• Marten Transport Announces Third Quarter Results

    Источник: Nasdaq GlobeNewswire / 17 окт 2022 16:01:01   America/New_York

    MONDOVI, Wis., Oct. 17, 2022 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 20.6% improvement in net income to $25.6 million, or 32 cents per diluted share, for the third quarter ended September 30, 2022, from $21.3 million, or 26 cents per diluted share, for the third quarter of 2021 – the Company’s fifteenth consecutive year-over-year increase in quarterly profitability. For the first nine months of 2022, net income improved 39.8% to $84.8 million, or $1.03 per diluted share, from $60.7 million, or 73 cents per diluted share, for the first nine months of 2021.

                        
                        
     Operating Results Comparison                  
                        
      Percentage Percentage Percentage Percentage Percentage Percentage 
      Increase Increase Increase Increase Increase Increase 
      Three Months Three Months Three Months Year Year Year 
      Ended Ended Ended Ended Ended Ended 
      September 30, June 30, March 31, December 31, December 31, December 31, 
      2022 vs. 2021 2022 vs. 2021 2022 vs. 2021 2021 vs. 2020 2020 vs. 2019 2019 vs. 2018 
                        
     Operating revenue29.1%  41.8%  28.8%  11.4% 3.7% 7.1% 
                        
     Operating revenue, net of fuel surcharges21.8% 32.1% 23.8% 8.3% 6.8% 8.6% 
                        
     Operating income18.5% 43.5% 49.4% 19.8% 21.9% 8.7% 
                        
     Net income20.6% 47.8% 52.9% 22.9% 13.8% 11.0% 
          
          

    Operating revenue improved 29.1% to $324.4 million for the third quarter of 2022 from $251.3 million for the third quarter of 2021. Excluding fuel surcharges, operating revenue improved 21.8% to $269.3 million for the 2022 quarter from $221.2 million for the 2021 quarter. Fuel surcharge revenue increased to $55.1 million for the 2022 quarter from $30.1 million for the 2021 quarter due to significantly higher fuel prices.

    Operating revenue improved 33.2% to $941.3 million for the first nine months of 2022 from $706.8 million for the first nine months of 2021. Excluding fuel surcharges, operating revenue improved 25.8% to $783.8 million for the 2022 period from $623.0 million for the 2021 period. Fuel surcharge revenue increased to $157.5 million for the 2022 period from $83.7 million for 2021 period.

    Operating income improved 18.5% to $33.8 million for the third quarter of 2022 from $28.5 million for the third quarter of 2021, and also improved 36.5% to $110.6 million for the first nine months of 2022 from $81.0 million for the first nine months of 2021.

    Operating expenses as a percentage of operating revenue were 89.6% for the third quarter of 2022 and 88.7% for the third quarter of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 87.5% for the 2022 quarter and 87.1% for the 2021 quarter.

    Operating expenses as a percentage of operating revenue improved to 88.3% for the first nine months of 2022 from 88.5% for the first nine months of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 85.9% from 87.0%.

    Executive Chairman Randolph L. Marten stated, “The smart, hard work of our talented people executing our unique business model has produced improvements of 29.1% in top-line and 20.6% in bottom-line results over the third quarter of 2021. These results overcame significantly less gain on disposition of our revenue equipment, the negative effect of Hurricane Ian on our sizable Southeast truckload and dedicated operations, and a decrease in our intermodal volumes and margins resulting from weakness in rail service aggravated by the threat of a rail labor strike in mid-September.”

    “We continue to drive strong fleet growth with our approach to overcoming the national shortage of qualified drivers of applying a heightened emphasis on structurally improving our drivers’ jobs and work-life balance by collaborating with our customers, while also increasing our driver compensation. This growth provides momentum to the coming quarters as we began this year’s fourth quarter with 199 more of the industry’s top drivers than we employed at the beginning of the third quarter – and have now increased our number of drivers by 621, or 22.6%, since June 30, 2021.”

         
     Operating Results Since the Pandemic Began – Percentage Increase Over Same Quarter of Prior Year

    		  
         
      Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 
                          
     Operating revenue29.1% 41.8% 28.8% 17.4% 16.3% 9.4% 2.0% 4.7% 0.5% 0.1% 
                          
     Operating revenue, net of fuel surcharges21.8% 32.1% 23.8% 12.5% 12.8% 5.0% 2.5% 8.8% 3.8% 4.7% 
                          
     Operating income18.5% 43.5% 49.4% 20.0% 16.8% 12.9% 33.1% 36.0% 21.8% 26.6% 
                          
     Net income20.6% 47.8% 52.9% 26.1% 17.9% 18.1% 31.3% 24.5% 8.8% 19.4% 
        

    Current Investor Presentation

    Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

    This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACTS: Tim Kohl, Chief Executive Officer, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED BALANCE SHEETS

     September 30,  December 31, 
    (In thousands, except share information)2022  2021 
     (Unaudited)     
    ASSETS       
    Current assets:       
    Cash and cash equivalents$71,492  $56,995 
    Receivables:       
    Trade, net 124,587   99,003 
    Other 4,443   6,971 
    Prepaid expenses and other 24,787   23,980 
    Total current assets 225,309   186,949 
            
    Property and equipment:       
    Revenue equipment, buildings and land, office equipment and other 1,046,476   956,476 
    Accumulated depreciation (334,504)  (274,199)
    Net property and equipment 711,972   682,277 
    Other noncurrent assets 1,421   1,464 
    Total assets$938,702  $870,690 
            
    LIABILITIES AND STOCKHOLDERS’ EQUITY       
    Current liabilities:       
    Accounts payable$43,188  $20,150 
    Insurance and claims accruals 45,664   42,014 
    Accrued and other current liabilities 36,605   31,395 
    Total current liabilities 125,457   93,559 
    Deferred income taxes 130,594   125,163 
    Noncurrent operating lease liabilities 214   291 
    Total liabilities 256,265   219,013 
            
    Stockholders’ equity:       
    Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding -   - 
    Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,096,632 shares at September 30, 2022, and 83,034,404 shares at December 31, 2021, issued and outstanding 811   830 
    Additional paid-in capital 46,366   85,718 
    Retained earnings 635,260   565,129 
    Total stockholders’ equity 682,437   651,677 
    Total liabilities and stockholders’ equity$938,702  $870,690 
            

    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (Unaudited)

     Three Months  Nine Months 
     Ended September 30,  Ended September 30, 
    (In thousands, except per share information)2022  2021  2022  2021 
                    
    Operating revenue$324,448  $251,280  $941,294  $706,768 
                    
    Operating expenses (income):               
    Salaries, wages and benefits 99,773   81,091   285,582   229,385 
    Purchased transportation 64,403   52,861   189,193   138,629 
    Fuel and fuel taxes 57,299   33,909   163,004   94,853 
    Supplies and maintenance 14,855   11,685   40,520   33,867 
    Depreciation 28,381   25,371   81,389   76,598 
    Operating taxes and licenses 2,748   2,606   8,051   8,036 
    Insurance and claims 11,949   10,501   38,096   31,338 
    Communications and utilities 2,135   2,181   6,639   6,320 
    Gain on disposition of revenue equipment (1,070)  (4,536)  (10,422)  (11,859)
    Other 10,209   7,115   28,681   18,589 
                    
    Total operating expenses 290,682   222,784   830,733   625,756 
                    
    Operating income 33,766   28,496   110,561   81,012 
                    
    Other (264)  (8)  (307)  (27)
                    
    Income before income taxes 34,030   28,504   110,868   81,039 
                    
    Income taxes expense 8,384   7,230   26,028   20,341 
                    
    Net income$25,646  $21,274  $84,840  $60,698 
                    
    Basic earnings per common share$0.32  $0.26  $1.04  $0.73 
                    
    Diluted earnings per common share$0.32  $0.26  $1.03  $0.73 
                    
    Dividends paid per common share$0.06  $-  $0.18  $0.08 
                    
    Dividends declared per common share$0.06  $0.54  $0.18  $0.62 
                    

    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)

             Dollar  Percentage 
             Change  Change 
     Three Months  Three Months  Three Months 
     Ended  Ended  Ended 
     September 30,  September 30,  September 30, 
    (Dollars in thousands)2022  2021  2022 vs. 2021  2022 vs. 2021 
    Operating revenue:               
    Truckload revenue, net of fuel surcharge revenue$105,905  $86,889  $19,016   21.9%
    Truckload fuel surcharge revenue 23,471   12,728   10,743   84.4 
    Total Truckload revenue 129,376   99,617   29,759   29.9 
                    
    Dedicated revenue, net of fuel surcharge revenue 86,178   68,826   17,352   25.2 
    Dedicated fuel surcharge revenue 24,039   13,336   10,703   80.3 
    Total Dedicated revenue 110,217   82,162   28,055   34.1 
                    
    Intermodal revenue, net of fuel surcharge revenue 24,303   22,716   1,587   7.0 
    Intermodal fuel surcharge revenue 7,600   4,031   3,569   88.5 
    Total Intermodal revenue 31,903   26,747   5,156   19.3 
                    
    Brokerage revenue 52,952   42,754   10,198   23.9 
                    
    Total operating revenue$324,448  $251,280  $73,168   29.1%
                    
    Operating income:               
    Truckload$14,319  $11,670  $2,649   22.7%
    Dedicated 13,005   8,521   4,484   52.6 
    Intermodal 778   2,840   (2,062)  (72.6)
    Brokerage 5,664   5,465   199   3.6 
    Total operating income$33,766  $28,496  $5,270   18.5%
                    
    Operating ratio:               
    Truckload 88.9%  88.3%        
    Dedicated 88.2   89.6         
    Intermodal 97.6   89.4         
    Brokerage 89.3   87.2         
    Consolidated operating ratio 89.6%  88.7%        
                    
    Operating ratio, net of fuel surcharges:               
    Truckload 86.5%  86.6%        
    Dedicated 84.9   87.6         
    Intermodal 96.8   87.5         
    Brokerage 89.3   87.2         
    Consolidated operating ratio, net of fuel surcharges 87.5%  87.1%        
                    

    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)

             Dollar  Percentage 
             Change  Change 
     Nine Months  Nine Months  Nine Months 
     Ended  Ended  Ended 
     September 30,  September 30,  September 30, 
    (Dollars in thousands)2022  2021  2022 vs. 2021  2022 vs. 2021 
    Operating revenue:               
    Truckload revenue, net of fuel surcharge revenue$302,883  $254,441  $48,442   19.0%
    Truckload fuel surcharge revenue 66,255   36,032   30,223   83.9 
    Total Truckload revenue 369,138   290,473   78,665   27.1 
                    
    Dedicated revenue, net of fuel surcharge revenue 248,988   202,955   46,033   22.7 
    Dedicated fuel surcharge revenue 68,344   37,565   30,779   81.9 
    Total Dedicated revenue 317,332   240,520   76,812   31.9 
                    
    Intermodal revenue, net of fuel surcharge revenue 77,589   64,193   13,396   20.9 
    Intermodal fuel surcharge revenue 22,923   10,150   12,773   125.8 
    Total Intermodal revenue 100,512   74,343   26,169   35.2 
                    
    Brokerage revenue 154,312   101,432   52,880   52.1 
                    
    Total operating revenue$941,294  $706,768  $234,526   33.2%
                    
    Operating income:               
    Truckload$45,978  $36,282  $9,696   26.7%
    Dedicated 37,689   28,074   9,615   34.2 
    Intermodal 9,911   6,151   3,760   61.1 
    Brokerage 16,983   10,505   6,478   61.7 
    Total operating income$110,561  $81,012  $29,549   36.5%
                    
    Operating ratio:               
    Truckload 87.5%  87.5%        
    Dedicated 88.1   88.3         
    Intermodal 90.1   91.7         
    Brokerage 89.0   89.6         
    Consolidated operating ratio 88.3%  88.5%        
                    
    Operating ratio, net of fuel surcharges:               
    Truckload 84.8%  85.7%        
    Dedicated 84.9   86.2         
    Intermodal 87.2   90.4         
    Brokerage 89.0   89.6         
    Consolidated operating ratio, net of fuel surcharges 85.9%  87.0%        
                    

    MARTEN TRANSPORT, LTD.
    OPERATING STATISTICS
    (Unaudited)

     Three Months  Nine Months 
     Ended September 30,  Ended September 30, 
     2022  2021  2022  2021 
    Truckload Segment:               
    Revenue (in thousands)$129,376  $99,617  $369,138  $290,473 
    Average revenue, net of fuel surcharges, per tractor per week(1)$4,889  $4,411  $4,980  $4,202 
    Average tractors(1) 1,648   1,499   1,560   1,553 
    Average miles per trip 508   502   512   516 
    Non-revenue miles percentage(2) 11.3%  10.1%  10.8%  10.0%
    Total miles (in thousands) 38,441   35,945   110,565   111,513 
                    
    Dedicated Segment:               
    Revenue (in thousands)$110,217  $82,162  $317,332  $240,520 
    Average revenue, net of fuel surcharges, per tractor per week(1)$4,006  $3,438  $3,977  $3,305 
    Average tractors(1) 1,637   1,523   1,605   1,574 
    Average miles per trip 337   328   340   319 
    Non-revenue miles percentage(2) 1.2%  1.1%  1.1%  1.0%
    Total miles (in thousands) 34,513   31,511   101,400   95,765 
                    
    Intermodal Segment:               
    Revenue (in thousands)$31,903  $26,747  $100,512  $74,343 
    Loads 7,610   8,257   24,607   24,885 
    Average tractors 182   139   173   140 
                    
    Brokerage Segment:               
    Revenue (in thousands)$52,952  $42,754  $154,312  $101,432 
    Loads 24,896   18,251   69,902   47,167 
                    
    At September 30, 2022 and September 30, 2021:               
    Total tractors(1) 3,575   3,204         
    Average age of company tractors (in years) 1.7   1.4         
    Total trailers 5,679   5,291         
    Average age of company trailers (in years) 3.8   3.2         
    Ratio of trailers to tractors(1) 1.6   1.7         
    Total refrigerated containers 803   607         
                    


     Three Months  Nine Months 
     Ended September 30,  Ended September 30, 
    (In thousands)2022  2021  2022  2021 
                    
    Net cash provided by operating activities$64,551  $44,544  $163,221  $127,909 
    Net cash (used for) investing activities (57,412)  (40,704)  (92,416)  (102,142)
    Net cash (used for) financing activities (4,021)  (612)  (56,308)  (7,994)
                    
    Weighted average shares outstanding:               
    Basic 81,061   82,907   81,889   82,835 
    Diluted 81,347   83,372   82,155   83,380 


    (1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 90 and 101 tractors as of September 30, 2022 and 2021, respectively.
      
    (2)Represents the percentage of miles for which the company is not compensated.

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