GlobeNewswire
MONDOVI, Wis., Oct. 17, 2022 (GLOBE NEWSWIRE) -- 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.
Operating Results Comparison
Percentage
Percentage
Percentage
Percentage
Percentage
Percentage
Increase
Increase
Increase
Increase
Increase
Increase
Three Months
Three Months
Three Months
Year
Year
Year
Ended
Ended
Ended
Ended
Ended
Ended
September 30,
June 30,
March 31,
December 31,
December 31,
December 31,
2022 vs. 2021
2022 vs. 2021
2022 vs. 2021
2021 vs. 2020
2020 vs. 2019
2019 vs. 2018
Operating revenue
29.1
%
41.8
%
28.8
%
11.4
%
3.7
%
7.1
%
Operating revenue, net of fuel surcharges
21.8
%
32.1
%
23.8
%
8.3
%
6.8
%
8.6
%
Operating income
18.5
%
43.5
%
49.4
%
19.8
%
21.9
%
8.7
%
Net income
20.6
%
47.8
%
52.9
%
22.9
%
13.8
%
11.0
%
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.”
Operating Results Since the Pandemic Began – Percentage Increase Over Same Quarter of Prior Year
Q3 2022
Q2 2022
Q1 2022
Q4 2021
Q3 2021
Q2 2021
Q1 2021
Q4 2020
Q3 2020
Q2 2020
Operating revenue
29.1
%
41.8
%
28.8
%
17.4
%
16.3
%
9.4
%
2.0
%
4.7
%
0.5
%
0.1
%
Operating revenue, net of fuel surcharges
21.8
%
32.1
%
23.8
%
12.5
%
12.8
%
5.0
%
2.5
%
8.8
%
3.8
%
4.7
%
Operating income
18.5
%
43.5
%
49.4
%
20.0
%
16.8
%
12.9
%
33.1
%
36.0
%
21.8
%
26.6
%
Net income
20.6
%
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 SHEETS
September 30,
December 31,
(In thousands, except share information)
2022
2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
71,492
$
56,995
Receivables:
Trade, net
124,587
99,003
Other
4,443
6,971
Prepaid expenses and other
24,787
23,980
Total current assets
225,309
186,949
Property and equipment:
Revenue equipment, buildings and land, office equipment and other
1,046,476
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
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
43,188
$
20,150
Insurance and claims accruals
45,664
42,014
Accrued and other current liabilities
36,605
31,395
Total current liabilities
125,457
93,559
Deferred income taxes
130,594
125,163
Noncurrent operating lease liabilities
214
291
Total liabilities
256,265
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; 81,096,632 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.
source: https://www.morningstar.com/news/globe-newswire/8666441/marten-transport-announces-third-quarter-results
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