Marten Transport reported Q4 2024 net income of $5.6 million, down from $12.4 million in Q4 2023.
Quiver AI Summary
Marten Transport, Ltd. reported a net income of $5.6 million, or 7 cents per diluted share, for the fourth quarter of 2024, down from $12.4 million, or 15 cents per diluted share, during the same quarter in 2023, although this marked a 50.1% improvement from the third quarter of 2024. For the full year, net income decreased to $26.9 million, or 33 cents per diluted share, compared to $70.4 million, or 86 cents per diluted share, in 2023. Operating revenue in the fourth quarter was $230.4 million, down from $268.2 million a year earlier, with a notable decline in fuel surcharge revenue. Operating income also fell to $6.7 million in the fourth quarter from $15.7 million in the prior year. Despite these challenges, the company noted sequential improvements in key performance metrics and remains focused on adapting to market conditions and pursuing growth opportunities.
Potential Positives
- Fourth-quarter net income showed a significant sequential improvement of 50.1% from the third quarter of 2024, indicating a positive trend in profitability.
- The company experienced sequential increases in revenue per tractor, rate per total mile, and miles per tractor, suggesting operational efficiencies and improvements in logistics performance during the quarter.
- Executive Chairman highlighted that this quarter marked the first sequential improvement in net income, operating income, and operating ratio since the second quarter of 2022, signaling potential stabilization and recovery after recent challenges in the freight market.
Potential Negatives
- Net income for the fourth quarter of 2024 fell to $5.6 million, a 54.6% decrease from $12.4 million in the same period of 2023.
- Operating revenue for 2024 dropped 14.8% to $963.7 million compared to $1.131 billion in 2023, indicating a significant decline in overall business activity.
- Operating income for the fourth quarter of 2024 was $6.7 million, down 57.0% from $15.7 million in the fourth quarter of 2023, reflecting challenges in maintaining profitability amidst rising costs.
FAQ
What are Marten Transport's fourth-quarter earnings for 2024?
Marten Transport reported net income of $5.6 million, or 7 cents per diluted share, for the fourth quarter of 2024.
How did Marten Transport perform in 2024 compared to 2023?
For the year 2024, Marten reported net income of $26.9 million, down from $70.4 million in 2023.
What were the operating revenues for Marten Transport in Q4 2024?
The operating revenue for the fourth quarter of 2024 was $230.4 million, compared to $268.2 million in Q4 2023.
What was the operating income for Marten Transport in 2024?
Marten Transport's operating income for the year 2024 was $33.2 million, a decrease from $90.1 million in 2023.
How is Marten Transport positioning itself for future growth?
The company is focused on minimizing freight market impacts and capitalizing on organic growth opportunities with fair compensation for services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MRTN Insider Trading Activity
$MRTN insiders have traded $MRTN stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $MRTN stock by insiders over the last 6 months:
- JERRY M BAUER purchased 10,000 shares for an estimated $158,051
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$MRTN Hedge Fund Activity
We have seen 82 institutional investors add shares of $MRTN stock to their portfolio, and 98 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SCOPUS ASSET MANAGEMENT, L.P. removed 640,688 shares (-78.1%) from their portfolio in Q3 2024, for an estimated $11,340,177
- MORGAN STANLEY added 441,803 shares (+56.4%) to their portfolio in Q3 2024, for an estimated $7,819,913
- SG CAPITAL MANAGEMENT LLC removed 351,242 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $6,216,983
- NUANCE INVESTMENTS, LLC added 303,132 shares (+13.0%) to their portfolio in Q3 2024, for an estimated $5,365,436
- AMERICAN CENTURY COMPANIES INC added 225,210 shares (+16.1%) to their portfolio in Q3 2024, for an estimated $3,986,217
- DEPRINCE RACE & ZOLLO INC added 201,372 shares (+69.7%) to their portfolio in Q3 2024, for an estimated $3,564,284
- GOLDMAN SACHS GROUP INC added 187,808 shares (+32.2%) to their portfolio in Q3 2024, for an estimated $3,324,201
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MONDOVI, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $5.6 million, or 7 cents per diluted share, for the fourth quarter ended December 31, 2024, compared with $12.4 million, or 15 cents per diluted share, for the fourth quarter of 2023. The 2024 fourth-quarter earnings improved 50.1% sequentially from 2024 third-quarter net income of $3.8 million, or 5 cents per diluted share. For the year ended December 31, 2024, net income was $26.9 million, or 33 cents per diluted share, compared with $70.4 million, or 86 cents per diluted share, for 2023.
Operating revenue was $230.4 million for the fourth quarter of 2024 compared with $268.2 million for the fourth quarter of 2023. Excluding fuel surcharges, operating revenue was $202.9 million for the 2024 quarter compared with $229.4 million for the 2023 quarter. Fuel surcharge revenue decreased to $27.6 million for the 2024 quarter from $38.8 million for the 2023 quarter.
Operating revenue was $963.7 million for 2024 compared with $1.131 billion for 2023. Excluding fuel surcharges, operating revenue was $840.0 million for 2024 compared with $972.0 million for 2023. Fuel surcharge revenue decreased to $123.7 million for 2024 compared with $159.4 million for 2023.
Operating income was $6.7 million for the fourth quarter of 2024 compared with $15.7 million for the fourth quarter of 2023. The 2024 fourth-quarter operating income improved 57.6% from operating income of $4.3 million for the third quarter of 2024.
Operating income was $33.2 million for 2024 compared with $90.1 million for 2023.
Operating expenses as a percentage of operating revenue were 97.1% for the 2024 fourth quarter and 94.2% for the 2023 fourth quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.7% for the 2024 fourth quarter and 93.2% for the 2023 fourth quarter – compared with 97.9% for the third quarter of 2024.
Operating expenses as a percentage of operating revenue were 96.6% for 2024 and 92.0% for 2023. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.0% for 2024 and 90.7% for 2023.
Executive Chairman Randolph L. Marten stated, “We are encouraged by this quarter being the first quarter with sequential improvement in each of our net income, operating income and operating ratio, net of fuel surcharges, since the second quarter of 2022, a period that preceded the freight market recession’s severe inflationary operating costs, freight rate reductions and freight network disruptions. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations.”
“We continue to focus on minimizing the freight market’s impact on our operations while investing in and positioning our operations to capitalize on profitable organic growth opportunities, with fair compensation for our premium services, across each of our business operations for what comes next in the freight cycle as the market moves toward equilibrium.”
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, 2023. 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 |
||||||||
(In thousands, except share information) |
December 31,
2024 |
December 31,
2023 |
||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,267 | $ | 53,213 | ||||
Receivables: | ||||||||
Trade, net | 89,992 | 105,501 | ||||||
Other | 5,364 | 10,356 | ||||||
Prepaid expenses and other | 25,888 | 27,512 | ||||||
Total current assets | 138,511 | 196,582 | ||||||
Property and equipment: | ||||||||
Revenue equipment, buildings and land, office equipment and other | 1,198,737 | 1,162,336 | ||||||
Accumulated depreciation | (370,124 | ) | (370,103 | ) | ||||
Net property and equipment | 828,613 | 792,233 | ||||||
Other noncurrent assets | 1,633 | 1,524 | ||||||
Total assets | $ | 968,757 | $ | 990,339 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 25,781 | $ | 36,516 | ||||
Insurance and claims accruals | 44,246 | 47,017 | ||||||
Accrued and other current liabilities | 23,492 | 26,709 | ||||||
Total current liabilities | 93,519 | 110,242 | ||||||
Deferred income taxes | 107,034 | 122,462 | ||||||
Noncurrent operating lease liabilities | 282 | 249 | ||||||
Total liabilities | 200,835 | 232,953 | ||||||
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; 81,463,938 shares at December 31, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding |
815 | 813 | ||||||
Additional paid-in capital | 52,941 | 49,789 | ||||||
Retained earnings | 714,166 | 706,784 | ||||||
Total stockholders’ equity | 767,922 | 757,386 | ||||||
Total liabilities and stockholders’ equity | $ | 968,757 | $ | 990,339 | ||||
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
Three Months
Ended December 31, |
Year
Ended December 31, |
|||||||||||||||
(In thousands, except per share information) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating revenue | $ | 230,432 | $ | 268,222 | $ | 963,708 | $ | 1,131,455 | ||||||||
Operating expenses (income): | ||||||||||||||||
Salaries, wages and benefits | 83,009 | 91,350 | 341,732 | 378,818 | ||||||||||||
Purchased transportation | 39,231 | 47,259 | 169,142 | 199,334 | ||||||||||||
Fuel and fuel taxes | 32,992 | 42,731 | 147,143 | 180,437 | ||||||||||||
Supplies and maintenance | 14,331 | 16,120 | 63,337 | 67,411 | ||||||||||||
Depreciation | 27,528 | 28,748 | 111,653 | 116,722 | ||||||||||||
Operating taxes and licenses | 2,683 | 2,708 | 10,302 | 11,053 | ||||||||||||
Insurance and claims | 15,134 | 15,209 | 53,109 | 56,014 | ||||||||||||
Communications and utilities | 2,195 | 2,524 | 9,029 | 10,149 | ||||||||||||
Gain on disposition of revenue equipment | (387 | ) | (1,802 | ) | (4,971 | ) | (13,612 | ) | ||||||||
Other | 6,989 | 7,718 | 30,012 | 35,019 | ||||||||||||
Total operating expenses | 223,705 | 252,565 | 930,488 | 1,041,345 | ||||||||||||
Operating income | 6,727 | 15,657 | 33,220 | 90,110 | ||||||||||||
Other | (394 | ) | (868 | ) | (3,126 | ) | (3,806 | ) | ||||||||
Income before income taxes | 7,121 | 16,525 | 36,346 | 93,916 | ||||||||||||
Income taxes expense | 1,488 | 4,126 | 9,424 | 23,543 | ||||||||||||
Net income | $ | 5,633 | $ | 12,399 | $ | 26,922 | $ | 70,373 | ||||||||
Basic earnings per common share | $ | 0.07 | $ | 0.15 | $ | 0.33 | $ | 0.87 | ||||||||
Diluted earnings per common share | $ | 0.07 | $ | 0.15 | $ | 0.33 | $ | 0.86 | ||||||||
Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 | ||||||||
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION (Unaudited) |
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Three Months
Ended December 31, |
Dollar
Change Three Months Ended December 31, |
Percentage
Change Three Months Ended December 31, |
||||||||||||||
(Dollars in thousands) | 2024 | 2023 | 2024 vs. 2023 | 2024 vs. 2023 | ||||||||||||
Operating revenue: | ||||||||||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 93,106 | $ | 95,461 | $ | (2,355 | ) | (2.5 | )% | |||||||
Truckload fuel surcharge revenue | 14,188 | 18,023 | (3,835 | ) | (21.3 | ) | ||||||||||
Total Truckload revenue | 107,294 | 113,484 | (6,190 | ) | (5.5 | ) | ||||||||||
Dedicated revenue, net of fuel surcharge revenue | 64,997 | 77,731 | (12,734 | ) | (16.4 | ) | ||||||||||
Dedicated fuel surcharge revenue | 11,391 | 17,310 | (5,919 | ) | (34.2 | ) | ||||||||||
Total Dedicated revenue | 76,388 | 95,041 | (18,653 | ) | (19.6 | ) | ||||||||||
Intermodal revenue, net of fuel surcharge revenue | 11,238 | 15,610 | (4,372 | ) | (28.0 | ) | ||||||||||
Intermodal fuel surcharge revenue | 1,971 | 3,467 | (1,496 | ) | (43.1 | ) | ||||||||||
Total Intermodal revenue | 13,209 | 19,077 | (5,868 | ) | (30.8 | ) | ||||||||||
Brokerage revenue | 33,541 | 40,620 | (7,079 | ) | (17.4 | ) | ||||||||||
Total operating revenue | $ | 230,432 | $ | 268,222 | $ | (37,790 | ) | (14.1 | )% | |||||||
Operating income/(loss): | ||||||||||||||||
Truckload | $ | 1,821 | $ | 2,487 | $ | (666 | ) | (26.8 | )% | |||||||
Dedicated | 4,073 | 9,234 | (5,161 | ) | (55.9 | ) | ||||||||||
Intermodal | (1,502 | ) | 296 | (1,798 | ) | (607.4 | ) | |||||||||
Brokerage | 2,335 | 3,640 | (1,305 | ) | (35.9 | ) | ||||||||||
Total operating income | $ | 6,727 | $ | 15,657 | $ | (8,930 | ) | (57.0 | )% | |||||||
Operating ratio: | ||||||||||||||||
Truckload | 98.3 | % | 97.8 | % | ||||||||||||
Dedicated | 94.7 | 90.3 | ||||||||||||||
Intermodal | 111.4 | 98.4 | ||||||||||||||
Brokerage | 93.0 | 91.0 | ||||||||||||||
Consolidated operating ratio | 97.1 | % | 94.2 | % | ||||||||||||
Operating ratio, net of fuel surcharges: | ||||||||||||||||
Truckload | 98.0 | % | 97.4 | % | ||||||||||||
Dedicated | 93.7 | 88.1 | ||||||||||||||
Intermodal | 113.4 | 98.1 | ||||||||||||||
Brokerage | 93.0 | 91.0 | ||||||||||||||
Consolidated operating ratio, net of fuel
surcharges |
96.7 | % | 93.2 | % | ||||||||||||
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION (Unaudited) |
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Year
Ended December 31, |
Dollar
Change Year Ended December 31, |
Percentage
Change Year Ended December 31, |
||||||||||||||
(Dollars in thousands) | 2024 | 2023 | 2024 vs. 2023 | 2024 vs. 2023 | ||||||||||||
Operating revenue: | ||||||||||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 377,452 | $ | 395,565 | $ | (18,113 | ) | (4.6 | )% | |||||||
Truckload fuel surcharge revenue | 62,340 | 69,910 | (7,570 | ) | (10.8 | ) | ||||||||||
Total Truckload revenue | 439,792 | 465,475 | (25,683 | ) | (5.5 | ) | ||||||||||
Dedicated revenue, net of fuel surcharge revenue | 267,077 | 334,962 | (67,885 | ) | (20.3 | ) | ||||||||||
Dedicated fuel surcharge revenue | 52,058 | 73,310 | (21,252 | ) | (29.0 | ) | ||||||||||
Total Dedicated revenue | 319,135 | 408,272 | (89,137 | ) | (21.8 | ) | ||||||||||
Intermodal revenue, net of fuel surcharge revenue | 49,468 | 75,887 | (26,419 | ) | (34.8 | ) | ||||||||||
Intermodal fuel surcharge revenue | 9,286 | 16,191 | (6,905 | ) | (42.6 | ) | ||||||||||
Total Intermodal revenue | 58,754 | 92,078 | (33,324 | ) | (36.2 | ) | ||||||||||
Brokerage revenue | 146,027 | 165,630 | (19,603 | ) | (11.8 | ) | ||||||||||
Total operating revenue | $ | 963,708 | $ | 1,131,455 | $ | (167,747 | ) | (14.8 | )% | |||||||
Operating income/(loss): | ||||||||||||||||
Truckload | $ | 3,283 | $ | 24,835 | $ | (21,552 | ) | (86.8 | )% | |||||||
Dedicated | 23,037 | 48,377 | (25,340 | ) | (52.4 | ) | ||||||||||
Intermodal | (3,922 | ) | (156 | ) | (3,766 | ) | (2,414.1 | ) | ||||||||
Brokerage | 10,822 | 17,054 | (6,232 | ) | (36.5 | ) | ||||||||||
Total operating income | $ | 33,220 | $ | 90,110 | $ | (56,890 | ) | (63.1 | )% | |||||||
Operating ratio: | ||||||||||||||||
Truckload | 99.3 | % | 94.7 | % | ||||||||||||
Dedicated | 92.8 | 88.2 | ||||||||||||||
Intermodal | 106.7 | 100.2 | ||||||||||||||
Brokerage | 92.6 | 89.7 | ||||||||||||||
Consolidated operating ratio | 96.6 | % | 92.0 | % | ||||||||||||
Operating ratio, net of fuel surcharges: | ||||||||||||||||
Truckload | 99.1 | % | 93.7 | % | ||||||||||||
Dedicated | 91.4 | 85.6 | ||||||||||||||
Intermodal | 107.9 | 100.2 | ||||||||||||||
Brokerage | 92.6 | 89.7 | ||||||||||||||
Consolidated operating ratio, net of fuel
surcharges |
96.0 | % | 90.7 | % | ||||||||||||
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS (Unaudited) |
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Three Months
Ended December 31, |
Year
Ended December 31, |
|||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Truckload Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 107,294 | $ | 113,484 | $ | 439,792 | $ | 465,475 | ||||||||
Average revenue, net of fuel surcharges, per tractor per
week (1) |
$ | 4,227 | $ | 4,183 | $ | 4,123 | $ | 4,377 | ||||||||
Average tractors (1) | 1,676 | 1,737 | 1,751 | 1,733 | ||||||||||||
Average miles per trip | 535 | 533 | 533 | 519 | ||||||||||||
Non-revenue miles percentage (2) | 11.8 | % | 12.4 | % | 12.1 | % | 12.4 | % | ||||||||
Total miles (in thousands) | 39,147 | 39,278 | 158,985 | 155,929 | ||||||||||||
Dedicated Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 76,388 | $ | 95,041 | $ | 319,135 | $ | 408,272 | ||||||||
Average revenue, net of fuel surcharges, per tractor per
week (1) |
$ | 3,841 | $ | 3,895 | $ | 3,767 | $ | 3,936 | ||||||||
Average tractors (1) | 1,288 | 1,518 | 1,356 | 1,632 | ||||||||||||
Average miles per trip | 313 | 335 | 319 | 335 | ||||||||||||
Non-revenue miles percentage (2) | 1.5 | % | 1.2 | % | 1.3 | % | 1.2 | % | ||||||||
Total miles (in thousands) | 26,799 | 31,215 | 110,681 | 133,163 | ||||||||||||
Intermodal Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 13,209 | $ | 19,077 | $ | 58,754 | $ | 92,078 | ||||||||
Loads | 3,803 | 5,289 | 16,975 | 25,160 | ||||||||||||
Average tractors | 88 | 133 | 110 | 159 | ||||||||||||
Brokerage Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 33,541 | $ | 40,620 | $ | 146,027 | $ | 165,630 | ||||||||
Loads | 21,749 | 23,594 | 89,138 | 91,077 | ||||||||||||
At December 31, 2024 and December 31, 2023: | ||||||||||||||||
Total tractors (1) | 3,006 | 3,349 | ||||||||||||||
Average age of company tractors (in years) | 1.9 | 1.9 | ||||||||||||||
Total trailers | 5,440 | 5,653 | ||||||||||||||
Average age of company trailers (in years) | 5.3 | 4.6 | ||||||||||||||
Ratio of trailers to tractors (1) | 1.8 | 1.7 | ||||||||||||||
Total refrigerated containers | 786 | 787 | ||||||||||||||
Three Months
Ended December 31, |
Year
Ended December 31, |
||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Net cash provided by operating activities | $ | 23,793 | $ | 38,045 | $ | 134,814 | $ | 164,378 | |||||||||
Net cash used for investing activities | (44,891 | ) | (48,070 | ) | (152,138 | ) | (172,540 | ) | |||||||||
Net cash used for financing activities | (4,625 | ) | (4,829 | ) | (18,622 | ) | (19,225 | ) | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 81,457 | 81,309 | 81,406 | 81,272 | |||||||||||||
Diluted | 81,507 | 81,418 | 81,472 | 81,413 | |||||||||||||
(1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 88 and 94 tractors as of December 31, 2024 and 2023, respectively. | ||||||||||||||||
(2) | Represents the percentage of miles for which the company is not compensated. |