Marten Transport Reports 16th Consecutive Profitable Quarter
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Marten Transport reported higher fourth-quarter earnings, marking its 16th consecutive year-over-year increase.
The Mondovi, Wis.-based supplier of time- and temperature-sensitive transportation services posted net income of $25.5 million, or 31 cents per diluted share, for the three months ending Dec. 31. That compared with $24.7 million, 30 cents, during the same time the previous year. The total operating revenue increased by 20.9% to $322.6 million from $266.9 million.
“Our talented, disciplined people earned our 16th consecutive quarter of year-over-year profit growth, overcoming a freight environment made more challenging with additional pressure from rail service weakness and severe weather,” Randolph Marten, executive chairman at Marten Transport, said Jan. 24. “In 2022, we attained our fifth consecutive year with each of our then-highest operating revenue and operating income — and our third consecutive year with our then-best operating ratio, net of fuel surcharges, since Marten became a public company in 1986.”
The results were slightly above expectations by investment analysts on Wall Street, which had been looking for 30 cents per share and quarterly revenue of $321.30 million, according to Zacks Consensus Estimate.
For the full year, Marten reported net income of $110.4 million, or $1.35, on revenue of $1.26 billion, compared with net income of $85.4 million, $1.02, on revenue of $973.6 million in 2021.
Full-year revenue was the highest amount in its 77-year history.
The Truckload segment reported revenue during the fourth quarter increased 23.7% to $131.3 million from $106.2 million the year before. Operating income decreased 9.1% to $13,414 from $14,750 the prior year. The average revenue per tractor per week increased 0.4% to $4,683 from $4,663.
The Dedicated segment saw revenue increase 25.7% to $111.8 million from $88.9 million during the previous year. Operating income increased 54.8% to $12.9 million from $8.32 million. The average revenue per tractor increased 9.3% to $3,925.
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The Intermodal segment reported revenue increased 4.8% to $29.3 million from $27.9 million. Operating income decreased 78.1% to $728,000 from $3.33 million. The number of loads handled by the segment decreased 11.7% to 7,255 from 8,102.
The Brokerage segment reported that revenue increased 14.6% to $50.2 million from $43.9. Operating income decreased by 34.7% to $5.76 million from $4.27 million. The segment saw a 32.9% increase in loads to 25,713 from 19,345.
Marten Transport ranks No. 46 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.