MONDOVI, Wis., Oct. 15, 2020 (GLOBE NEWSWIRE) — Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported an 8.8% improvement in net income to $18.0 million, or 22 cents per diluted share, for the third quarter ended September 30, 2020, from $16.6 million, or 20 cents per diluted share, for the third quarter of 2019. For the first nine months of 2020, net income improved 10.1% to $49.9 million, or 60 cents per diluted share, from $45.3 million, or 55 cents per diluted share, for the first nine months of 2019.
Results for the 2020 quarter include a gain of $1.7 million on the disposition of a facility as part of Marten’s program to expand and update its facilities. This gain increased earnings for the 2020 quarter by $1.3 million, while earnings for the 2019 quarter increased by $1.4 million due to an additional income tax benefit.Operating revenue improved to $216.0 million for the third quarter of 2020 from $215.0 million for the third quarter of 2019, and improved 3.3% to $647.0 million for the first nine months of 2020 from $626.1 million for the first nine months of 2019. Excluding fuel surcharges, operating revenue improved 3.8% to $196.1 million for the 2020 quarter from $188.9 million for the 2019 quarter, and improved 6.2% to $583.6 million for the first nine months of 2020 from $549.7 million for the first nine months of 2019. Fuel surcharge revenue decreased to $19.9 million for the 2020 quarter from $26.1 million for the 2019 quarter and decreased to $63.5 million for the first nine months of 2020 from $76.4 million for the first nine months of 2019 due to significantly lower fuel prices.Operating income improved 21.8% to $24.4 million for the third quarter of 2020 from $20.0 million for the third quarter of 2019. Operating income improved 17.3% to $67.7 million for the first nine months of 2020 from $57.7 million for the first nine months of 2019. The operating income for the first nine months of 2020 was the highest for the first nine months of any year in Marten’s history.Operating expenses as a percentage of operating revenue improved to 88.7% for the third quarter of 2020 from 90.7% for the third quarter of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 87.6% from 89.4%.Operating expenses as a percentage of operating revenue improved to 89.5% for the first nine months of 2020 from 90.8% for the first nine months of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 88.4% from 89.5%.Chairman and Chief Executive Officer Randolph L. Marten said, “Our talented and hard-working people continue to drive consistent profitable growth, with our operating income for the first nine months of this year the highest in our history and up 17.3% over the same period of 2019, and our operating ratio, net of fuel surcharges, the best ratio for the first nine months of any year since we became a public company in 1986. The operating income improvement is on top of strong growth in 2019 of 8.7% and in 2018 of 23.7%.”“We improved our Truckload miles per tractor by 8.5% over the third quarter of 2019 and by 6.2% over the first nine months of 2019, demonstrating our strength of quickly making data-driven decisions and adjustments utilizing our in-house operating technology. We also have been increasing and will continue to increase the compensation for our premium services within the tightening freight market. We expect to build on our success in expanding the capacity we provide within our unique multifaceted business model to support our diverse and growing customer base by offering the best jobs for the industry’s top, experienced drivers.”“We embrace our responsibility to keep our valued employees safe and healthy as they each contribute to our transporting and distributing the food, beverages and other consumer goods essential to millions of people in North America.”Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’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, Canada and Mexico, 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 the Company’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, 2019 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.MARTEN TRANSPORT, LTD.
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