 85.1% from 86.9%.
Executive Chairman Randolph L. Marten stated, “Consistent. Strong. Profitable. Organic Growth. Marten’s bright, driven people just earned our highest operating revenue and operating income for any quarter in our history, along with our best operating ratio, net of fuel surcharges, for any quarter since we became a public company in 1986 – achieving all three marks for the third time in our last five quarters.”
“The unrelenting national shortage of qualified drivers is a long-term double-edged sword for our industry, simultaneously tightening the freight market while limiting fleet size. Our ability to capitalize on the high level of demand we continue to see and apply our culture of continuous operating enhancements within our unique business model has largely contributed to our performance improvements. Our approach to overcoming the driver shortage is a heightened emphasis on structurally improving our drivers’ jobs and work-life balance by collaborating with our customers, while also increasing our driver compensation. The results - we continue to build on our success in expanding the capacity we provide as we began this year’s third quarter with 123 more of the industry’s top drivers than we employed at the beginning of the second quarter. We have now increased our number of drivers by 422, or 15.4%, since June 30, 2021.”
“Also, reflecting our confidence in Marten’s financial strength and commitment to enhancing stockholder value, we repurchased and retired 963,000 shares of our common stock for $16.8 million in the second quarter of 2022, in addition to the 1.3 million shares of our common stock for $25.0 million repurchased in the first quarter.”
Operating Results Since the Pandemic Began – Percentage Increase Over Same Quarter of Prior Year Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating revenue 41.8% 28.8% 17.4% 16.3% 9.4% 2.0% 4.7% 0.5% 0.1% Operating revenue, net of fuel surcharges 32.1% 23.8% 12.5% 12.8% 5.0% 2.5% 8.8% 3.8% 4.7% Operating income 43.5% 49.4% 20.0% 16.8% 12.9% 33.1% 36.0% 21.8% 26.6% Net income 47.8% 52.9% 26.1% 17.9% 18.1% 31.3% 24.5% 8.8% 19.4% Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’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, 2021. 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, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED BALANCE SHEETSJune 30, December 31, (In thousands, except share information) 2022 2021 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 68,374 $ 56,995 Receivables: Trade, net 138,391 99,003 Other 3,681 6,971 Prepaid expenses and other 27,437 23,980 Total current assets 237,883 186,949 Property and equipment: Revenue equipment, buildings and land, office equipment and other 992,400 956,476 Accumulated depreciation (310,645 ) (274,199 ) Net property and equipment 681,755 682,277 Other noncurrent assets 1,483 1,464 Total assets $ 921,121 $ 870,690 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 48,463 $ 20,150 Insurance and claims accruals 45,689 42,014 Accrued and other current liabilities 36,565 31,395 Total current liabilities 130,717 93,559 Deferred income taxes 129,972 125,163 Noncurrent operating lease liabilities 275 291 Total liabilities 260,964 219,013 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; 81,014,564 shares at June 30, 2022, and 83,034,404 shares at December 31, 2021, issued and outstanding 810 830 Additional paid-in capital 44,867 85,718 Retained earnings 614,480 565,129 Total stockholders’ equity 660,157 651,677 Total liabilities and stockholders’ equity $ 921,121 $ 870,690 MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share information) 2022 2021 2022 2021 Operating revenue $ 329,565 $ 232,442 $ 616,846 $ 455,488 Operating expenses (income): Salaries, wages and benefits 96,460 75,296 185,809 148,294 Purchased transportation 67,480 45,003 124,790 85,768 Fuel and fuel taxes 61,337 32,007 105,705 60,944 Supplies and maintenance 13,352 11,167 25,665 22,182 Depreciation 26,865 25,540 53,008 51,227 Operating taxes and licenses 2,663 2,718 5,303 5,430 Insurance and claims 13,443 9,391 26,147 20,837 Communications and utilities 2,239 2,056 4,504 4,139 Gain on disposition of revenue equipment (4,812 ) (5,339 ) (9,352 ) (7,323 ) Other 9,601 6,085 18,472 11,474 Total operating expenses 288,628 203,924 540,051 402,972 Operating income 40,937 28,518 76,795 52,516 Other (36 ) (9 ) (43 ) (19 ) Income before income taxes 40,973 28,527 76,838 52,535 Income taxes expense 9,312 7,109 17,644 13,111 Net income $ 31,661 $ 21,418 $ 59,194 $ 39,424 Basic earnings per common share $ 0.39 $ 0.26 $ 0.72 $ 0.48 Diluted earnings per common share $ 0.39 $ 0.26 $ 0.72 $ 0.47 Dividends declared per common share $ 0.06 $ 0.04 $ 0.12 $ 0.08 MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)Dollar Percentage Change Change Three Months Three Months Three Months Ended Ended Ended June 30, June 30, June 30, (Dollars in thousands) 2022 2021 2022 vs. 2021 2022 vs. 2021 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 101,808 $ 83,633 $ 18,175 21.7 % Truckload fuel surcharge revenue 25,164 12,308 12,856 104.5 Total Truckload revenue 126,972 95,941 31,031 32.3 Dedicated revenue, net of fuel surcharge revenue 84,389 67,227 17,162 25.5 Dedicated fuel surcharge revenue 25,966 12,894 13,072 101.4 Total Dedicated revenue 110,355 80,121 30,234 37.7 Intermodal revenue, net of fuel surcharge revenue 27,681 22,031 5,650 25.6 Intermodal fuel surcharge revenue 9,286 3,561 5,725 160.8 Total Intermodal revenue 36,967 25,592 11,375 44.4 Brokerage revenue 55,271 30,788 24,483 79.5 Total operating revenue $ 329,565 $ 232,442 $ 97,123 41.8 % Operating income: Truckload $ 16,088 $ 13,197 $ 2,891 21.9 % Dedicated 14,039 10,617 3,422 32.2 Intermodal 4,097 1,850 2,247 121.5 Brokerage 6,713 2,854 3,859 135.2 Total operating income $ 40,937 $ 28,518 $ 12,419 43.5 % Operating ratio: Truckload 87.3 % 86.2 % Dedicated 87.3 86.7 Intermodal 88.9 92.8 Brokerage 87.9 90.7 Consolidated operating ratio 87.6 % 87.7 % Operating ratio, net of fuel surcharges: Truckload 84.2 % 84.2 % Dedicated 83.4 84.2 Intermodal 85.2 91.6 Brokerage 87.9 90.7 Consolidated operating ratio, net of fuel surcharges 84.8 % 86.0 %
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)Dollar Percentage Change Change Six Months Six Months Six Months Ended Ended Ended June 30, June 30, June 30, (Dollars in thousands) 2022 2021 2022 vs. 2021 2022 vs. 2021 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 196,978 $ 167,552 $ 29,426 17.6 % Truckload fuel surcharge revenue 42,784 23,304 19,480 83.6 Total Truckload revenue 239,762 190,856 48,906 25.6 Dedicated revenue, net of fuel surcharge revenue 162,810 134,129 28,681 21.4 Dedicated fuel surcharge revenue 44,305 24,229 20,076 82.9 Total Dedicated revenue 207,115 158,358 48,757 30.8 Intermodal revenue, net of fuel surcharge revenue 53,286 41,477 11,809 28.5 Intermodal fuel surcharge revenue 15,323 6,119 9,204 150.4 Total Intermodal revenue 68,609 47,596 21,013 44.1 Brokerage revenue 101,360 58,678 42,682 72.7 Total operating revenue $ 616,846 $ 455,488 $ 161,358 35.4 % Operating income: Truckload $ 31,659 $ 24,612 $ 7,047 28.6 % Dedicated 24,684 19,553 5,131 26.2 Intermodal 9,133 3,311 5,822 175.8 Brokerage 11,319 5,040 6,279 124.6 Total operating income $ 76,795 $ 52,516 $ 24,279 46.2 % Operating ratio: Truckload 86.8 % 87.1 % Dedicated 88.1 87.7 Intermodal 86.7 93.0 Brokerage 88.8 91.4 Consolidated operating ratio 87.6 % 88.5 % Operating ratio, net of fuel surcharges: Truckload 83.9 % 85.3 % Dedicated 84.8 85.4 Intermodal 82.9 92.0 Brokerage 88.8 91.4 Consolidated operating ratio, net of fuel surcharges 85.1 % 86.9 %
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)Three Months Six Months Ended June 30, Ended June 30, 2022 2021 2022 2021 Truckload Segment: Revenue (in thousands) $ 126,972 $ 95,941 $ 239,762 $ 190,856 Average revenue, net of fuel surcharges, per tractor per week(1) $ 5,080 $ 4,146 $ 5,030 $ 4,101 Average tractors(1) 1,542 1,552 1,515 1,580 Average miles per trip 509 513 514 524 Non-revenue miles percentage(2) 10.7 % 9.6 % 10.6 % 9.9 % Total miles (in thousands) 36,752 37,285 72,124 75,568 Dedicated Segment: Revenue (in thousands) $ 110,355 $ 80,121 $ 207,115 $ 158,358 Average revenue, net of fuel surcharges, per tractor per week(1) $ 4,072 $ 3,268 $ 3,962 $ 3,241 Average tractors(1) 1,594 1,582 1,589 1,601 Average miles per trip 341 323 341 315 Non-revenue miles percentage(2) 1.0 % 1.1 % 1.1 % 0.9 % Total miles (in thousands) 34,134 32,255 66,887 64,254 Intermodal Segment: Revenue (in thousands) $ 36,967 $ 25,592 $ 68,609 $ 47,596 Loads 8,703 8,646 16,997 16,628 Average tractors 175 148 169 141 Brokerage Segment: Revenue (in thousands) $ 55,271 $ 30,788 $ 101,360 $ 58,678 Loads 25,322 14,341 45,006 28,916 At June 30, 2022 and June 30, 2021: Total tractors(1) 3,395 3,162 Average age of company tractors (in years) 1.6 1.5 Total trailers 5,521 5,299 Average age of company trailers (in years) 3.6 3.2 Ratio of trailers to tractors(1) 1.6 1.7 Total refrigerated containers 784 554 Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2022 2021 2022 2021 Net cash provided by operating activities $ 58,730 $ 39,795 $ 98,670 $ 83,365 Net cash (used for) investing activities (35,413 ) (44,021 ) (35,004 ) (61,438 ) Net cash (used for) financing activities (21,470 ) (3,685 ) (52,287 ) (7,382 ) Weighted average shares outstanding: Basic 81,689 82,840 82,310 82,799 Diluted 82,015 83,397 82,617 83,384 (1 ) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 85 and 118 tractors as of June 30, 2022 and 2021, respectively. (2 ) Represents the percentage of miles for which the company is not compensated. 
