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Marten Transport Ltd. reported net income for the fourth quarter ended Dec. 31 was the same as it was for the comparable quarter in 2018: $15.7 million.
Earnings per share also were the same: 29 cents.
But revenue in the fourth quarter was up 16.5%, to $217.2 million from $204 million in the final quarter of 2018.
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Marten, based in Mondovi, Wis., said despite the static Q4 profit results, annual net income for 2019 exceeded 2018. Marten said in 2019, net income was $61 million, or $1.12 per share, up 11% from 2018’s net income of $55 million, or $1.01 per share.
Marten also reported the highest revenue, in 2019, for any year in its history.
“We overcame a softer freight environment to deliver our best operating ratio, net of fuel surcharges, over the last 14 years through the disciplined execution of our unique multifaceted business model across our diverse customer base,” Chairman and CEO Randolph Marten said in the earnings release.
Marten said the company added 329 dedicated and 101 truckload tractors through 2019, growing the size of his fleet by 16.1%.
“[We] expect to continue to expand our capacity in 2020,” he said. “We’re off to a strong start with recent awards of new dedicated business with several customers for over 185 additional tractors starting in 2019’s fourth and 2020’s first quarters.”
Marten Transport offers truckload, dedicated, intermodal and brokerage services. The carrier also specializes in temperature-sensitive truckload work in the United States, transporting and distributing food and other packaged goods that require a temperature-controlled or insulated environment.
Marten Transport was founded in 1946 by Roger Marten, then 17, who delivered milk and other dairy products from the Modena Co-op Creamery. His routes at that time primarily were in the Modena, Wis., area, where he was born and raised.
Marten Transport ranks No. 48 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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