Marten Transport Announces Second Quarter Results
MONDOVI, Wis., July 16, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $7.2 million, or 9 cents per diluted share, for the second quarter ended June 30, 2025, compared with $7.9 million, or 10 cents per diluted share, for the second quarter of 2024. For the six-month period ended June 30, 2025, net income was $11.5 million, or 14 cents per diluted share, compared with $17.5 million, or 22 cents per diluted share, for the 2024 six-month period.
Operating revenue was $229.9 million for the second quarter of 2025 compared with $246.2 million for the second quarter of 2024. Excluding fuel surcharges, operating revenue was $203.8 million for the 2025 quarter compared with $213.5 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.1 million for the 2025 quarter from $32.7 million for the 2024 quarter.
Operating revenue was $453.1 million for the first six months of 2025 compared with $495.9 million for the first six months of 2024. Excluding fuel surcharges, operating revenue was $399.6 million for the 2025 period compared with $429.3 million for the 2024 period. Fuel surcharge revenue decreased to $53.5 million for the 2025 period from $66.6 million for the 2024 period.
Operating income was $9.7 million for the second quarter of 2025 compared with $10.0 million for the second quarter of 2024.
Operating income was $15.6 million for the first six months of 2025 compared with $22.2 million for the first six months of 2024.
Operating expenses as a percentage of operating revenue were 95.8% for the 2025 quarter and 95.9% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 95.2% for the 2025 quarter and 95.3% for the 2024 quarter.
Operating expenses as a percentage of operating revenue were 96.6% for the first six months of 2025 and 95.5% for the first six months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.1% for the 2025 period and 94.8% for the 2024 period.
Executive Chairman Randolph L. Marten stated, "Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first six months of this year and throughout last year. Our earnings have continued to be 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, freight rate reductions and freight network disruptions."
"We remain focused on minimizing the freight market's impact - and the impact of the U.S. and global economies with the current trade policy volatility - while investing in and positioning our operations to capitalize on profitable organic growth opportunities. We expect such growth opportunities to be positively impacted by anticipated additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations."
Current Investor Presentation
Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten's six distinct business platforms, Temperature-Sensitive and Dry 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, including the impact of the freight market and U.S. and global economies with the current trade policy volatility along with the impact of additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations, 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, 2024. 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
June 30,
December 31,
(In thousands, except share information)
2025
2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
35,052
$
17,267
Receivables:
Trade, net
91,432
89,992
Other
7,387
5,364
Prepaid expenses and other
21,942
25,888
Total current assets
155,813
138,511
Property and equipment:
Revenue equipment, buildings and land, office equipment and other
1,207,399
1,198,737
Accumulated depreciation
(373,131
)
(370,124
)
Net property and equipment
834,268
828,613
Other noncurrent assets
1,735
1,633
Total assets
$
991,816
$
968,757
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
44,894
$
25,781
Insurance and claims accruals
43,817
44,246
Accrued and other current liabilities
27,974
23,492
Total current liabilities
116,685
93,519
Deferred income taxes
104,098
107,034
Noncurrent operating lease liabilities
317
282
Total liabilities
221,100
200,835
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; 81,520,424 shares at June 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding
815
815
Additional paid-in capital
53,994
52,941
Retained earnings
715,907
714,166
Total stockholders' equity
770,716
767,922
Total liabilities and stockholders' equity
$
991,816
$
968,757
MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three Months
Six Months
Ended June 30,
Ended June 30,
(In thousands, except per share information)
2025
2024
2025
2024
Operating revenue
$
229,922
$
246,238
$
453,074
$
495,910
Operating expenses (income):
Salaries, wages and benefits
78,570
86,519
157,370
175,281
Purchased transportation
43,123
43,235
80,779
85,049
Fuel and fuel taxes
32,591
38,809
65,708
78,370
Supplies and maintenance
15,606
16,472
31,119
32,542
Depreciation
27,307
28,206
54,777
56,733
Operating taxes and licenses
2,451
2,539
4,868
5,114
Insurance and claims
15,852
12,559
29,229
24,216
Communications and utilities
2,164
2,297
4,443
4,668
Gain on disposition of revenue equipment
(5,182
)
(2,532
)
(6,847
)
(3,703
)
Other
7,706
8,160
16,035
15,416
Total operating expenses
220,188
236,264
437,481
473,686
Operating income
9,734
9,974
15,593
22,224
Other
(436
)
(1,014
)
(785
)
(1,810
)
Income before income taxes
10,170
10,988
16,378
24,034
Income taxes expense
2,984
3,099
4,857
6,499
Net income
$
7,186
$
7,889
$
11,521
$
17,535
Basic earnings per common share
$
0.09
$
0.10
$
0.14
$
0.22
