• Marten Transport Announces Second Quarter Results

    ソース: Nasdaq GlobeNewswire / 18 7 2022 15:01:01   America/Chicago

    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 revenue41.8%  28.8%  17.4%  16.3%  9.4%  2.0%  4.7%  0.5%  0.1%  
                        
     Operating revenue, net of fuel surcharges32.1%  23.8%  12.5%  12.8%  5.0%  2.5%  8.8%  3.8%  4.7%  
                        
     Operating income43.5%  49.4%  20.0%  16.8%  12.9%  33.1%  36.0%  21.8%  26.6%  
                        
     Net income47.8%  52.9%  26.1%  17.9%  18.1%  31.3%  24.5%  8.8%  19.4%  
         

    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 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 SHEETS

      June 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.

    Primary Logo

シェアする