ex_768133.htm

EX-99.1 2 ex_768133.htm EXHIBIT 99.1 ex_768133.htm

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

MONDOVI, Wis., January 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

	December 31,			December 31,
(In thousands, except share information)	2024			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						Year
	Ended December 31,						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)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	December 31,						December 31,			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)

							Dollar			Percentage
							Change			Change
	Year						Year			Year
	Ended						Ended			Ended
	December 31,						December 31,			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						Year
	Ended December 31,						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						Year
	Ended December 31,						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.