MONDOVI, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $5.6 million, or 7 cents per diluted share, for the fourth quarter ended December 31, 2024, compared with $12.4 million, or 15 cents per diluted share, for the fourth quarter of 2023. The 2024 fourth-quarter earnings improved 50.1% sequentially from 2024 third-quarter net income of $3.8 million, or 5 cents per diluted share. For the year ended December 31, 2024, net income was $26.9 million, or 33 cents per diluted share, compared with $70.4 million, or 86 cents per diluted share, for 2023.

Operating revenue was $230.4 million for the fourth quarter of 2024 compared with $268.2 million for the fourth quarter of 2023. Excluding fuel surcharges, operating revenue was $202.9 million for the 2024 quarter compared with $229.4 million for the 2023 quarter. Fuel surcharge revenue decreased to $27.6 million for the 2024 quarter from $38.8 million for the 2023 quarter.

Operating revenue was $963.7 million for 2024 compared with $1.131 billion for 2023. Excluding fuel surcharges, operating revenue was $840.0 million for 2024 compared with $972.0 million for 2023. Fuel surcharge revenue decreased to $123.7 million for 2024 compared with $159.4 million for 2023.

Operating income was $6.7 million for the fourth quarter of 2024 compared with $15.7 million for the fourth quarter of 2023. The 2024 fourth-quarter operating income improved 57.6% from operating income of $4.3 million for the third quarter of 2024.

Operating income was $33.2 million for 2024 compared with $90.1 million for 2023.

Operating expenses as a percentage of operating revenue were 97.1% for the 2024 fourth quarter and 94.2% for the 2023 fourth quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.7% for the 2024 fourth quarter and 93.2% for the 2023 fourth quarter – compared with 97.9% for the third quarter of 2024.

Operating expenses as a percentage of operating revenue were 96.6% for 2024 and 92.0% for 2023. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.0% for 2024 and 90.7% for 2023.

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.”

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, 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.

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