Marten Transport Ltd - MRTN STOCK NEWS

Marten Transport, Ltd. reported record financial results for the second quarter ending June 30, 2021, with operating revenue reaching $232.4 million, a 9.4% increase year-over-year. Net income rose by 18.1% to $21.4 million, equating to 26 cents per diluted share. For the first half of 2021, net income improved 23.8% to $39.4 million. Operating income also set a record at $28.5 million, a 12.9% increase compared to the same quarter in 2020. Operating ratio improved significantly, marking the best performance since Marten went public in 1986.

Marten Transport (MRTN) has declared a quarterly cash dividend of $0.04 per share, payable on June 30, 2021, to stockholders of record as of June 16, 2021. This marks the company’s 44th consecutive quarterly dividend, totaling $144.9 million in cash dividends since the program began in Q3 2010. Marten specializes in refrigerated and dry truck-based transportation across the U.S., Canada, and Mexico, focusing on temperature-sensitive products.

Marten Transport (Nasdaq: MRTN) announced the appointment of Tim Kohl as its new Chief Executive Officer, effective immediately, succeeding Randy Marten, who has led the company since 2005. Randy will transition to Executive Chairman, emphasizing the successful completion of the company’s transition into a multifaceted transportation provider. Under Randy’s leadership, operating income grew from $11.4 million in 1993 to $93.2 million in 2020. Tim, who joined in 2007, has been pivotal in this growth and will continue to lead day-to-day operations.

Marten Transport reported a 31.3% increase in net income, reaching $18.0 million or 22 cents per diluted share for Q1 2021, compared to $13.7 million or 17 cents for Q1 2020. Operating revenue rose 2.0% to $223.0 million, while income improved 33.1% to $24.0 million. Operating expenses decreased as a percentage of revenue, improving to 89.2%. The company expects to continue enhancing driver compensation amidst a tightening freight market driven by rising demand and a national driver shortage.

Marten Transport, Ltd. (Nasdaq/GS:MRTN) has declared its quarterly cash dividend of $0.04 per share payable on March 31, 2021, to shareholders recorded by March 17, 2021. This marks Marten's 43rd consecutive quarterly dividend, totaling $141.6 million in cash dividends since the program began in Q3 2010. The company specializes in temperature-sensitive truckload transportation, operating across its five platforms in the U.S., Canada, and Mexico.

Marten Transport reported record financial performance for Q4 2020 and the full year, achieving the highest operating revenue and income in its history. Q4 net income rose 24.5% to $19.6 million, while full-year net income increased 13.8% to $69.5 million. Operating revenue hit $227.3 million for Q4 and $874.4 million for the entire year, reflecting increases of 4.7% and 3.7%, respectively. Operating income surged 36% for Q4 to $25.6 million. The company attributed success to operational improvements and strategic adjustments during a tight freight market.

Marten Transport has declared a special cash dividend of $0.50 per share and a regular quarterly dividend of $0.04 per share, payable on December 28, 2020, to stockholders of record by December 14, 2020. This marks the 42nd consecutive quarterly dividend and reflects the company's strong financial position and commitment to stockholder value. Since initiating its dividend program in Q3 2010, Marten has paid out a total of $138.3 million in cash dividends, including $52.1 million in special dividends in previous years.

Marten Transport reported an 8.8% increase in net income for Q3 2020, totaling $18.0 million or 22 cents per diluted share, compared to $16.6 million in Q3 2019. Operating income rose 21.8% to $24.4 million. For the first nine months of 2020, net income improved 10.1% to $49.9 million, with operating revenue increasing 3.3% to $647.0 million. Fuel surcharge revenue declined significantly due to lower fuel prices. The company’s operating ratio improved, indicating strong operational efficiency.

Marten Transport, Ltd. (MRTN) reported a 19.4% increase in net income to $18.1 million (33 cents per diluted share) for Q2 2020 compared to $15.2 million (28 cents per diluted share) in Q2 2019. For 1H 2020, net income rose 10.8% to $31.9 million (58 cents per diluted share). The company declared a three-for-two stock split and a quarterly cash dividend of $0.04 per share, effective August 13, 2020. Operating revenue was $212.4 million, a slight 0.1% increase, while operating income grew 26.6% to a record $25.3 million.