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Marten Transport posted record revenue and a 52.9% improvement in net income during the first quarter of 2022, the company reported April 19.
The Mondovi, Wis.-based supplier of time- and temperature-sensitive transportation services recorded net income of $27.5 million, or 33 cents per diluted share, for the three months ended March 31. That compared with $18 million, 22 cents, during the same time the previous year. Total operating revenue increased by 28.8% to a record $287.3 million from $223 million.
“Our talented and determined people capitalized on the continuing tight freight market to hit the trifecta this quarter, producing our highest operating revenue and operating income for any quarter in our history,” Executive Chairman Randolph Marten said in a statement,“along with our best operating ratio, net of fuel surcharges, for any quarter since we became a public company in 1986.”
Beat the Street
What Wall Street analysts expected …
Cost per diluted share: 26¢
Quarterly revenue: $262.3 million
What Marten Transport delivered …
Cost per diluted share: 33¢
Quarterly revenue: $287.3 million
Source: Zacks Consensus Estimate
“We also provided momentum to the rest of this year to continue our consistent, strong profitable growth,” Marten said. “We began this year’s second quarter with 128 more of the industry’s top drivers than we employed at the beginning of the year, despite the unrelenting national shortage of qualified drivers. We also added 95 refrigerated containers during the first quarter, increasing our fleet to 729 containers as of March 31.”
First-quarter breakdown by segment, year-over year:
• Truckload: Revenue increased 18.8% to $112.8 million from $94.9 million. Operating income increased 36.4% to $15.6 million from $11.4 million.
• Dedicated: Revenue rose 23.7% to $96.8 million from $78.2 million. Operating income gained 19.1% to $10.6 million from $8.94 million.
Did You Know?
Roger Marten founded the company in 1946 when he was 17, delivering milk and other dairy products from the Modena (Wis.) Co-op Creamery.
• Intermodal: Revenue climbed 43.8% to $31.6 million from $22 million. Operating income surged 244.7% to $5.04 million from $1.46 million.
• Brokerage: Revenue increased 65.3% to $46.1 million from $27.9 million. Operating income jumped 110.7% to $4.61 million from $2.19.
Marten also noted in the report that operating income for the quarter was the highest in its history. Operating income improved 49.4% to $35.9 million from $24 million during the same time the prior year. Operating expenses as a percentage of operating revenue improved to 87.5% from 89.2% last year.
Marten Transport ranks No. 42 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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