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Marten Transport saw revenue and earnings grow during the fourth quarter of 2021.
The Mondovi, Wis.-based supplier of time- and temperature-sensitive transportation services reported Jan. 25 that net income increased 26.1% to $24.7 million, or 30 cents per diluted share, for the three months ending Dec. 31. That compared with $19.6 million, 24 cents, during the same time the previous year. The operating revenue improved 17.4% to $266.9 million from $227.3 million.
The results were above expectations by investment analysts on Wall Street, who had been looking for 27 cents per share and quarterly revenue of $262.80 million, according to Zacks Consensus Estimate.
For the full year, Marten Transport reported net income of $85.4 million, $1.02, on revenue of $973.6 million, compared with net income of $69.5 million, 84 cents, on revenue of $874.4 million in 2020.
Marten Transport noted in the earnings report that the operating income for the quarter and year was the highest amount for any quarter and year in its history. The quarter’s earnings also improved from third-quarter net income of $21.3 million.
- The truckload segment reported revenue increased 10.4% to $106.2 million during the quarter from $96.2 million during the same time last year. The operating income for the segment improved 30.9% to $14.8 million from $11.3 million last year.
- The dedicated segment saw revenue increase 9.8% to $88.9 million from $81 million. The operating income decreased 15.9% to $8.32 million from $9.9 million.
- Intermodal segment revenue grew 22.5% to $27.9 million from $22.8 million. The operating income increased 53.6% to $3.33 million from $2.17 million.
- The brokerage segment revenue increased 60.2% to $43.9 million from $27.4 million. The operating income increased 92.5% to $4.28 million from $2.22 million.
The earnings report also noted that operating expenses as a percentage of operating revenue improved to 88.5% for the recent quarter from 88.8% during the same time last year. Operating expenses as a percentage of operating revenue improved to 86.8% from 87.7%.
Roger Marten founded the company in 1946 when he was 17, delivering 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. 42 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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