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Marten Transport Announces Second Quarter Results
Источник: Nasdaq GlobeNewswire / 18 июл 2024 15:02:26 America/Chicago
MONDOVI, Wis., July 18, 2024 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $7.9 million, or 10 cents per diluted share, for the second quarter ended June 30, 2024, compared with $21.9 million, or 27 cents per diluted share, for the second quarter of 2023. For the six-month period ended June 30, 2024, net income was $17.5 million, or 22 cents per diluted share, compared with $44.4 million, or 55 cents per diluted share, for the 2023 six-month period.
Operating revenue was $246.2 million for the second quarter of 2024 compared with $285.7 million for the second quarter of 2023. Excluding fuel surcharges, operating revenue was $213.5 million for the 2024 quarter compared with $248.6 million for the 2023 quarter. Fuel surcharge revenue decreased to $32.7 million for the 2024 quarter from $37.0 million for the 2023 quarter.
Operating revenue was $495.9 million for the first six months of 2024 compared with $583.7 million for the first six months of 2023. Excluding fuel surcharges, operating revenue was $429.3 million for the 2024 period compared with $503.6 million for the 2023 period. Fuel surcharge revenue decreased to $66.6 million for the 2024 period compared with $80.1 million for the 2023 period.
Operating income was $10.0 million for the second quarter of 2024 compared with $28.2 million for the second quarter of 2023.
Operating income was $22.2 million for the first six months of 2024 compared with $57.2 million for the first six months of 2023.
Operating expenses as a percentage of operating revenue were 95.9% for the 2024 quarter and 90.1% for the 2023 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 95.3% for the 2024 quarter and 88.7% for the 2023 quarter.
Operating expenses as a percentage of operating revenue were 95.5% for the first six months of 2024 and 90.2% for the first six months of 2023. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 94.8% for the 2024 period and 88.6% for the 2023 period.
Executive Chairman Randolph L. Marten stated, “Our earnings were heavily pressured by the freight market recession’s oversupply and weak demand, inflationary operating costs, and cumulative impact of freight rate reductions leading to freight network disruptions. Our unique multifaceted business model’s value is highlighted by the operating results for our dedicated, brokerage and MRTN de Mexico operations through the first half of this year.”
“We are focused on minimizing the freight market’s impact on our operations while investing in and positioning our operations to capitalize on profitable organic growth opportunities, with fair compensation for our premium services, across each of our business operations for what comes next in the freight cycle as the market moves toward equilibrium from its current recessionary late stages. Accordingly, we have not agreed to rate reductions since last August.”
“We are seeing increased interest by our customers to secure dedicated capacity and have recently added new multi-year dedicated programs for an additional 133 drivers starting in the third quarter.”
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, 2023. 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 SHEETSJune 30, December 31, (In thousands, except share information) 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 77,199 $ 53,213 Receivables: Trade, net 99,926 105,501 Other 11,450 10,356 Prepaid expenses and other 30,995 27,512 Total current assets 219,570 196,582 Property and equipment: Revenue equipment, buildings and land, office equipment and other 1,149,771 1,162,336 Accumulated depreciation (360,974) (370,103) Net property and equipment 788,797 792,233 Other noncurrent assets 1,520 1,524 Total assets $ 1,009,887 $ 990,339 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 47,214 $ 36,516 Insurance and claims accruals 44,296 47,017 Accrued and other current liabilities 27,466 26,709 Total current liabilities 118,976 110,242 Deferred income taxes 123,938 122,462 Noncurrent operating lease liabilities 220 249 Total liabilities 243,134 232,953 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; 81,414,959 shares at June 30, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding 814 813 Additional paid-in capital 51,385 49,789 Retained earnings 714,554 706,784 Total stockholders’ equity 766,753 757,386 Total liabilities and stockholders’ equity $ 1,009,887 $ 990,339 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) 2024 2023 2024 2023 Operating revenue $ 246,238 $ 285,672 $ 495,910 $ 583,695 Operating expenses (income): Salaries, wages and benefits 86,519 96,332 175,281 194,848 Purchased transportation 43,235 48,299 85,049 102,402 Fuel and fuel taxes 38,809 42,215 78,370 89,011 Supplies and maintenance 16,472 17,408 32,542 33,395 Depreciation 28,206 29,427 56,733 58,957 Operating taxes and licenses 2,539 2,756 5,114 5,524 Insurance and claims 12,559 12,481 24,216 27,551 Communications and utilities 2,297 2,510 4,668 5,041 Gain on disposition of revenue equipment (2,532 ) (3,550 ) (3,703 ) (8,796 ) Other 8,160 9,581 15,416 18,539 Total operating expenses 236,264 257,459 473,686 526,472 Operating income 9,974 28,213 22,224 57,223 Other (1,014 ) (1,077 ) (1,810 ) (1,921 ) Income before income taxes 10,988 29,290 24,034 59,144 Income taxes expense 3,099 7,416 6,499 14,768 Net income $ 7,889 $ 21,874 $ 17,535 $ 44,376 Basic earnings per common share $ 0.10 $ 0.27 $ 0.22 $ 0.55 Diluted earnings per common share $ 0.10 $ 0.27 $ 0.22 $ 0.55 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) 2024 2023 2024 vs. 2023 2024 vs. 2023 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 96,046 $ 101,268 $ (5,222 ) (5.2 )% Truckload fuel surcharge revenue 16,477 15,870 607 3.8 Total Truckload revenue 112,523 117,138 (4,615 ) (3.9 ) Dedicated revenue, net of fuel surcharge revenue 67,444 87,437 (19,993 ) (22.9 ) Dedicated fuel surcharge revenue 13,822 17,548 (3,726 ) (21.2 ) Total Dedicated revenue 81,266 104,985 (23,719 ) (22.6 ) Intermodal revenue, net of fuel surcharge revenue 12,660 18,754 (6,094 ) (32.5 ) Intermodal fuel surcharge revenue 2,404 3,611 (1,207 ) (33.4 ) Total Intermodal revenue 15,064 22,365 (7,301 ) (32.6 ) Brokerage revenue 37,385 41,184 (3,799 ) (9.2 ) Total operating revenue $ 246,238 $ 285,672 $ (39,434 ) (13.8 )% Operating income/(loss): Truckload $ 1,115 $ 9,569 $ (8,454 ) (88.3 )% Dedicated 6,650 14,173 (7,523 ) (53.1 ) Intermodal (684 ) (165 ) (519 ) (314.5 ) Brokerage 2,893 4,636 (1,743 ) (37.6 ) Total operating income $ 9,974 $ 28,213 $ (18,239 ) (64.6 )% Operating ratio: Truckload 99.0 % 91.8 % Dedicated 91.8 86.5 Intermodal 104.5 100.7 Brokerage 92.3 88.7 Consolidated operating ratio 95.9 % 90.1 % Operating ratio, net of fuel surcharges: Truckload 98.8 % 90.6 % Dedicated 90.1 83.8 Intermodal 105.4 100.9 Brokerage 92.3 88.7 Consolidated operating ratio, net of fuel surcharges 95.3 % 88.7 % 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) 2024 2023 2024 vs. 2023 2024 vs. 2023 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 191,068 $ 203,588 $ (12,520 ) (6.1 )% Truckload fuel surcharge revenue 33,006 34,176 (1,170 ) (3.4 ) Total Truckload revenue 224,074 237,764 (13,690 ) (5.8 ) Dedicated revenue, net of fuel surcharge revenue 139,182 174,268 (35,086 ) (20.1 ) Dedicated fuel surcharge revenue 28,544 37,166 (8,622 ) (23.2 ) Total Dedicated revenue 167,726 211,434 (43,708 ) (20.7 ) Intermodal revenue, net of fuel surcharge revenue 25,941 42,155 (16,214 ) (38.5 ) Intermodal fuel surcharge revenue 5,095 8,799 (3,704 ) (42.1 ) Total Intermodal revenue 31,036 50,954 (19,918 ) (39.1 ) Brokerage revenue 73,074 83,543 (10,469 ) (12.5 ) Total operating revenue $ 495,910 $ 583,695 $ (87,785 ) (15.0 )% Operating income/(loss): Truckload $ 1,604 $ 19,610 $ (18,006 ) (91.8 )% Dedicated 15,908 27,857 (11,949 ) (42.9 ) Intermodal (878 ) 622 (1,500 ) (241.2 ) Brokerage 5,590 9,134 (3,544 ) (38.8 ) Total operating income $ 22,224 $ 57,223 $ (34,999 ) (61.2 )% Operating ratio: Truckload 99.3 % 91.8 % Dedicated 90.5 86.8 Intermodal 102.8 98.8 Brokerage 92.4 89.1 Consolidated operating ratio 95.5 % 90.2 % Operating ratio, net of fuel surcharges: Truckload 99.2 % 90.4 % Dedicated 88.6 84.0 Intermodal 103.4 98.5 Brokerage 92.4 89.1 Consolidated operating ratio, net of fuel surcharges 94.8 % 88.6 % MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)Three Months Six Months Ended June 30, Ended June 30, 2024 2023 2024 2023 Truckload Segment: Revenue (in thousands) $ 112,523 $ 117,138 $ 224,074 $ 237,764 Average revenue, net of fuel surcharges, per tractor per week(1) $ 4,093 $ 4,472 $ 4,044 $ 4,521 Average tractors(1) 1,805 1,742 1,817 1,742 Average miles per trip 528 505 533 507 Non-revenue miles percentage(2) 11.6 % 12.4 % 12.1 % 12.5 % Total miles (in thousands) 40,847 39,321 80,550 77,558 Dedicated Segment: Revenue (in thousands) $ 81,266 $ 104,985 $ 167,726 $ 211,434 Average revenue, net of fuel surcharges, per tractor per week(1) $ 3,754 $ 3,986 $ 3,768 $ 3,973 Average tractors(1) 1,382 1,687 1,421 1,696 Average miles per trip 323 332 326 332 Non-revenue miles percentage(2) 1.1 % 1.3 % 1.1 % 1.2 % Total miles (in thousands) 28,231 34,833 57,311 68,909 Intermodal Segment: Revenue (in thousands) $ 15,064 $ 22,365 $ 31,036 $ 50,954 Loads 4,464 6,267 9,053 13,544 Average tractors 121 170 123 175 Brokerage Segment: Revenue (in thousands) $ 37,385 $ 41,184 $ 73,074 $ 83,543 Loads 22,700 22,718 42,761 43,406 At June 30, 2024 and June 30, 2023: Total tractors(1) 3,126 3,516 Average age of company tractors (in years) 1.8 1.7 Total trailers 5,539 5,786 Average age of company trailers (in years) 5.0 4.2 Ratio of trailers to tractors(1) 1.8 1.6 Total refrigerated containers 787 791 Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2024 2023 2024 2023 Net cash provided by operating activities $ 35,821 $ 48,969 $ 81,543 $ 98,201 Net cash used for investing activities (27,776 ) (60,359 ) (48,025 ) (88,639 ) Net cash used for financing activities (4,576 ) (4,370 ) (9,532 ) (9,634 ) Weighted average shares outstanding: Basic 81,381 81,263 81,365 81,236 Diluted 81,446 81,412 81,442 81,394 (1 ) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 90 and 98 tractors as of June 30, 2024 and 2023, respectively. (2 ) Represents the percentage of miles for which the company is not compensated.