Marten’s Third Quarter Income Dips
Marten Transport Ltd. said third-quarter net income declined to $7.7 million, or 23 cents per share, from $8 million, or 24 cents per share, last year.
The refrigerated carrier, based in Mondovi, Wisconsin, said operating revenue increased 2.7% to $171.6 million.
Marten ranks No. 45 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.
The intermodal operations had a loss of $151,000 from an income of $769,000 the prior year on costs associated with rail service interruptions and delay issues, according to the company.
“We increased our average truckload tractors by 70 tractors in the third quarter over this year’s second quarter despite challenging driver recruiting and retention issues across our industry. This increase was a direct result of our continuing efforts to increase our dedicated services and to appropriately compensate our drivers for their nondriving detention time,” CEO Randolph Marten said in a statement.
“We also overcame the increase in driver pay combined with higher tractor and trailer depreciation and adverse development in insurance and claims to improve our truckload profitability,” he added.
