Operating revenue was
Operating revenue was
Operating income was
Operating expenses as a percentage of operating revenue were 93.8% for the 2023 quarter and 89.6% for the 2022 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 92.8% for the 2023 quarter and 87.5% for the 2022 quarter.
Operating expenses as a percentage of operating revenue were 91.4% for the first nine months of 2023 and 88.3% for the first nine months of 2022. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 90.0% for the 2023 period and 85.9% for the 2022 period.
Executive Chairman
“We are focused on both minimizing the current freight market’s impact on our operations, and investing in and positioning our premium service solutions to capitalize on profitable organic growth opportunities as the market necessarily recovers - with fair compensation for our services. To that end, we have not agreed to any rate reductions since early August.”
Current Investor Presentation
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
CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||
(In thousands, except share information) | 2023 | 2022 | ||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 68,067 | $ | 80,600 | ||||
Receivables: | ||||||||
Trade, net | 117,820 | 120,702 | ||||||
Other | 11,695 | 7,218 | ||||||
Prepaid expenses and other | 27,004 | 27,320 | ||||||
Total current assets | 224,586 | 235,840 | ||||||
Property and equipment: | ||||||||
Revenue equipment, buildings and land, office equipment and other | 1,129,415 | 1,074,832 | ||||||
Accumulated depreciation | (358,414 | ) | (346,665 | ) | ||||
Net property and equipment | 771,001 | 728,167 | ||||||
Other noncurrent assets | 1,617 | 1,672 | ||||||
Total assets | $ | 997,204 | $ | 965,679 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 42,042 | $ | 37,299 | ||||
Insurance and claims accruals | 46,282 | 45,747 | ||||||
Accrued and other current liabilities | 33,320 | 41,264 | ||||||
Total current liabilities | 121,644 | 124,310 | ||||||
Deferred income taxes | 125,887 | 137,041 | ||||||
Noncurrent operating lease liabilities | 316 | 409 | ||||||
Total liabilities | 247,847 | 261,760 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 813 | 811 | ||||||
Additional paid-in capital | 49,280 | 47,188 | ||||||
Retained earnings | 699,264 | 655,920 | ||||||
Total stockholders’ equity | 749,357 | 703,919 | ||||||
Total liabilities and stockholders’ equity | $ | 997,204 | $ | 965,679 | ||||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Ended | Ended | |||||||||||||||
(In thousands, except per share information) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Operating revenue | $ | 279,538 | $ | 324,448 | $ | 863,233 | $ | 941,294 | ||||||||
Operating expenses (income): | ||||||||||||||||
Salaries, wages and benefits | 92,620 | 99,773 | 287,468 | 285,582 | ||||||||||||
Purchased transportation | 49,673 | 64,403 | 152,075 | 189,193 | ||||||||||||
Fuel and fuel taxes | 48,695 | 57,299 | 137,706 | 163,004 | ||||||||||||
Supplies and maintenance | 17,896 | 14,855 | 51,291 | 40,520 | ||||||||||||
Depreciation | 29,017 | 28,381 | 87,974 | 81,389 | ||||||||||||
Operating taxes and licenses | 2,821 | 2,748 | 8,345 | 8,051 | ||||||||||||
Insurance and claims | 13,254 | 11,949 | 40,805 | 38,096 | ||||||||||||
Communications and utilities | 2,584 | 2,135 | 7,625 | 6,639 | ||||||||||||
Gain on disposition of revenue equipment | (3,014 | ) | (1,070 | ) | (11,810 | ) | (10,422 | ) | ||||||||
Other | 8,762 | 10,209 | 27,301 | 28,681 | ||||||||||||
Total operating expenses | 262,308 | 290,682 | 788,780 | 830,733 | ||||||||||||
Operating income | 17,230 | 33,766 | 74,453 | 110,561 | ||||||||||||
Other | (1,017 | ) | (264 | ) | (2,938 | ) | (307 | ) | ||||||||
Income before income taxes | 18,247 | 34,030 | 77,391 | 110,868 | ||||||||||||
Income taxes expense | 4,649 | 8,384 | 19,417 | 26,028 | ||||||||||||
Net income | $ | 13,598 | $ | 25,646 | $ | 57,974 | $ | 84,840 | ||||||||
Basic earnings per common share | $ | 0.17 | $ | 0.32 | $ | 0.71 | $ | 1.04 | ||||||||
Diluted earnings per common share | $ | 0.17 | $ | 0.32 | $ | 0.71 | $ | 1.03 | ||||||||
Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | ||||||||
SEGMENT INFORMATION (Unaudited) | ||||||||||||||||
Dollar | Percentage | |||||||||||||||
Change | Change | |||||||||||||||
Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | ||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | ||||||||||||
Operating revenue: | ||||||||||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 96,516 | $ | 105,905 | $ | (9,389 | ) | (8.9 | )% | |||||||
Truckload fuel surcharge revenue | 17,711 | 23,471 | (5,760 | ) | (24.5 | ) | ||||||||||
Total Truckload revenue | 114,227 | 129,376 | (15,149 | ) | (11.7 | ) | ||||||||||
Dedicated revenue, net of fuel surcharge revenue | 82,963 | 86,178 | (3,215 | ) | (3.7 | ) | ||||||||||
Dedicated fuel surcharge revenue | 18,834 | 24,039 | (5,205 | ) | (21.7 | ) | ||||||||||
Total Dedicated revenue | 101,797 | 110,217 | (8,420 | ) | (7.6 | ) | ||||||||||
Intermodal revenue, net of fuel surcharge revenue | 18,122 | 24,303 | (6,181 | ) | (25.4 | ) | ||||||||||
Intermodal fuel surcharge revenue | 3,925 | 7,600 | (3,675 | ) | (48.4 | ) | ||||||||||
Total Intermodal revenue | 22,047 | 31,903 | (9,856 | ) | (30.9 | ) | ||||||||||
Brokerage revenue | 41,467 | 52,952 | (11,485 | ) | (21.7 | ) | ||||||||||
Total operating revenue | $ | 279,538 | $ | 324,448 | $ | (44,910 | ) | (13.8 | )% | |||||||
Operating income/(loss): | ||||||||||||||||
Truckload | $ | 2,738 | $ | 14,319 | $ | (11,581 | ) | (80.9 | )% | |||||||
Dedicated | 11,286 | 13,005 | (1,719 | ) | (13.2 | ) | ||||||||||
Intermodal | (1,074 | ) | 778 | (1,852 | ) | (238.0 | ) | |||||||||
Brokerage | 4,280 | 5,664 | (1,384 | ) | (24.4 | ) | ||||||||||
Total operating income | $ | 17,230 | $ | 33,766 | $ | (16,536 | ) | (49.0 | )% | |||||||
Operating ratio: | ||||||||||||||||
Truckload | 97.6 | % | 88.9 | % | ||||||||||||
Dedicated | 88.9 | 88.2 | ||||||||||||||
Intermodal | 104.9 | 97.6 | ||||||||||||||
Brokerage | 89.7 | 89.3 | ||||||||||||||
Consolidated operating ratio | 93.8 | % | 89.6 | % | ||||||||||||
Operating ratio, net of fuel surcharges: | ||||||||||||||||
Truckload | 97.2 | % | 86.5 | % | ||||||||||||
Dedicated | 86.4 | 84.9 | ||||||||||||||
Intermodal | 105.9 | 96.8 | ||||||||||||||
Brokerage | 89.7 | 89.3 | ||||||||||||||
Consolidated operating ratio, net of fuel surcharges | 92.8 | % | 87.5 | % |
SEGMENT INFORMATION (Unaudited) | ||||||||||||||||
Dollar | Percentage | |||||||||||||||
Change | Change | |||||||||||||||
Nine Months | Nine Months | Nine Months | ||||||||||||||
Ended | Ended | Ended | ||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | ||||||||||||
Operating revenue: | ||||||||||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 300,104 | $ | 302,883 | $ | (2,779 | ) | (0.9 | )% | |||||||
Truckload fuel surcharge revenue | 51,887 | 66,255 | (14,368 | ) | (21.7 | ) | ||||||||||
Total Truckload revenue | 351,991 | 369,138 | (17,147 | ) | (4.6 | ) | ||||||||||
Dedicated revenue, net of fuel surcharge revenue | 257,231 | 248,988 | 8,243 | 3.3 | ||||||||||||
Dedicated fuel surcharge revenue | 56,000 | 68,344 | (12,344 | ) | (18.1 | ) | ||||||||||
Total Dedicated revenue | 313,231 | 317,332 | (4,101 | ) | (1.3 | ) | ||||||||||
Intermodal revenue, net of fuel surcharge revenue | 60,277 | 77,589 | (17,312 | ) | (22.3 | ) | ||||||||||
Intermodal fuel surcharge revenue | 12,724 | 22,923 | (10,199 | ) | (44.5 | ) | ||||||||||
Total Intermodal revenue | 73,001 | 100,512 | (27,511 | ) | (27.4 | ) | ||||||||||
Brokerage revenue | 125,010 | 154,312 | (29,302 | ) | (19.0 | ) | ||||||||||
Total operating revenue | $ | 863,233 | $ | 941,294 | $ | (78,061 | ) | (8.3 | )% | |||||||
Operating income/(loss): | ||||||||||||||||
Truckload | $ | 22,348 | $ | 45,978 | $ | (23,630 | ) | (51.4 | )% | |||||||
Dedicated | 39,143 | 37,689 | 1,454 | 3.9 | ||||||||||||
Intermodal | (452 | ) | 9,911 | (10,363 | ) | (104.6 | ) | |||||||||
Brokerage | 13,414 | 16,983 | (3,569 | ) | (21.0 | ) | ||||||||||
Total operating income | $ | 74,453 | $ | 110,561 | $ | (36,108 | ) | (32.7 | )% | |||||||
Operating ratio: | ||||||||||||||||
Truckload | 93.7 | % | 87.5 | % | ||||||||||||
Dedicated | 87.5 | 88.1 | ||||||||||||||
Intermodal | 100.6 | 90.1 | ||||||||||||||
Brokerage | 89.3 | 89.0 | ||||||||||||||
Consolidated operating ratio | 91.4 | % | 88.3 | % | ||||||||||||
Operating ratio, net of fuel surcharges: | ||||||||||||||||
Truckload | 92.6 | % | 84.8 | % | ||||||||||||
Dedicated | 84.8 | 84.9 | ||||||||||||||
Intermodal | 100.7 | 87.2 | ||||||||||||||
Brokerage | 89.3 | 89.0 | ||||||||||||||
Consolidated operating ratio, net of fuel surcharges | 90.0 | % | 85.9 | % |
OPERATING STATISTICS (Unaudited) | ||||||||||||||||
Three Months | Nine Months | |||||||||||||||
Ended | Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Truckload Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 114,227 | $ | 129,376 | $ | 351,991 | $ | 369,138 | ||||||||
Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 4,285 | $ | 4,889 | $ | 4,442 | $ | 4,980 | ||||||||
Average tractors(1) | 1,714 | 1,648 | 1,732 | 1,560 | ||||||||||||
Average miles per trip | 529 | 508 | 515 | 512 | ||||||||||||
Non-revenue miles percentage(2) | 12.1 | % | 11.3 | % | 12.4 | % | 10.8 | % | ||||||||
Total miles (in thousands) | 39,093 | 38,441 | 116,651 | 110,565 | ||||||||||||
Dedicated Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 101,797 | $ | 110,217 | $ | 313,231 | $ | 317,332 | ||||||||
Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 3,900 | $ | 4,006 | $ | 3,949 | $ | 3,977 | ||||||||
Average tractors(1) | 1,619 | 1,637 | 1,670 | 1,605 | ||||||||||||
Average miles per trip | 339 | 337 | 335 | 340 | ||||||||||||
Non-revenue miles percentage(2) | 1.3 | % | 1.2 | % | 1.2 | % | 1.1 | % | ||||||||
Total miles (in thousands) | 33,039 | 34,513 | 101,948 | 101,400 | ||||||||||||
Intermodal Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 22,047 | $ | 31,903 | $ | 73,001 | $ | 100,512 | ||||||||
Loads | 6,327 | 7,610 | 19,871 | 24,607 | ||||||||||||
Average tractors | 154 | 182 | 168 | 173 | ||||||||||||
Brokerage Segment: | ||||||||||||||||
Revenue (in thousands) | $ | 41,467 | $ | 52,952 | $ | 125,010 | $ | 154,312 | ||||||||
Loads | 24,077 | 24,896 | 67,483 | 69,902 | ||||||||||||
At | ||||||||||||||||
Total tractors(1) | 3,454 | 3,575 | ||||||||||||||
Average age of company tractors (in years) | 1.8 | 1.7 | ||||||||||||||
Total trailers | 5,726 | 5,679 | ||||||||||||||
Average age of company trailers (in years) | 4.4 | 3.8 | ||||||||||||||
1.7 | 1.6 | |||||||||||||||
Total refrigerated containers | 788 | 803 |
Three Months | Nine Months | |||||||||||||||
Ended | Ended | |||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net cash provided by operating activities | $ | 28,132 | $ | 64,551 | $ | 126,333 | $ | 163,221 | ||||||||
Net cash (used for) investing activities | (35,831 | ) | (57,412 | ) | (124,470 | ) | (92,416 | ) | ||||||||
Net cash (used for) financing activities | (4,762 | ) | (4,021 | ) | (14,396 | ) | (56,308 | ) | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 81,306 | 81,061 | 81,260 | 81,889 | ||||||||||||
Diluted | 81,454 | 81,347 | 81,414 | 82,155 |
(1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 99 and 90 tractors as of | |
(2) | Represents the percentage of miles for which the company is not compensated. |
CONTACTS:Tim Kohl , Chief Executive Officer,Doug Petit , President, andJim Hinnendael , Executive Vice President and Chief Financial Officer, ofMarten Transport, Ltd. , 715-926-4216.
Source:
2023 GlobeNewswire, Inc., source