Marten Transport Announces Third Quarter Results
October 17 2022 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 20.6%
improvement in net income to $25.6 million, or 32 cents per diluted
share, for the third quarter ended September 30, 2022, from $21.3
million, or 26 cents per diluted share, for the third quarter of
2021 – the Company’s fifteenth consecutive year-over-year increase
in quarterly profitability. For the first nine months of 2022, net
income improved 39.8% to $84.8 million, or $1.03 per diluted share,
from $60.7 million, or 73 cents per diluted share, for the first
nine months of 2021.
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Operating Results Comparison |
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Percentage |
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Percentage |
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Percentage |
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Percentage |
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Percentage |
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Percentage |
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Increase |
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Increase |
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Increase |
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Increase |
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Increase |
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Increase |
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Three
Months |
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Three
Months |
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Three
Months |
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Year |
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Year |
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Year |
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Ended |
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Ended |
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Ended |
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Ended |
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Ended |
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Ended |
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September
30, |
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June
30, |
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March
31, |
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December 31, |
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December 31, |
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December 31, |
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2022 vs. 2021 |
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2022 vs. 2021 |
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2022 vs. 2021 |
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2021 vs. 2020 |
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2020 vs. 2019 |
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2019 vs. 2018 |
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Operating
revenue |
29.1 |
% |
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41.8 |
% |
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28.8 |
% |
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11.4 |
% |
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3.7 |
% |
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7.1 |
% |
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Operating
revenue, net of fuel surcharges |
21.8 |
% |
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32.1 |
% |
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23.8 |
% |
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8.3 |
% |
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6.8 |
% |
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8.6 |
% |
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Operating
income |
18.5 |
% |
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43.5 |
% |
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49.4 |
% |
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19.8 |
% |
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21.9 |
% |
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8.7 |
% |
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Net
income |
20.6 |
% |
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47.8 |
% |
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52.9 |
% |
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22.9 |
% |
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13.8 |
% |
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11.0 |
% |
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Operating revenue improved 29.1% to $324.4
million for the third quarter of 2022 from $251.3 million for the
third quarter of 2021. Excluding fuel surcharges, operating revenue
improved 21.8% to $269.3 million for the 2022 quarter from $221.2
million for the 2021 quarter. Fuel surcharge revenue increased to
$55.1 million for the 2022 quarter from $30.1 million for the 2021
quarter due to significantly higher fuel prices.
Operating revenue improved 33.2% to $941.3
million for the first nine months of 2022 from $706.8 million for
the first nine months of 2021. Excluding fuel surcharges, operating
revenue improved 25.8% to $783.8 million for the 2022 period from
$623.0 million for the 2021 period. Fuel surcharge revenue
increased to $157.5 million for the 2022 period from $83.7 million
for 2021 period.
Operating income improved 18.5% to $33.8 million
for the third quarter of 2022 from $28.5 million for the third
quarter of 2021, and also improved 36.5% to $110.6 million for the
first nine months of 2022 from $81.0 million for the first nine
months of 2021.
Operating expenses as a percentage of operating
revenue were 89.6% for the third quarter of 2022 and 88.7% for the
third quarter of 2021. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges, were
87.5% for the 2022 quarter and 87.1% for the 2021 quarter.
Operating expenses as a percentage of operating
revenue improved to 88.3% for the first nine months of 2022 from
88.5% for the first nine months of 2021. Operating expenses as a
percentage of operating revenue, with both amounts net of fuel
surcharges, improved to 85.9% from 87.0%.
Executive Chairman Randolph L. Marten stated,
“The smart, hard work of our talented people executing our unique
business model has produced improvements of 29.1% in top-line and
20.6% in bottom-line results over the third quarter of 2021. These
results overcame significantly less gain on disposition of our
revenue equipment, the negative effect of Hurricane Ian on our
sizable Southeast truckload and dedicated operations, and a
decrease in our intermodal volumes and margins resulting from
weakness in rail service aggravated by the threat of a rail labor
strike in mid-September.”
“We continue to drive strong fleet growth with
our approach to overcoming the national shortage of qualified
drivers of applying a heightened emphasis on structurally improving
our drivers’ jobs and work-life balance by collaborating with our
customers, while also increasing our driver compensation. This
growth provides momentum to the coming quarters as we began this
year’s fourth quarter with 199 more of the industry’s top drivers
than we employed at the beginning of the third quarter – and have
now increased our number of drivers by 621, or 22.6%, since June
30, 2021.”
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Operating
Results Since the Pandemic Began – Percentage Increase Over Same
Quarter of Prior Year |
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Q3 2022 |
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Q2 2022 |
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Q1 2022 |
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Q4 2021 |
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Q3 2021 |
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Q2 2021 |
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Q1 2021 |
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Q4 2020 |
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Q3 2020 |
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Q2 2020 |
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Operating revenue |
29.1 |
% |
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41.8 |
% |
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28.8 |
% |
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17.4 |
% |
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16.3 |
% |
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9.4 |
% |
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2.0 |
% |
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4.7 |
% |
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0.5 |
% |
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0.1 |
% |
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Operating revenue, net of fuel surcharges |
21.8 |
% |
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32.1 |
% |
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23.8 |
% |
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12.5 |
% |
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12.8 |
% |
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5.0 |
% |
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2.5 |
% |
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8.8 |
% |
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3.8 |
% |
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4.7 |
% |
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Operating
income |
18.5 |
% |
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43.5 |
% |
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49.4 |
% |
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20.0 |
% |
|
16.8 |
% |
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12.9 |
% |
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33.1 |
% |
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36.0 |
% |
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21.8 |
% |
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26.6 |
% |
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Net income |
20.6 |
% |
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47.8 |
% |
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52.9 |
% |
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26.1 |
% |
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17.9 |
% |
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18.1 |
% |
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31.3 |
% |
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24.5 |
% |
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8.8 |
% |
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19.4 |
% |
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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
|
September 30, |
|
|
December 31, |
|
(In
thousands, except share information) |
2022 |
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|
2021 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
71,492 |
|
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$ |
56,995 |
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Receivables: |
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Trade, net |
|
124,587 |
|
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|
99,003 |
|
Other |
|
4,443 |
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|
6,971 |
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Prepaid expenses and other |
|
24,787 |
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|
23,980 |
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Total current assets |
|
225,309 |
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|
186,949 |
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Property and equipment: |
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Revenue equipment, buildings and land, office equipment and
other |
|
1,046,476 |
|
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|
956,476 |
|
Accumulated depreciation |
|
(334,504 |
) |
|
|
(274,199 |
) |
Net property and equipment |
|
711,972 |
|
|
|
682,277 |
|
Other noncurrent assets |
|
1,421 |
|
|
|
1,464 |
|
Total assets |
$ |
938,702 |
|
|
$ |
870,690 |
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LIABILITIES
AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
43,188 |
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$ |
20,150 |
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Insurance and claims accruals |
|
45,664 |
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|
42,014 |
|
Accrued and other current liabilities |
|
36,605 |
|
|
|
31,395 |
|
Total current liabilities |
|
125,457 |
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|
93,559 |
|
Deferred income taxes |
|
130,594 |
|
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|
125,163 |
|
Noncurrent operating lease liabilities |
|
214 |
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|
|
291 |
|
Total liabilities |
|
256,265 |
|
|
|
219,013 |
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Stockholders’ equity: |
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Preferred stock, $.01 par value per share; 2,000,000 shares
authorized; no shares issued and outstanding |
|
- |
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|
- |
|
Common stock, $.01 par value per share; 192,000,000 shares
authorized; 81,096,632 shares at September 30, 2022, and 83,034,404
shares at December 31, 2021, issued and outstanding |
|
811 |
|
|
|
830 |
|
Additional paid-in capital |
|
46,366 |
|
|
|
85,718 |
|
Retained earnings |
|
635,260 |
|
|
|
565,129 |
|
Total stockholders’ equity |
|
682,437 |
|
|
|
651,677 |
|
Total liabilities and stockholders’ equity |
$ |
938,702 |
|
|
$ |
870,690 |
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
|
Three Months |
|
|
Nine Months |
|
|
Ended September 30, |
|
|
Ended September 30, |
|
(In
thousands, except per share information) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue |
$ |
324,448 |
|
|
$ |
251,280 |
|
|
$ |
941,294 |
|
|
$ |
706,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
99,773 |
|
|
|
81,091 |
|
|
|
285,582 |
|
|
|
229,385 |
|
Purchased transportation |
|
64,403 |
|
|
|
52,861 |
|
|
|
189,193 |
|
|
|
138,629 |
|
Fuel and fuel taxes |
|
57,299 |
|
|
|
33,909 |
|
|
|
163,004 |
|
|
|
94,853 |
|
Supplies and maintenance |
|
14,855 |
|
|
|
11,685 |
|
|
|
40,520 |
|
|
|
33,867 |
|
Depreciation |
|
28,381 |
|
|
|
25,371 |
|
|
|
81,389 |
|
|
|
76,598 |
|
Operating taxes and licenses |
|
2,748 |
|
|
|
2,606 |
|
|
|
8,051 |
|
|
|
8,036 |
|
Insurance and claims |
|
11,949 |
|
|
|
10,501 |
|
|
|
38,096 |
|
|
|
31,338 |
|
Communications and utilities |
|
2,135 |
|
|
|
2,181 |
|
|
|
6,639 |
|
|
|
6,320 |
|
Gain on disposition of revenue equipment |
|
(1,070 |
) |
|
|
(4,536 |
) |
|
|
(10,422 |
) |
|
|
(11,859 |
) |
Other |
|
10,209 |
|
|
|
7,115 |
|
|
|
28,681 |
|
|
|
18,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
290,682 |
|
|
|
222,784 |
|
|
|
830,733 |
|
|
|
625,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
33,766 |
|
|
|
28,496 |
|
|
|
110,561 |
|
|
|
81,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
(264 |
) |
|
|
(8 |
) |
|
|
(307 |
) |
|
|
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
34,030 |
|
|
|
28,504 |
|
|
|
110,868 |
|
|
|
81,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
expense |
|
8,384 |
|
|
|
7,230 |
|
|
|
26,028 |
|
|
|
20,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
25,646 |
|
|
$ |
21,274 |
|
|
$ |
84,840 |
|
|
$ |
60,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
$ |
0.32 |
|
|
$ |
0.26 |
|
|
$ |
1.04 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
$ |
0.32 |
|
|
$ |
0.26 |
|
|
$ |
1.03 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid per common share |
$ |
0.06 |
|
|
$ |
- |
|
|
$ |
0.18 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared per common share |
$ |
0.06 |
|
|
$ |
0.54 |
|
|
$ |
0.18 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT,
LTD.SEGMENT
INFORMATION(Unaudited)
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
Three Months |
|
|
Three Months |
|
|
Three Months |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
(Dollars in
thousands) |
2022 |
|
|
2021 |
|
|
2022 vs. 2021 |
|
|
2022 vs. 2021 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload revenue, net of fuel surcharge revenue |
$ |
105,905 |
|
|
$ |
86,889 |
|
|
$ |
19,016 |
|
|
|
21.9 |
% |
Truckload fuel surcharge revenue |
|
23,471 |
|
|
|
12,728 |
|
|
|
10,743 |
|
|
|
84.4 |
|
Total Truckload revenue |
|
129,376 |
|
|
|
99,617 |
|
|
|
29,759 |
|
|
|
29.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated revenue, net of fuel surcharge revenue |
|
86,178 |
|
|
|
68,826 |
|
|
|
17,352 |
|
|
|
25.2 |
|
Dedicated fuel surcharge revenue |
|
24,039 |
|
|
|
13,336 |
|
|
|
10,703 |
|
|
|
80.3 |
|
Total Dedicated revenue |
|
110,217 |
|
|
|
82,162 |
|
|
|
28,055 |
|
|
|
34.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
24,303 |
|
|
|
22,716 |
|
|
|
1,587 |
|
|
|
7.0 |
|
Intermodal fuel surcharge revenue |
|
7,600 |
|
|
|
4,031 |
|
|
|
3,569 |
|
|
|
88.5 |
|
Total Intermodal revenue |
|
31,903 |
|
|
|
26,747 |
|
|
|
5,156 |
|
|
|
19.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage revenue |
|
52,952 |
|
|
|
42,754 |
|
|
|
10,198 |
|
|
|
23.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue |
$ |
324,448 |
|
|
$ |
251,280 |
|
|
$ |
73,168 |
|
|
|
29.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
$ |
14,319 |
|
|
$ |
11,670 |
|
|
$ |
2,649 |
|
|
|
22.7 |
% |
Dedicated |
|
13,005 |
|
|
|
8,521 |
|
|
|
4,484 |
|
|
|
52.6 |
|
Intermodal |
|
778 |
|
|
|
2,840 |
|
|
|
(2,062 |
) |
|
|
(72.6 |
) |
Brokerage |
|
5,664 |
|
|
|
5,465 |
|
|
|
199 |
|
|
|
3.6 |
|
Total operating income |
$ |
33,766 |
|
|
$ |
28,496 |
|
|
$ |
5,270 |
|
|
|
18.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
88.9 |
% |
|
|
88.3 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
88.2 |
|
|
|
89.6 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
97.6 |
|
|
|
89.4 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
89.3 |
|
|
|
87.2 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
89.6 |
% |
|
|
88.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio, net of fuel surcharges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
86.5 |
% |
|
|
86.6 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
84.9 |
|
|
|
87.6 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
96.8 |
|
|
|
87.5 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
89.3 |
|
|
|
87.2 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio, net of fuel surcharges |
|
87.5 |
% |
|
|
87.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
Nine Months |
|
|
Nine Months |
|
|
Nine Months |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
(Dollars in
thousands) |
2022 |
|
|
2021 |
|
|
2022 vs. 2021 |
|
|
2022 vs. 2021 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload revenue, net of fuel surcharge revenue |
$ |
302,883 |
|
|
$ |
254,441 |
|
|
$ |
48,442 |
|
|
|
19.0 |
% |
Truckload fuel surcharge revenue |
|
66,255 |
|
|
|
36,032 |
|
|
|
30,223 |
|
|
|
83.9 |
|
Total Truckload revenue |
|
369,138 |
|
|
|
290,473 |
|
|
|
78,665 |
|
|
|
27.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated revenue, net of fuel surcharge revenue |
|
248,988 |
|
|
|
202,955 |
|
|
|
46,033 |
|
|
|
22.7 |
|
Dedicated fuel surcharge revenue |
|
68,344 |
|
|
|
37,565 |
|
|
|
30,779 |
|
|
|
81.9 |
|
Total Dedicated revenue |
|
317,332 |
|
|
|
240,520 |
|
|
|
76,812 |
|
|
|
31.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
77,589 |
|
|
|
64,193 |
|
|
|
13,396 |
|
|
|
20.9 |
|
Intermodal fuel surcharge revenue |
|
22,923 |
|
|
|
10,150 |
|
|
|
12,773 |
|
|
|
125.8 |
|
Total Intermodal revenue |
|
100,512 |
|
|
|
74,343 |
|
|
|
26,169 |
|
|
|
35.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage revenue |
|
154,312 |
|
|
|
101,432 |
|
|
|
52,880 |
|
|
|
52.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue |
$ |
941,294 |
|
|
$ |
706,768 |
|
|
$ |
234,526 |
|
|
|
33.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
$ |
45,978 |
|
|
$ |
36,282 |
|
|
$ |
9,696 |
|
|
|
26.7 |
% |
Dedicated |
|
37,689 |
|
|
|
28,074 |
|
|
|
9,615 |
|
|
|
34.2 |
|
Intermodal |
|
9,911 |
|
|
|
6,151 |
|
|
|
3,760 |
|
|
|
61.1 |
|
Brokerage |
|
16,983 |
|
|
|
10,505 |
|
|
|
6,478 |
|
|
|
61.7 |
|
Total operating income |
$ |
110,561 |
|
|
$ |
81,012 |
|
|
$ |
29,549 |
|
|
|
36.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
87.5 |
% |
|
|
87.5 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
88.1 |
|
|
|
88.3 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
90.1 |
|
|
|
91.7 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
89.0 |
|
|
|
89.6 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
88.3 |
% |
|
|
88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio, net of fuel surcharges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
84.8 |
% |
|
|
85.7 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
84.9 |
|
|
|
86.2 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
87.2 |
|
|
|
90.4 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
89.0 |
|
|
|
89.6 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio, net of fuel surcharges |
|
85.9 |
% |
|
|
87.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
|
Three Months |
|
|
Nine Months |
|
|
Ended September 30, |
|
|
Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
129,376 |
|
|
$ |
99,617 |
|
|
$ |
369,138 |
|
|
$ |
290,473 |
|
Average revenue, net of fuel surcharges, per tractor per
week(1) |
$ |
4,889 |
|
|
$ |
4,411 |
|
|
$ |
4,980 |
|
|
$ |
4,202 |
|
Average tractors(1) |
|
1,648 |
|
|
|
1,499 |
|
|
|
1,560 |
|
|
|
1,553 |
|
Average miles per trip |
|
508 |
|
|
|
502 |
|
|
|
512 |
|
|
|
516 |
|
Non-revenue miles percentage(2) |
|
11.3 |
% |
|
|
10.1 |
% |
|
|
10.8 |
% |
|
|
10.0 |
% |
Total miles (in thousands) |
|
38,441 |
|
|
|
35,945 |
|
|
|
110,565 |
|
|
|
111,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
110,217 |
|
|
$ |
82,162 |
|
|
$ |
317,332 |
|
|
$ |
240,520 |
|
Average revenue, net of fuel surcharges, per tractor per
week(1) |
$ |
4,006 |
|
|
$ |
3,438 |
|
|
$ |
3,977 |
|
|
$ |
3,305 |
|
Average tractors(1) |
|
1,637 |
|
|
|
1,523 |
|
|
|
1,605 |
|
|
|
1,574 |
|
Average miles per trip |
|
337 |
|
|
|
328 |
|
|
|
340 |
|
|
|
319 |
|
Non-revenue miles percentage(2) |
|
1.2 |
% |
|
|
1.1 |
% |
|
|
1.1 |
% |
|
|
1.0 |
% |
Total miles (in thousands) |
|
34,513 |
|
|
|
31,511 |
|
|
|
101,400 |
|
|
|
95,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
31,903 |
|
|
$ |
26,747 |
|
|
$ |
100,512 |
|
|
$ |
74,343 |
|
Loads |
|
7,610 |
|
|
|
8,257 |
|
|
|
24,607 |
|
|
|
24,885 |
|
Average tractors |
|
182 |
|
|
|
139 |
|
|
|
173 |
|
|
|
140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
52,952 |
|
|
$ |
42,754 |
|
|
$ |
154,312 |
|
|
$ |
101,432 |
|
Loads |
|
24,896 |
|
|
|
18,251 |
|
|
|
69,902 |
|
|
|
47,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September
30, 2022 and September 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tractors(1) |
|
3,575 |
|
|
|
3,204 |
|
|
|
|
|
|
|
|
|
Average age of company tractors (in years) |
|
1.7 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
Total trailers |
|
5,679 |
|
|
|
5,291 |
|
|
|
|
|
|
|
|
|
Average age of company trailers (in years) |
|
3.8 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
Ratio of trailers to tractors(1) |
|
1.6 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
Total refrigerated containers |
|
803 |
|
|
|
607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Nine Months |
|
|
Ended September 30, |
|
|
Ended September 30, |
|
(In
thousands) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
$ |
64,551 |
|
|
$ |
44,544 |
|
|
$ |
163,221 |
|
|
$ |
127,909 |
|
Net cash
(used for) investing activities |
|
(57,412 |
) |
|
|
(40,704 |
) |
|
|
(92,416 |
) |
|
|
(102,142 |
) |
Net cash
(used for) financing activities |
|
(4,021 |
) |
|
|
(612 |
) |
|
|
(56,308 |
) |
|
|
(7,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
81,061 |
|
|
|
82,907 |
|
|
|
81,889 |
|
|
|
82,835 |
|
Diluted |
|
81,347 |
|
|
|
83,372 |
|
|
|
82,155 |
|
|
|
83,380 |
|
(1) |
Includes tractors driven by both company-employed drivers and
independent contractors. Independent contractors provided 90 and
101 tractors as of September 30, 2022 and 2021, respectively. |
|
|
(2) |
Represents the percentage of miles for which the company is not
compensated. |
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