Marten Transport Announces Third Quarter Results
Marten Transport (Nasdaq: MRTN) reported its third quarter 2024 results, showing a significant decline in financial performance compared to the same period in 2023. Key highlights include:
- Net income decreased to $3.8 million ($0.05 per diluted share) from $13.6 million ($0.17 per diluted share) in Q3 2023
- Operating revenue fell to $237.4 million from $279.5 million in Q3 2023
- Operating income dropped to $4.3 million from $17.2 million in Q3 2023
- Operating expenses as a percentage of operating revenue increased to 98.2% from 93.8% in Q3 2023
The company attributed the decline to the prolonged freight market recession, characterized by oversupply and weak demand, as well as inflationary operating costs and freight rate reductions. Despite these challenges, Marten Transport noted increased interest in dedicated capacity and the addition of new multi-year dedicated programs.
Marten Transport (Nasdaq: MRTN) ha riportato i suoi risultati del terzo trimestre 2024, evidenziando un significativo declino nelle performance finanziarie rispetto allo stesso periodo del 2023. I punti salienti includono:
- L'utile netto è diminuito a 3,8 milioni di dollari (0,05 dollari per azione diluita) rispetto ai 13,6 milioni di dollari (0,17 dollari per azione diluita) nel Q3 2023
- I ricavi operativi sono scesi a 237,4 milioni di dollari dai 279,5 milioni di dollari nel Q3 2023
- L'utile operativo è calato a 4,3 milioni di dollari dai 17,2 milioni di dollari nel Q3 2023
- Le spese operative, in percentuale rispetto ai ricavi operativi, sono aumentate al 98,2% rispetto al 93,8% nel Q3 2023
La società ha attribuito il declino alla prolungata recessione del mercato delle merci, caratterizzata da un eccesso di offerta e da una domanda debole, oltre ad un aumento dei costi operativi inflazionistici e alle riduzioni delle tariffe di trasporto. Nonostante queste sfide, Marten Transport ha notato un aumento dell'interesse per capacità dedicate e l'aggiunta di nuovi programmi dedicati pluriennali.
Marten Transport (Nasdaq: MRTN) reportó sus resultados del tercer trimestre de 2024, mostrando un significativo descenso en el rendimiento financiero en comparación con el mismo período de 2023. Los puntos destacados incluyen:
- La utilidad neta disminuyó a 3,8 millones de dólares (0,05 dólares por acción diluida) desde 13,6 millones de dólares (0,17 dólares por acción diluida) en el Q3 2023
- Los ingresos operativos cayeron a 237,4 millones de dólares desde 279,5 millones de dólares en el Q3 2023
- La utilidad operativa cayó a 4,3 millones de dólares desde 17,2 millones de dólares en el Q3 2023
- Los gastos operativos como porcentaje de los ingresos operativos aumentaron al 98,2% desde el 93,8% en el Q3 2023
La compañía atribuyó el descenso a la prolongada recesión del mercado de carga, caracterizada por un exceso de oferta y una demanda débil, así como a los costos operativos inflacionarios y reducciones en las tarifas de carga. A pesar de estos desafíos, Marten Transport observó un aumento en el interés por la capacidad dedicada y la adición de nuevos programas dedicados a varios años.
마트렌 운송(Marten Transport, Nasdaq: MRTN)은 2024년 3분기 실적을 발표했으며, 2023년 같은 기간에 비해 금융 성과가 크게 감소한 것으로 나타났습니다. 주요 내용은 다음과 같습니다:
- 순이익이 1360만 달러(희석 주당 0.17 달러)에서 380만 달러(희석 주당 0.05 달러)로 감소했습니다.
- 운영 수익이 2억 7950만 달러에서 2억 3740만 달러로 감소했습니다.
- 운영 소득이 1720만 달러에서 430만 달러로 감소했습니다.
- 운영 수익에 대한 운영 비용 비율이 93.8%에서 98.2%로 증가했습니다.
회사는 장기적인 화물 시장 불황이 과잉 공급과 약한 수요, 인플레이션으로 인한 운영 비용 증가 및 화물 요금 인하로 인해 하락세를 보였다고 설명했습니다. 이러한 어려움에도 불구하고, Marten Transport는 전용 용량에 대한 관심이 높아지고 있으며, 새로운 다년 전용 프로그램의 추가를 언급했습니다.
Marten Transport (Nasdaq: MRTN) a annoncé ses résultats du troisième trimestre 2024, montrant une baisse significative de la performance financière par rapport à la même période en 2023. Les points saillants incluent :
- Le revenu net a diminué à 3,8 millions de dollars (0,05 dollar par action diluée) contre 13,6 millions de dollars (0,17 dollar par action diluée) au T3 2023
- Les revenus d'exploitation sont passés de 279,5 millions de dollars à 237,4 millions de dollars au T3 2023
- Le résultat d'exploitation est tombé à 4,3 millions de dollars contre 17,2 millions de dollars au T3 2023
- Les dépenses d'exploitation en pourcentage des revenus d'exploitation ont augmenté à 98,2 % contre 93,8 % au T3 2023
L'entreprise a attribué ce déclin à la récession prolongée du marché du fret, caractérisée par un excès d'offre et une demande faible, ainsi qu'à l'inflation des coûts d'exploitation et aux réductions de tarifs de fret. Malgré ces défis, Marten Transport a noté un intérêt accru pour la capacité dédiée et l'ajout de nouveaux programmes dédiés pluriannuels.
Marten Transport (Nasdaq: MRTN) hat seine Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei einen signifikanten Rückgang der finanziellen Leistung im Vergleich zum gleichen Zeitraum 2023 festgestellt. Wichtige Highlights umfassen:
- Das Nettoergebnis sank von 13,6 Millionen US-Dollar (0,17 US-Dollar pro verwässerter Aktie) auf 3,8 Millionen US-Dollar (0,05 US-Dollar pro verwässerter Aktie) im Q3 2023
- Der Betriebsumsatz fiel von 279,5 Millionen US-Dollar auf 237,4 Millionen US-Dollar im Q3 2023
- Das Betriebsergebnis reduzierte sich von 17,2 Millionen US-Dollar auf 4,3 Millionen US-Dollar im Q3 2023
- Die Betriebsausgaben als Prozentsatz des Betriebsumsatzes stiegen im Q3 2023 von 93,8% auf 98,2%
Das Unternehmen führte den Rückgang auf die anhaltende Flaute im Frachtmarkt zurück, die durch Überangebot und schwache Nachfrage, sowie inflationsbedingte Betriebskosten und Senkungen der Frachtraten gekennzeichnet war. Trotz dieser Herausforderungen stellte Marten Transport ein zunehmendes Interesse an dedizierten Kapazitäten und die Einführung neuer mehrjähriger dedizierter Programme fest.
- First quarter with sequential improvement in combined truckload and dedicated rate per total mile since Q4 2022
- Increased interest from customers to secure dedicated capacity
- Addition of new multi-year dedicated programs for 149 drivers, expected to be in service by year-end
- Extension of contracts for dedicated programs covering 337 drivers
- Net income decreased by 72% to $3.8 million in Q3 2024 compared to Q3 2023
- Operating revenue declined by 15% to $237.4 million in Q3 2024 compared to Q3 2023
- Operating income fell by 75% to $4.3 million in Q3 2024 compared to Q3 2023
- Operating expenses as a percentage of operating revenue increased to 98.2% from 93.8% in Q3 2023
- Significant impact from freight market recession, oversupply, and weak demand
- Cumulative impact of inflationary operating costs and freight rate reductions
Insights
Marten Transport's Q3 2024 results reveal significant challenges in the trucking industry. Net income dropped sharply to
Key points:
- Operating income plummeted
75% to$4.3 million - Operating expenses as a percentage of revenue increased to
98.2% from93.8% - Fuel surcharge revenue decreased by
27%
These results reflect a prolonged freight market recession, characterized by oversupply and weak demand. The company's diversified business model, particularly in dedicated, brokerage and Mexican operations, has provided some resilience. However, the overall impact on profitability is severe, indicating significant industry-wide pressures.
The trucking industry is facing a perfect storm of challenges, as evidenced by Marten Transport's results. The "considerable duration and depth of the freight market recession" highlights a systemic issue rather than a temporary setback. Key observations:
- Oversupply and weak demand are causing network disruptions
- Inflationary operating costs are squeezing margins
- Freight rate reductions are impacting revenue
However, there are positive signs:
- Sequential improvement in truckload and dedicated rates for the first time since Q4 2022
- Increased customer interest in securing dedicated capacity
- Addition of new multi-year dedicated programs for 149 drivers
- Extension of contracts for 337 drivers in existing dedicated programs
These developments suggest a potential shift towards market equilibrium and underscore the value of Marten's diversified business model in navigating challenging market conditions.
MONDOVI, Wis., Oct. 17, 2024 (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, “Our earnings were heavily pressured by the considerable duration and depth of the freight market recession’s oversupply and weak demand - and the cumulative impact of inflationary operating costs and freight rate reductions, which has also led to freight network disruptions. Our unique multifaceted business model’s value is highlighted by the operating results this year for our dedicated, brokerage and MRTN de Mexico operations.”
“This quarter was the first quarter with sequential improvement in our combined truckload and dedicated rate per total mile since the fourth quarter of 2022.”
“We are seeing increased interest by our customers to secure dedicated capacity. The recent addition of new multi-year dedicated programs for an additional 133 drivers, which I mentioned in our second quarter earnings release, has increased to 149 drivers, who we expect to be substantially in service by the end of this year. Additionally, we extended each of our contracts for dedicated programs due in the third quarter covering 337 of our drivers.”
“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.”
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 | ||||||||
| September 30, | December 31, | |||||||
| (In thousands, except share information) | 2024 | 2023 | ||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 42,990 | $ | 53,213 | ||||
| Receivables: | ||||||||
| Trade, net | 93,539 | 105,501 | ||||||
| Other | 6,893 | 10,356 | ||||||
| Prepaid expenses and other | 26,853 | 27,512 | ||||||
| Total current assets | 170,275 | 196,582 | ||||||
| Property and equipment: | ||||||||
| Revenue equipment, buildings and land, office equipment and other | 1,192,736 | 1,162,336 | ||||||
| Accumulated depreciation | (364,712 | ) | (370,103 | ) | ||||
| Net property and equipment | 828,024 | 792,233 | ||||||
| Other noncurrent assets | 1,705 | 1,524 | ||||||
| Total assets | $ | 1,000,004 | $ | 990,339 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 47,282 | $ | 36,516 | ||||
| Insurance and claims accruals | 42,946 | 47,017 | ||||||
| Accrued and other current liabilities | 26,521 | 26,709 | ||||||
| Total current liabilities | 116,749 | 110,242 | ||||||
| Deferred income taxes | 116,443 | 122,462 | ||||||
| Noncurrent operating lease liabilities | 351 | 249 | ||||||
| Total liabilities | 233,543 | 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; 81,447,838 shares at September 30, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding | 814 | 813 | ||||||
| Additional paid-in capital | 52,225 | 49,789 | ||||||
| Retained earnings | 713,422 | 706,784 | ||||||
| Total stockholders’ equity | 766,461 | 757,386 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,000,004 | $ | 990,339 | ||||
| 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) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating revenue | $ | 237,366 | $ | 279,538 | $ | 733,276 | $ | 863,233 | ||||||||
| Operating expenses (income): | ||||||||||||||||
| Salaries, wages and benefits | 83,442 | 92,620 | 258,723 | 287,468 | ||||||||||||
| Purchased transportation | 44,862 | 49,673 | 129,911 | 152,075 | ||||||||||||
| Fuel and fuel taxes | 35,781 | 48,695 | 114,151 | 137,706 | ||||||||||||
| Supplies and maintenance | 16,464 | 17,896 | 49,006 | 51,291 | ||||||||||||
| Depreciation | 27,392 | 29,017 | 84,125 | 87,974 | ||||||||||||
| Operating taxes and licenses | 2,505 | 2,821 | 7,619 | 8,345 | ||||||||||||
| Insurance and claims | 13,759 | 13,254 | 37,975 | 40,805 | ||||||||||||
| Communications and utilities | 2,166 | 2,584 | 6,834 | 7,625 | ||||||||||||
| Gain on disposition of revenue equipment | (881 | ) | (3,014 | ) | (4,584 | ) | (11,810 | ) | ||||||||
| Other | 7,607 | 8,762 | 23,023 | 27,301 | ||||||||||||
| Total operating expenses | 233,097 | 262,308 | 706,783 | 788,780 | ||||||||||||
| Operating income | 4,269 | 17,230 | 26,493 | 74,453 | ||||||||||||
| Other | (922 | ) | (1,017 | ) | (2,732 | ) | (2,938 | ) | ||||||||
| Income before income taxes | 5,191 | 18,247 | 29,225 | 77,391 | ||||||||||||
| Income taxes expense | 1,437 | 4,649 | 7,936 | 19,417 | ||||||||||||
| Net income | $ | 3,754 | $ | 13,598 | $ | 21,289 | $ | 57,974 | ||||||||
| Basic earnings per common share | $ | 0.05 | $ | 0.17 | $ | 0.26 | $ | 0.71 | ||||||||
| Diluted earnings per common share | $ | 0.05 | $ | 0.17 | $ | 0.26 | $ | 0.71 | ||||||||
| Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | ||||||||
| 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) | 2024 | 2023 | 2024 vs. 2023 | 2024 vs. 2023 | ||||||||||||
| Operating revenue: | ||||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 93,278 | $ | 96,516 | $ | (3,238 | ) | (3.4 | )% | |||||||
| Truckload fuel surcharge revenue | 15,146 | 17,711 | (2,565 | ) | (14.5 | ) | ||||||||||
| Total Truckload revenue | 108,424 | 114,227 | (5,803 | ) | (5.1 | ) | ||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 62,898 | 82,963 | (20,065 | ) | (24.2 | ) | ||||||||||
| Dedicated fuel surcharge revenue | 12,123 | 18,834 | (6,711 | ) | (35.6 | ) | ||||||||||
| Total Dedicated revenue | 75,021 | 101,797 | (26,776 | ) | (26.3 | ) | ||||||||||
| Intermodal revenue, net of fuel surcharge revenue | 12,289 | 18,122 | (5,833 | ) | (32.2 | ) | ||||||||||
| Intermodal fuel surcharge revenue | 2,220 | 3,925 | (1,705 | ) | (43.4 | ) | ||||||||||
| Total Intermodal revenue | 14,509 | 22,047 | (7,538 | ) | (34.2 | ) | ||||||||||
| Brokerage revenue | 39,412 | 41,467 | (2,055 | ) | (5.0 | ) | ||||||||||
| Total operating revenue | $ | 237,366 | $ | 279,538 | $ | (42,172 | ) | (15.1 | )% | |||||||
| Operating income/(loss): | ||||||||||||||||
| Truckload | $ | (142 | ) | $ | 2,738 | $ | (2,880 | ) | (105.2 | )% | ||||||
| Dedicated | 3,056 | 11,286 | (8,230 | ) | (72.9 | ) | ||||||||||
| Intermodal | (1,542 | ) | (1,074 | ) | (468 | ) | (43.6 | ) | ||||||||
| Brokerage | 2,897 | 4,280 | (1,383 | ) | (32.3 | ) | ||||||||||
| Total operating income | $ | 4,269 | $ | 17,230 | $ | (12,961 | ) | (75.2 | )% | |||||||
| Operating ratio: | ||||||||||||||||
| Truckload | 100.1 | % | 97.6 | % | ||||||||||||
| Dedicated | 95.9 | 88.9 | ||||||||||||||
| Intermodal | 110.6 | 104.9 | ||||||||||||||
| Brokerage | 92.6 | 89.7 | ||||||||||||||
| Consolidated operating ratio | 98.2 | % | 93.8 | % | ||||||||||||
| Operating ratio, net of fuel surcharges: | ||||||||||||||||
| Truckload | 100.2 | % | 97.2 | % | ||||||||||||
| Dedicated | 95.1 | 86.4 | ||||||||||||||
| Intermodal | 112.5 | 105.9 | ||||||||||||||
| Brokerage | 92.6 | 89.7 | ||||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 97.9 | % | 92.8 | % | ||||||||||||
| 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) | 2024 | 2023 | 2024 vs. 2023 | 2024 vs. 2023 | ||||||||||||
| Operating revenue: | ||||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 284,346 | $ | 300,104 | $ | (15,758 | ) | (5.3 | )% | |||||||
| Truckload fuel surcharge revenue | 48,152 | 51,887 | (3,735 | ) | (7.2 | ) | ||||||||||
| Total Truckload revenue | 332,498 | 351,991 | (19,493 | ) | (5.5 | ) | ||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 202,080 | 257,231 | (55,151 | ) | (21.4 | ) | ||||||||||
| Dedicated fuel surcharge revenue | 40,667 | 56,000 | (15,333 | ) | (27.4 | ) | ||||||||||
| Total Dedicated revenue | 242,747 | 313,231 | (70,484 | ) | (22.5 | ) | ||||||||||
| Intermodal revenue, net of fuel surcharge revenue | 38,230 | 60,277 | (22,047 | ) | (36.6 | ) | ||||||||||
| Intermodal fuel surcharge revenue | 7,315 | 12,724 | (5,409 | ) | (42.5 | ) | ||||||||||
| Total Intermodal revenue | 45,545 | 73,001 | (27,456 | ) | (37.6 | ) | ||||||||||
| Brokerage revenue | 112,486 | 125,010 | (12,524 | ) | (10.0 | ) | ||||||||||
| Total operating revenue | $ | 733,276 | $ | 863,233 | $ | (129,957 | ) | (15.1 | )% | |||||||
| Operating income/(loss): | ||||||||||||||||
| Truckload | $ | 1,462 | $ | 22,348 | $ | (20,886 | ) | (93.5 | )% | |||||||
| Dedicated | 18,964 | 39,143 | (20,179 | ) | (51.6 | ) | ||||||||||
| Intermodal | (2,420 | ) | (452 | ) | (1,968 | ) | (435.4 | ) | ||||||||
| Brokerage | 8,487 | 13,414 | (4,927 | ) | (36.7 | ) | ||||||||||
| Total operating income | $ | 26,493 | $ | 74,453 | $ | (47,960 | ) | (64.4 | )% | |||||||
| Operating ratio: | ||||||||||||||||
| Truckload | 99.6 | % | 93.7 | % | ||||||||||||
| Dedicated | 92.2 | 87.5 | ||||||||||||||
| Intermodal | 105.3 | 100.6 | ||||||||||||||
| Brokerage | 92.5 | 89.3 | ||||||||||||||
| Consolidated operating ratio | 96.4 | % | 91.4 | % | ||||||||||||
| Operating ratio, net of fuel surcharges: | ||||||||||||||||
| Truckload | 99.5 | % | 92.6 | % | ||||||||||||
| Dedicated | 90.6 | 84.8 | ||||||||||||||
| Intermodal | 106.3 | 100.7 | ||||||||||||||
| Brokerage | 92.5 | 89.3 | ||||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 95.8 | % | 90.0 | % | ||||||||||||
| MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited) | ||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Truckload Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 108,424 | $ | 114,227 | $ | 332,498 | $ | 351,991 | ||||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 4,187 | $ | 4,285 | $ | 4,090 | $ | 4,442 | ||||||||
| Average tractors(1) | 1,695 | 1,714 | 1,776 | 1,732 | ||||||||||||
| Average miles per trip | 533 | 529 | 533 | 515 | ||||||||||||
| Non-revenue miles percentage(2) | 12.2 | % | 12.1 | % | 12.1 | % | 12.4 | % | ||||||||
| Total miles (in thousands) | 39,288 | 39,093 | 119,838 | 116,651 | ||||||||||||
| Dedicated Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 75,021 | $ | 101,797 | $ | 242,747 | $ | 313,231 | ||||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 3,693 | $ | 3,900 | $ | 3,744 | $ | 3,949 | ||||||||
| Average tractors(1) | 1,296 | 1,619 | 1,379 | 1,670 | ||||||||||||
| Average miles per trip | 311 | 339 | 321 | 335 | ||||||||||||
| Non-revenue miles percentage(2) | 1.3 | % | 1.3 | % | 1.2 | % | 1.2 | % | ||||||||
| Total miles (in thousands) | 26,571 | 33,039 | 83,882 | 101,948 | ||||||||||||
| Intermodal Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 14,509 | $ | 22,047 | $ | 45,545 | $ | 73,001 | ||||||||
| Loads | 4,119 | 6,327 | 13,172 | 19,871 | ||||||||||||
| Average tractors | 104 | 154 | 117 | 168 | ||||||||||||
| Brokerage Segment: | ||||||||||||||||
| Revenue (in thousands) | $ | 39,412 | $ | 41,467 | $ | 112,486 | $ | 125,010 | ||||||||
| Loads | 24,628 | 24,077 | 67,389 | 67,483 | ||||||||||||
| At September 30, 2024 and September 30, 2023: | ||||||||||||||||
| Total tractors(1) | 3,080 | 3,454 | ||||||||||||||
| Average age of company tractors (in years) | 1.8 | 1.8 | ||||||||||||||
| Total trailers | 5,456 | 5,726 | ||||||||||||||
| Average age of company trailers (in years) | 5.2 | 4.4 | ||||||||||||||
| Ratio of trailers to tractors(1) | 1.8 | 1.7 | ||||||||||||||
| Total refrigerated containers | 786 | 788 | ||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30, | Ended September 30, | |||||||||||||||
| (In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 29,478 | $ | 28,132 | $ | 111,021 | $ | 126,333 | ||||||||
| Net cash used for investing activities | (59,222 | ) | (35,831 | ) | (107,247 | ) | (124,470 | ) | ||||||||
| Net cash used for financing activities | (4,465 | ) | (4,762 | ) | (13,997 | ) | (14,396 | ) | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 81,437 | 81,306 | 81,389 | 81,260 | ||||||||||||
| Diluted | 81,492 | 81,454 | 81,460 | 81,414 | ||||||||||||
| (1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 94 and 99 tractors as of September 30, 2024 and 2023, respectively. | ||
| (2) | Represents the percentage of miles for which the company is not compensated. | ||
FAQ
What was Marten Transport's (MRTN) net income for Q3 2024?
How did Marten Transport's (MRTN) Q3 2024 results compare to Q3 2023?
What factors affected Marten Transport's (MRTN) performance in Q3 2024?
Did Marten Transport (MRTN) report any positive developments in Q3 2024?
