• Marten Transport Announces Second Quarter Results

    Источник: Nasdaq GlobeNewswire / 19 июл 2023 16:01:45   America/New_York

    MONDOVI, Wis., July 19, 2023 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $21.9 million, or 27 cents per diluted share, for the second quarter ended June 30, 2023, compared with $31.7 million, or 39 cents per diluted share, for the second quarter of 2022. For the six-month period ended June 30, 2023, net income was $44.4 million, or 55 cents per diluted share, compared with $59.2 million, or 72 cents per diluted share, for the 2022 six-month period.

    Operating revenue was $285.7 million for the second quarter of 2023 compared with $329.6 million for the second quarter of 2022. Excluding fuel surcharges, operating revenue was $248.6 million for the 2023 quarter compared with $269.1 million for the 2022 quarter. Fuel surcharge revenue decreased to $37.0 million for the 2023 quarter from $60.4 million for the 2022 quarter due to significantly lower fuel prices.

    Operating revenue was $583.7 million for the first six months of 2023 compared with $616.8 million for the first six months of 2022. Excluding fuel surcharges, operating revenue was $503.6 million for the 2023 period compared with $514.4 million for the 2022 period. Fuel surcharge revenue decreased to $80.1 million for the 2023 period compared with $102.4 million for the 2022 period.

    Operating income was $28.2 million for the second quarter of 2023 compared with $40.9 million for the second quarter of 2022 – the highest amount for any quarter in Marten’s history.

    Operating income was $57.2 million for the first six months of 2023 compared with $76.8 million for the first six months of 2022.

    Operating expenses as a percentage of operating revenue were 90.1% for the 2023 quarter and 87.6% for the 2022 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 88.7% for the 2023 quarter and 84.8% for the 2022 quarter – the best ratio for any quarter since Marten became a public company in 1986.

    Operating expenses as a percentage of operating revenue were 90.2% for the first six months of 2023 and 87.6% for the first six months of 2022. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 88.6% for the 2023 period and 85.1% for the 2022 period.

    Executive Chairman Randolph L. Marten stated, “While the soft freight market demand, excess capacity and inflationary costs continue to put considerable pressure on industry pricing, volumes and margins, we recorded our second-highest second quarter operating revenue and net income in our history.”

    “The disciplined execution of our unique business model by our talented people utilizing our adaptive and proprietary operating technology, along with our emphasis on operating efficiencies and cost controls, are key strengths to our minimizing the current impact of the weak freight market on our operations -- and are also strengths that we will maintain as we invest in and position our premium service solutions to capitalize on profitable organic growth opportunities as the market necessarily recovers.”

    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 Marten’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, 2022. 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, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED BALANCE SHEETS
           
      June 30,  December 31, 
    (In thousands, except share information) 2023  2022 
       (Unaudited)      
    ASSETS        
    Current assets:        
    Cash and cash equivalents $80,528  $80,600 
    Receivables:        
    Trade, net  111,577   120,702 
    Other  10,646   7,218 
    Prepaid expenses and other  29,208   27,320 
    Total current assets  231,959   235,840 
             
    Property and equipment:        
    Revenue equipment, buildings and land, office equipment and other  1,122,659   1,074,832 
    Accumulated depreciation  (352,139)  (346,665)
    Net property and equipment  770,520   728,167 
    Other noncurrent assets  1,605   1,672 
    Total assets $1,004,084  $965,679 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable $36,107  $37,299 
    Insurance and claims accruals  47,665   45,747 
    Accrued and other current liabilities  47,248   41,264 
    Total current liabilities  131,020   124,310 
    Deferred income taxes  132,737   137,041 
    Noncurrent operating lease liabilities  307   409 
    Total liabilities  264,064   261,760 
             
    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; 81,301,468 shares at June 30, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding  813   811 
    Additional paid-in capital  48,663   47,188 
    Retained earnings  690,544   655,920 
    Total stockholders’ equity  740,020   703,919 
    Total liabilities and stockholders’ equity $1,004,084  $965,679 
             


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (Unaudited)
           
      Three Months  Six Months 
      Ended June 30,  Ended June 30, 
    (In thousands, except per share information) 2023  2022  2023  2022 
                     
    Operating revenue $285,672  $329,565  $583,695  $616,846 
                     
    Operating expenses (income):                
    Salaries, wages and benefits  96,332   96,460   194,848   185,809 
    Purchased transportation  48,299   67,480   102,402   124,790 
    Fuel and fuel taxes  42,215   61,337   89,011   105,705 
    Supplies and maintenance  17,408   13,352   33,395   25,665 
    Depreciation  29,427   26,865   58,957   53,008 
    Operating taxes and licenses  2,756   2,663   5,524   5,303 
    Insurance and claims  12,481   13,443   27,551   26,147 
    Communications and utilities  2,510   2,239   5,041   4,504 
    Gain on disposition of revenue equipment  (3,550)  (4,812)  (8,796)  (9,352)
    Other  9,581   9,601   18,539   18,472 
                     
    Total operating expenses  257,459   288,628   526,472   540,051 
                     
    Operating income  28,213   40,937   57,223   76,795 
                     
    Other  (1,077)  (36)  (1,921)  (43)
                     
    Income before income taxes  29,290   40,973   59,144   76,838 
                     
    Income taxes expense  7,416   9,312   14,768   17,644 
                     
    Net income $21,874  $31,661  $44,376  $59,194 
                     
    Basic earnings per common share $0.27  $0.39  $0.55  $0.72 
                     
    Diluted earnings per common share $0.27  $0.39  $0.55  $0.72 
                     
    Dividends declared per common share $0.06  $0.06  $0.12  $0.12 
                     


    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)
                   
              Dollar  Percentage 
              Change  Change 
      Three Months  Three Months  Three Months 
      Ended  Ended  Ended 
      June 30,  June 30,  June 30, 
    (Dollars in thousands) 2023  2022  2023 vs. 2022  2023 vs. 2022 
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue $101,268  $101,808  $(540)  (0.5)%
    Truckload fuel surcharge revenue  15,870   25,164   (9,294)  (36.9)
    Total Truckload revenue  117,138   126,972   (9,834)  (7.7)
                     
    Dedicated revenue, net of fuel surcharge revenue  87,437   84,389   3,048   3.6 
    Dedicated fuel surcharge revenue  17,548   25,966   (8,418)  (32.4)
    Total Dedicated revenue  104,985   110,355   (5,370)  (4.9)
                     
    Intermodal revenue, net of fuel surcharge revenue  18,754   27,681   (8,927)  (32.2)
    Intermodal fuel surcharge revenue  3,611   9,286   (5,675)  (61.1)
    Total Intermodal revenue  22,365   36,967   (14,602)  (39.5)
                     
    Brokerage revenue  41,184   55,271   (14,087)  (25.5)
                     
    Total operating revenue $285,672  $329,565  $(43,893)  (13.3)%
                     
    Operating income:                
    Truckload $9,569  $16,088  $(6,519)  (40.5)%
    Dedicated  14,173   14,039   134   1.0 
    Intermodal  (165)  4,097   (4,262)  (104.0)
    Brokerage  4,636   6,713   (2,077)  (30.9)
    Total operating income $28,213  $40,937  $(12,724)  (31.1)%
                     
    Operating ratio:                
    Truckload  91.8%  87.3%        
    Dedicated  86.5   87.3         
    Intermodal  100.7   88.9         
    Brokerage  88.7   87.9         
    Consolidated operating ratio  90.1%  87.6%        
                     
    Operating ratio, net of fuel surcharges:                
    Truckload  90.6%  84.2%        
    Dedicated  83.8   83.4         
    Intermodal  100.9   85.2         
    Brokerage  88.7   87.9         
    Consolidated operating ratio, net of fuel surcharges  88.7%  84.8%        


    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)
                   
              Dollar  Percentage 
              Change  Change 
      Six Months  Six Months  Six Months 
      Ended  Ended  Ended 
      June 30,  June 30,  June 30, 
    (Dollars in thousands) 2023  2022  2023 vs. 2022  2023 vs. 2022 
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue $203,588  $196,978  $6,610   3.4%
    Truckload fuel surcharge revenue  34,176   42,784   (8,608)  (20.1)
    Total Truckload revenue  237,764   239,762   (1,998)  (0.8)
                     
    Dedicated revenue, net of fuel surcharge revenue  174,268   162,810   11,458   7.0 
    Dedicated fuel surcharge revenue  37,166   44,305   (7,139)  (16.1)
    Total Dedicated revenue  211,434   207,115   4,319   2.1 
                     
    Intermodal revenue, net of fuel surcharge revenue  42,155   53,286   (11,131)  (20.9)
    Intermodal fuel surcharge revenue  8,799   15,323   (6,524)  (42.6)
    Total Intermodal revenue  50,954   68,609   (17,655)  (25.7)
                     
    Brokerage revenue  83,543   101,360   (17,817)  (17.6)
                     
    Total operating revenue $583,695  $616,846  $(33,151)  (5.4)%
                     
    Operating income:                
    Truckload $19,610  $31,659  $(12,049)  (38.1)%
    Dedicated  27,857   24,684   3,173   12.9 
    Intermodal  622   9,133   (8,511)  (93.2)
    Brokerage  9,134   11,319   (2,185)  (19.3)
    Total operating income $57,223  $76,795  $(19,572)  (25.5)%
                     
    Operating ratio:                
    Truckload  91.8%  86.8%        
    Dedicated  86.8   88.1         
    Intermodal  98.8   86.7         
    Brokerage  89.1   88.8         
    Consolidated operating ratio  90.2%  87.6%        
                     
    Operating ratio, net of fuel surcharges:                
    Truckload  90.4%  83.9%        
    Dedicated  84.0   84.8         
    Intermodal  98.5   82.9         
    Brokerage  89.1   88.8         
    Consolidated operating ratio, net of fuel surcharges  88.6%  85.1%        


    MARTEN TRANSPORT, LTD.
    OPERATING STATISTICS
    (Unaudited)
           
      Three Months  Six Months 
      Ended June 30,  Ended June 30, 
      2023  2022  2023  2022 
    Truckload Segment:                
    Revenue (in thousands) $117,138  $126,972  $237,764  $239,762 
    Average revenue, net of fuel surcharges, per tractor per week(1) $4,472  $5,080  $4,521  $5,030 
    Average tractors(1)  1,742   1,542   1,742   1,515 
    Average miles per trip  505   509   507   514 
    Non-revenue miles percentage(2)  12.4%  10.7%  12.5%  10.6%
    Total miles (in thousands)  39,321   36,752   77,558   72,124 
                     
    Dedicated Segment:                
    Revenue (in thousands) $104,985  $110,355  $211,434  $207,115 
    Average revenue, net of fuel surcharges, per tractor per week(1) $3,986  $4,072  $3,973  $3,962 
    Average tractors(1)  1,687   1,594   1,696   1,589 
    Average miles per trip  332   341   332   341 
    Non-revenue miles percentage(2)  1.3%  1.0%  1.2%  1.1%
    Total miles (in thousands)  34,833   34,134   68,909   66,887 
                     
    Intermodal Segment:                
    Revenue (in thousands) $22,365  $36,967  $50,954  $68,609 
    Loads  6,267   8,703   13,544   16,997 
    Average tractors  170   175   175   169 
                     
    Brokerage Segment:                
    Revenue (in thousands) $41,184  $55,271  $83,543  $101,360 
    Loads  22,718   25,322   43,406   45,006 
                     
    At June 30, 2023 and June 30, 2022:                
    Total tractors(1)  3,516   3,395         
    Average age of company tractors (in years)  1.7   1.6         
    Total trailers  5,786   5,521         
    Average age of company trailers (in years)  4.2   3.6         
    Ratio of trailers to tractors(1)  1.6   1.6         
    Total refrigerated containers  791   784         


      Three Months  Six Months 
      Ended June 30,  Ended June 30, 
    (In thousands) 2023  2022  2023  2022 
                     
    Net cash provided by operating activities $48,969  $58,730  $98,201  $98,670 
    Net cash (used for) investing activities  (60,359)  (35,413)  (88,639)  (35,004)
    Net cash (used for) financing activities  (4,370)  (21,470)  (9,634)  (52,287)
                     
    Weighted average shares outstanding:                
    Basic  81,263   81,689   81,236   82,310 
    Diluted  81,412   82,015   81,394   82,617 


    (1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 98 and 85 tractors as of June 30, 2023 and 2022, respectively. 
      
    (2)Represents the percentage of miles for which the company is not compensated.

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