Marten Transport Announces Fourth Quarter and Year End Results
Marten Transport (NASDAQ:MRTN) reported Q4 2024 net income of $5.6 million ($0.07 per share), down from $12.4 million ($0.15 per share) in Q4 2023, but up 50.1% from Q3 2024's $3.8 million. Operating revenue decreased to $230.4 million in Q4 2024 from $268.2 million in Q4 2023.
For full-year 2024, net income was $26.9 million ($0.33 per share), compared to $70.4 million ($0.86 per share) in 2023. Annual operating revenue declined to $963.7 million from $1.131 billion. Operating income for Q4 2024 was $6.7 million, down from $15.7 million in Q4 2023, but showing a 57.6% improvement from Q3 2024.
The company noted Q4 2024 as the first quarter since Q2 2022 with sequential improvements in net income, operating income, and operating ratio. Management highlighted sequential increases in revenue per tractor, rate per total mile, and miles per tractor in both truckload and dedicated operations.
Marten Transport (NASDAQ:MRTN) ha riportato un reddito netto di $5,6 milioni ($0,07 per azione) per il quarto trimestre del 2024, in calo rispetto ai $12,4 milioni ($0,15 per azione) del quarto trimestre del 2023, ma in aumento del 50,1% rispetto ai $3,8 milioni del terzo trimestre del 2024. Il fatturato operativo è sceso a $230,4 milioni nel quarto trimestre del 2024 rispetto ai $268,2 milioni del quarto trimestre del 2023.
Per l'intero anno 2024, il reddito netto è stato di $26,9 milioni ($0,33 per azione), rispetto ai $70,4 milioni ($0,86 per azione) del 2023. Il fatturato operativo annuale è diminuito a $963,7 milioni rispetto a $1,131 miliardi. Il reddito operativo per il quarto trimestre del 2024 è stato di $6,7 milioni, in calo rispetto ai $15,7 milioni del quarto trimestre del 2023, ma mostrando un miglioramento del 57,6% rispetto al terzo trimestre del 2024.
L'azienda ha sottolineato che il quarto trimestre del 2024 rappresenta il primo trimestre dal secondo trimestre del 2022 con miglioramenti sequenziali nel reddito netto, nel reddito operativo e nel rapporto operativo. La gestione ha evidenziato aumenti sequenziali nel fatturato per trattore, tariffa per miglio totale e miglia per trattore sia nelle operazioni di carico completo che dedicate.
Marten Transport (NASDAQ:MRTN) reportó un ingreso neto de $5.6 millones ($0.07 por acción) en el cuarto trimestre de 2024, una disminución con respecto a los $12.4 millones ($0.15 por acción) en el cuarto trimestre de 2023, pero un aumento del 50.1% en comparación con los $3.8 millones del tercer trimestre de 2024. Los ingresos operativos cayeron a $230.4 millones en el cuarto trimestre de 2024 desde $268.2 millones en el cuarto trimestre de 2023.
Para el año completo de 2024, el ingreso neto fue de $26.9 millones ($0.33 por acción), en comparación con $70.4 millones ($0.86 por acción) en 2023. Los ingresos operativos anuales disminuyeron a $963.7 millones desde $1.131 mil millones. El ingreso operativo para el cuarto trimestre de 2024 fue de $6.7 millones, una disminución respecto a los $15.7 millones del cuarto trimestre de 2023, pero con una mejora del 57.6% en comparación con el tercer trimestre de 2024.
La compañía señaló que el cuarto trimestre de 2024 fue el primer trimestre desde el segundo trimestre de 2022 con mejoras secuenciales en el ingreso neto, el ingreso operativo y la relación operativa. La dirección destacó aumentos secuenciales en los ingresos por tractor, la tarifa por milla total y las millas por tractor en ambas operaciones de carga completa y dedicadas.
Marten Transport (NASDAQ:MRTN)는 2024년 4분기 순이익이 560만 달러(주당 0.07달러)로, 2023년 4분기 1240만 달러(주당 0.15달러)에서 감소했지만, 2024년 3분기의 380만 달러와 비교하여 50.1% 증가했다고 보고했습니다. 운영 수익은 2024년 4분기에 2억 3040만 달러로, 2023년 4분기의 2억 6820만 달러에서 감소했습니다.
2024년 전체 연도 순이익은 2690만 달러(주당 0.33달러)로, 2023년 7040만 달러(주당 0.86달러)와 비교됩니다. 연간 운영 수익은 9억 6370만 달러로, 11억 3100만 달러에서 감소했습니다. 2024년 4분기 운영 수익은 670만 달러로, 2023년 4분기 1570만 달러에서 감소했지만 2024년 3분기와 비교하여 57.6% 개선되었습니다.
회사는 2024년 4분기가 2022년 2분기 이후 순이익, 운영 수익, 운영 비율에서 순차적인 개선이 이루어진 첫 번째 분기라고 언급했습니다. 경영진은 전반적인 수익, 총 마일당 요금, 그리고 트랙터당 마일 수의 순차적 증가를 강조했습니다.
Marten Transport (NASDAQ:MRTN) a déclaré un revenu net de 5,6 millions de dollars (0,07 $ par action) pour le quatrième trimestre de 2024, en baisse par rapport à 12,4 millions de dollars (0,15 $ par action) au quatrième trimestre de 2023, mais en hausse de 50,1 % par rapport à 3,8 millions de dollars au troisième trimestre de 2024. Le chiffre d'affaires opérationnel a diminué pour atteindre 230,4 millions de dollars au quatrième trimestre de 2024, contre 268,2 millions de dollars au quatrième trimestre de 2023.
Pour l'année entière 2024, le revenu net s'élevait à 26,9 millions de dollars (0,33 $ par action), comparé à 70,4 millions de dollars (0,86 $ par action) en 2023. Le chiffre d'affaires opérationnel annuel a chuté à 963,7 millions de dollars contre 1,131 milliard de dollars. Le revenu opérationnel pour le quatrième trimestre de 2024 était de 6,7 millions de dollars, en baisse par rapport aux 15,7 millions de dollars du quatrième trimestre de 2023, mais montrant une amélioration de 57,6 % par rapport au troisième trimestre de 2024.
L'entreprise a souligné que le quatrième trimestre de 2024 était le premier trimestre depuis le deuxième trimestre de 2022 avec des améliorations séquentielles dans le revenu net, le revenu opérationnel et le ratio opérationnel. La direction a mis en évidence des augmentations séquentielles du revenu par tracteur, du tarif par mile total et des miles par tracteur dans les opérations de chargement complet et dédiées.
Marten Transport (NASDAQ:MRTN) meldete im vierten Quartal 2024 einen Nettogewinn von 5,6 Millionen US-Dollar (0,07 US-Dollar pro Aktie), ein Rückgang von 12,4 Millionen US-Dollar (0,15 US-Dollar pro Aktie) im vierten Quartal 2023, jedoch ein Anstieg um 50,1% im Vergleich zu 3,8 Millionen US-Dollar im dritten Quartal 2024. Der operative Umsatz ging im vierten Quartal 2024 auf 230,4 Millionen US-Dollar zurück, nachdem er im vierten Quartal 2023 bei 268,2 Millionen US-Dollar lag.
Für das Gesamtjahr 2024 betrug der Nettogewinn 26,9 Millionen US-Dollar (0,33 US-Dollar pro Aktie), verglichen mit 70,4 Millionen US-Dollar (0,86 US-Dollar pro Aktie) im Jahr 2023. Der jährliche operative Umsatz sank auf 963,7 Millionen US-Dollar von 1,131 Milliarden US-Dollar. Der operative Gewinn für das vierte Quartal 2024 betrug 6,7 Millionen US-Dollar, ein Rückgang von 15,7 Millionen US-Dollar im vierten Quartal 2023, jedoch eine Verbesserung um 57,6% im Vergleich zum dritten Quartal 2024.
Das Unternehmen wies darauf hin, dass das vierte Quartal 2024 das erste Quartal seit dem zweiten Quartal 2022 war, in dem sequentielle Verbesserungen beim Nettogewinn, operativen Gewinn und operativen Verhältnis erzielt wurden. Das Management hob die sequentiellen Steigerungen des Umsatzes pro Traktor, des Tarifs pro Gesamtmile und der Meilen pro Traktor in den Bereichen Voll- und Dedizierte Transporte hervor.
- 50.1% sequential increase in quarterly net income from Q3 2024
- 57.6% sequential improvement in operating income from Q3 2024
- First quarter since Q2 2022 with sequential improvements across key metrics
- Sequential increases in revenue per tractor, rate per mile, and miles per tractor
- 54.8% decrease in Q4 net income year-over-year ($5.6M vs $12.4M)
- 61.8% decline in full-year net income ($26.9M vs $70.4M)
- 14.1% decrease in Q4 operating revenue year-over-year ($230.4M vs $268.2M)
- Operating expenses increased to 97.1% of revenue in Q4 2024 vs 94.2% in Q4 2023
Insights
Marten Transport's Q4 2024 results reveal a complex narrative in the challenging freight transportation sector. While the headline numbers show significant year-over-year declines, with net income dropping
The operating metrics tell a compelling story. The company's operating ratio (net of fuel surcharges) improved to
A critical examination of the revenue structure shows that core revenue (excluding fuel surcharges) was
The company's strategic positioning for the next phase of the freight cycle, particularly its focus on temperature-sensitive transportation, could prove advantageous as the market moves toward equilibrium. The sequential improvements in operational metrics, while modest, indicate potential bottoming of the freight market recession that has been characterized by severe cost inflation and rate pressure.
MONDOVI, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of
Operating revenue was
Operating revenue was
Operating income was
Operating income was
Operating expenses as a percentage of operating revenue were
Operating expenses as a percentage of operating revenue were
Executive Chairman Randolph L. Marten stated, “We are encouraged by this quarter being the first quarter with sequential improvement in each of our net income, operating income and operating ratio, net of fuel surcharges, since the second quarter of 2022, a period that preceded the freight market recession’s severe inflationary operating costs, freight rate reductions and freight network disruptions. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations.”
“We continue to focus 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.”
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 SHEETS | ||||||||
| (In thousands, except share information) | December 31, 2024 | December 31, 2023 | ||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,267 | $ | 53,213 | ||||
| Receivables: | ||||||||
| Trade, net | 89,992 | 105,501 | ||||||
| Other | 5,364 | 10,356 | ||||||
| Prepaid expenses and other | 25,888 | 27,512 | ||||||
| Total current assets | 138,511 | 196,582 | ||||||
| Property and equipment: | ||||||||
| Revenue equipment, buildings and land, office equipment and other | 1,198,737 | 1,162,336 | ||||||
| Accumulated depreciation | (370,124 | ) | (370,103 | ) | ||||
| Net property and equipment | 828,613 | 792,233 | ||||||
| Other noncurrent assets | 1,633 | 1,524 | ||||||
| Total assets | $ | 968,757 | $ | 990,339 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 25,781 | $ | 36,516 | ||||
| Insurance and claims accruals | 44,246 | 47,017 | ||||||
| Accrued and other current liabilities | 23,492 | 26,709 | ||||||
| Total current liabilities | 93,519 | 110,242 | ||||||
| Deferred income taxes | 107,034 | 122,462 | ||||||
| Noncurrent operating lease liabilities | 282 | 249 | ||||||
| Total liabilities | 200,835 | 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; 81,463,938 shares at December 31, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding | 815 | 813 | ||||||
| Additional paid-in capital | 52,941 | 49,789 | ||||||
| Retained earnings | 714,166 | 706,784 | ||||||
| Total stockholders’ equity | 767,922 | 757,386 | ||||||
| Total liabilities and stockholders’ equity | $ | 968,757 | $ | 990,339 | ||||
| MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (In thousands, except per share information) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating revenue | $ | 230,432 | $ | 268,222 | $ | 963,708 | $ | 1,131,455 | ||||||||
| Operating expenses (income): | ||||||||||||||||
| Salaries, wages and benefits | 83,009 | 91,350 | 341,732 | 378,818 | ||||||||||||
| Purchased transportation | 39,231 | 47,259 | 169,142 | 199,334 | ||||||||||||
| Fuel and fuel taxes | 32,992 | 42,731 | 147,143 | 180,437 | ||||||||||||
| Supplies and maintenance | 14,331 | 16,120 | 63,337 | 67,411 | ||||||||||||
| Depreciation | 27,528 | 28,748 | 111,653 | 116,722 | ||||||||||||
| Operating taxes and licenses | 2,683 | 2,708 | 10,302 | 11,053 | ||||||||||||
| Insurance and claims | 15,134 | 15,209 | 53,109 | 56,014 | ||||||||||||
| Communications and utilities | 2,195 | 2,524 | 9,029 | 10,149 | ||||||||||||
| Gain on disposition of revenue equipment | (387 | ) | (1,802 | ) | (4,971 | ) | (13,612 | ) | ||||||||
| Other | 6,989 | 7,718 | 30,012 | 35,019 | ||||||||||||
| Total operating expenses | 223,705 | 252,565 | 930,488 | 1,041,345 | ||||||||||||
| Operating income | 6,727 | 15,657 | 33,220 | 90,110 | ||||||||||||
| Other | (394 | ) | (868 | ) | (3,126 | ) | (3,806 | ) | ||||||||
| Income before income taxes | 7,121 | 16,525 | 36,346 | 93,916 | ||||||||||||
| Income taxes expense | 1,488 | 4,126 | 9,424 | 23,543 | ||||||||||||
| Net income | $ | 5,633 | $ | 12,399 | $ | 26,922 | $ | 70,373 | ||||||||
| Basic earnings per common share | $ | 0.07 | $ | 0.15 | $ | 0.33 | $ | 0.87 | ||||||||
| Diluted earnings per common share | $ | 0.07 | $ | 0.15 | $ | 0.33 | $ | 0.86 | ||||||||
| Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 | ||||||||
| MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Dollar Change Three Months Ended December 31, | Percentage Change Three Months Ended December 31, | ||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 vs. 2023 | 2024 vs. 2023 | ||||||||||||
| Operating revenue: | ||||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 93,106 | $ | 95,461 | $ | (2,355 | ) | (2.5 | )% | |||||||
| Truckload fuel surcharge revenue | 14,188 | 18,023 | (3,835 | ) | (21.3 | ) | ||||||||||
| Total Truckload revenue | 107,294 | 113,484 | (6,190 | ) | (5.5 | ) | ||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 64,997 | 77,731 | (12,734 | ) | (16.4 | ) | ||||||||||
| Dedicated fuel surcharge revenue | 11,391 | 17,310 | (5,919 | ) | (34.2 | ) | ||||||||||
| Total Dedicated revenue | 76,388 | 95,041 | (18,653 | ) | (19.6 | ) | ||||||||||
| Intermodal revenue, net of fuel surcharge revenue | 11,238 | 15,610 | (4,372 | ) | (28.0 | ) | ||||||||||
| Intermodal fuel surcharge revenue | 1,971 | 3,467 | (1,496 | ) | (43.1 | ) | ||||||||||
| Total Intermodal revenue | 13,209 | 19,077 | (5,868 | ) | (30.8 | ) | ||||||||||
| Brokerage revenue | 33,541 | 40,620 | (7,079 | ) | (17.4 | ) | ||||||||||
| Total operating revenue | $ | 230,432 | $ | 268,222 | $ | (37,790 | ) | (14.1 | )% | |||||||
| Operating income/(loss): | ||||||||||||||||
| Truckload | $ | 1,821 | $ | 2,487 | $ | (666 | ) | (26.8 | )% | |||||||
| Dedicated | 4,073 | 9,234 | (5,161 | ) | (55.9 | ) | ||||||||||
| Intermodal | (1,502 | ) | 296 | (1,798 | ) | (607.4 | ) | |||||||||
| Brokerage | 2,335 | 3,640 | (1,305 | ) | (35.9 | ) | ||||||||||
| Total operating income | $ | 6,727 | $ | 15,657 | $ | (8,930 | ) | (57.0 | )% | |||||||
| Operating ratio: | ||||||||||||||||
| Truckload | 98.3 | % | 97.8 | % | ||||||||||||
| Dedicated | 94.7 | 90.3 | ||||||||||||||
| Intermodal | 111.4 | 98.4 | ||||||||||||||
| Brokerage | 93.0 | 91.0 | ||||||||||||||
| Consolidated operating ratio | 97.1 | % | 94.2 | % | ||||||||||||
| Operating ratio, net of fuel surcharges: | ||||||||||||||||
| Truckload | 98.0 | % | 97.4 | % | ||||||||||||
| Dedicated | 93.7 | 88.1 | ||||||||||||||
| Intermodal | 113.4 | 98.1 | ||||||||||||||
| Brokerage | 93.0 | 91.0 | ||||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 96.7 | % | 93.2 | % | ||||||||||||
| MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) | ||||||||||||||||
| Year Ended December 31, | Dollar Change Year Ended December 31, | Percentage Change Year Ended December 31, | ||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 vs. 2023 | 2024 vs. 2023 | ||||||||||||
| Operating revenue: | ||||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 377,452 | $ | 395,565 | $ | (18,113 | ) | (4.6 | )% | |||||||
| Truckload fuel surcharge revenue | 62,340 | 69,910 | (7,570 | ) | (10.8 | ) | ||||||||||
| Total Truckload revenue | 439,792 | 465,475 | (25,683 | ) | (5.5 | ) | ||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 267,077 | 334,962 | (67,885 | ) | (20.3 | ) | ||||||||||
| Dedicated fuel surcharge revenue | 52,058 | 73,310 | (21,252 | ) | (29.0 | ) | ||||||||||
| Total Dedicated revenue | 319,135 | 408,272 | (89,137 | ) | (21.8 | ) | ||||||||||
| Intermodal revenue, net of fuel surcharge revenue | 49,468 | 75,887 | (26,419 | ) | (34.8 | ) | ||||||||||
| Intermodal fuel surcharge revenue | 9,286 | 16,191 | (6,905 | ) | (42.6 | ) | ||||||||||
| Total Intermodal revenue | 58,754 | 92,078 | (33,324 | ) | (36.2 | ) | ||||||||||
| Brokerage revenue | 146,027 | 165,630 | (19,603 | ) | (11.8 | ) | ||||||||||
| Total operating revenue | $ | 963,708 | $ | 1,131,455 | $ | (167,747 | ) | (14.8 | )% | |||||||
| Operating income/(loss): | ||||||||||||||||
| Truckload | $ | 3,283 | $ | 24,835 | $ | (21,552 | ) | (86.8 | )% | |||||||
| Dedicated | 23,037 | 48,377 | (25,340 | ) | (52.4 | ) | ||||||||||
| Intermodal | (3,922 | ) | (156 | ) | (3,766 | ) | (2,414.1 | ) | ||||||||
| Brokerage | 10,822 | 17,054 | (6,232 | ) | (36.5 | ) | ||||||||||
| Total operating income | $ | 33,220 | $ | 90,110 | $ | (56,890 | ) | (63.1 | )% | |||||||
| Operating ratio: | ||||||||||||||||
| Truckload | 99.3 | % | 94.7 | % | ||||||||||||
| Dedicated | 92.8 | 88.2 | ||||||||||||||
| Intermodal | 106.7 | 100.2 | ||||||||||||||
| Brokerage | 92.6 | 89.7 | ||||||||||||||
| Consolidated operating ratio | 96.6 | % | 92.0 | % | ||||||||||||
| Operating ratio, net of fuel surcharges: | ||||||||||||||||
| Truckload | 99.1 | % | 93.7 | % | ||||||||||||
| Dedicated | 91.4 | 85.6 | ||||||||||||||
| Intermodal | 107.9 | 100.2 | ||||||||||||||
| Brokerage | 92.6 | 89.7 | ||||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 96.0 | % | 90.7 | % | ||||||||||||
| MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Truckload Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 107,294 | $ | 113,484 | $ | 439,792 | $ | 465,475 | ||||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 4,227 | $ | 4,183 | $ | 4,123 | $ | 4,377 | ||||||||
| Average tractors(1) | 1,676 | 1,737 | 1,751 | 1,733 | ||||||||||||
| Average miles per trip | 535 | 533 | 533 | 519 | ||||||||||||
| Non-revenue miles percentage(2) | 11.8 | % | 12.4 | % | 12.1 | % | 12.4 | % | ||||||||
| Total miles (in thousands) | 39,147 | 39,278 | 158,985 | 155,929 | ||||||||||||
| Dedicated Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 76,388 | $ | 95,041 | $ | 319,135 | $ | 408,272 | ||||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 3,841 | $ | 3,895 | $ | 3,767 | $ | 3,936 | ||||||||
| Average tractors(1) | 1,288 | 1,518 | 1,356 | 1,632 | ||||||||||||
| Average miles per trip | 313 | 335 | 319 | 335 | ||||||||||||
| Non-revenue miles percentage(2) | 1.5 | % | 1.2 | % | 1.3 | % | 1.2 | % | ||||||||
| Total miles (in thousands) | 26,799 | 31,215 | 110,681 | 133,163 | ||||||||||||
| Intermodal Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 13,209 | $ | 19,077 | $ | 58,754 | $ | 92,078 | ||||||||
| Loads | 3,803 | 5,289 | 16,975 | 25,160 | ||||||||||||
| Average tractors | 88 | 133 | 110 | 159 | ||||||||||||
| Brokerage Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 33,541 | $ | 40,620 | $ | 146,027 | $ | 165,630 | ||||||||
| Loads | 21,749 | 23,594 | 89,138 | 91,077 | ||||||||||||
| At December 31, 2024 and December 31, 2023: | ||||||||||||||||
| Total tractors(1) | 3,006 | 3,349 | ||||||||||||||
| Average age of company tractors (in years) | 1.9 | 1.9 | ||||||||||||||
| Total trailers | 5,440 | 5,653 | ||||||||||||||
| Average age of company trailers (in years) | 5.3 | 4.6 | ||||||||||||||
| Ratio of trailers to tractors(1) | 1.8 | 1.7 | ||||||||||||||
| Total refrigerated containers | 786 | 787 | ||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net cash provided by operating activities | $ | 23,793 | $ | 38,045 | $ | 134,814 | $ | 164,378 | |||||||||
| Net cash used for investing activities | (44,891 | ) | (48,070 | ) | (152,138 | ) | (172,540 | ) | |||||||||
| Net cash used for financing activities | (4,625 | ) | (4,829 | ) | (18,622 | ) | (19,225 | ) | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 81,457 | 81,309 | 81,406 | 81,272 | |||||||||||||
| Diluted | 81,507 | 81,418 | 81,472 | 81,413 | |||||||||||||
| (1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 88 and 94 tractors as of December 31, 2024 and 2023, respectively. | ||||||||||||||||
| (2) | Represents the percentage of miles for which the company is not compensated. | ||||||||||||||||
FAQ
What was Marten Transport's (MRTN) Q4 2024 net income compared to Q4 2023?
How much did MRTN's operating revenue decline in Q4 2024?
What was MRTN's full-year 2024 performance compared to 2023?
How did MRTN's Q4 2024 performance compare to Q3 2024?
What was MRTN's operating ratio in Q4 2024 versus Q4 2023?
