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Marten Transport Announces Second Quarter Results

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Marten Transport, Ltd.
Marten Transport, Ltd.

Reports highest operating revenue and operating income for any quarter in Marten’s history – and the best operating ratio, net of fuel surcharges, for any quarter since Marten became a public company in 1986

MONDOVI, Wis., July 18, 2022 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 47.8% improvement in net income to $31.7 million, or 39 cents per diluted share, for the second quarter ended June 30, 2022, from $21.4 million, or 26 cents per diluted share, for the second quarter of 2021. The 2022 second-quarter earnings also improved 15.0% sequentially from 2022 first-quarter net income of $27.5 million, or 33 cents per diluted share. For the first six months of 2022, net income improved 50.1% to $59.2 million, or 72 cents per diluted share, from $39.4 million, or 47 cents per diluted share, for the first six months of 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Results Comparison

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

Percentage

 

Percentage

 

Percentage

 

Percentage

 

 

 

 

Increase

 

Increase

 

Increase

 

Increase

 

Increase

 

 

 

 

Three Months

 

Three Months

 

Year

 

Year

 

Year

 

 

 

 

Ended

 

Ended

 

Ended

 

Ended

 

Ended

 

 

 

 

June 30,

 

March 31,

 

December 31,

 

December 31,

 

December 31,

 

 

 

 

2022 vs. 2021

 

2022 vs. 2021

 

2021 vs. 2020

 

2020 vs. 2019

 

2019 vs. 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

41.8

 

 

28.8

 

 

11.4%

 

 

3.7%

 

 

7.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue, net of fuel surcharges

 

32.1%

 

 

23.8%

 

 

8.3%

 

 

6.8%

 

 

8.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

43.5%

 

 

49.4%

 

 

19.8%

 

 

21.9%

 

 

8.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

47.8%

 

 

52.9%

 

 

22.9%

 

 

13.8%

 

 

11.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue for the second quarter of 2022 was the highest amount for any quarter in Marten’s 77-year history. Operating revenue improved 41.8% to $329.6 million for the second quarter of 2022 from $232.4 million for the second quarter of 2021 - and improved 14.7% from $287.3 million for the 2022 first quarter. Excluding fuel surcharges, operating revenue improved 32.1% to $269.1 million for the 2022 quarter from $203.7 million for the 2021 quarter - and improved 9.7% from $245.3 million for the 2022 first quarter. Fuel surcharge revenue increased to $60.4 million for the 2022 quarter from $28.8 million for the 2021 quarter due to significantly higher fuel prices.

Operating revenue improved 35.4% to $616.8 million for the first six months of 2022 from $455.5 million for the first six months of 2021. Excluding fuel surcharges, operating revenue improved 28.0% to $514.4 million for the first six months of 2022 from $401.8 million for the first six months of 2021. Fuel surcharge revenue increased to $102.4 million for the first six months of 2022 from $53.7 million for the first six months of 2021.

Operating income for the second quarter of 2022 was also the highest amount for any quarter in Marten’s history. Operating income improved 43.5% to $40.9 million for the second quarter of 2022 from $28.5 million for the second quarter of 2021 - and improved 14.2% from $35.9 million for the 2022 first quarter, which was up 16.9% from $30.7 million for the 2021 fourth quarter.

Operating income improved 46.2% to $76.8 million for the first six months of 2022 from $52.5 million for the first six months of 2021.

Operating expenses as a percentage of operating revenue improved to 87.6% for the second quarter of 2022 from 87.7% for the second quarter of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 84.8% for the 2022 quarter, the best ratio for any quarter since Marten became a public company in 1986, from 86.0% for the 2021 quarter.

Operating expenses as a percentage of operating revenue improved to 87.6% for the first six months of 2022 from 88.5% for the first six months of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 85.1% from 86.9%.

Executive Chairman Randolph L. Marten stated, “Consistent. Strong. Profitable. Organic Growth. Marten’s bright, driven people just earned our highest operating revenue and operating income for any quarter in our history, along with our best operating ratio, net of fuel surcharges, for any quarter since we became a public company in 1986 – achieving all three marks for the third time in our last five quarters.”

“The unrelenting national shortage of qualified drivers is a long-term double-edged sword for our industry, simultaneously tightening the freight market while limiting fleet size. Our ability to capitalize on the high level of demand we continue to see and apply our culture of continuous operating enhancements within our unique business model has largely contributed to our performance improvements. Our approach to overcoming the driver shortage is a heightened emphasis on structurally improving our drivers’ jobs and work-life balance by collaborating with our customers, while also increasing our driver compensation. The results - we continue to build on our success in expanding the capacity we provide as we began this year’s third quarter with 123 more of the industry’s top drivers than we employed at the beginning of the second quarter. We have now increased our number of drivers by 422, or 15.4%, since June 30, 2021.”

“Also, reflecting our confidence in Marten’s financial strength and commitment to enhancing stockholder value, we repurchased and retired 963,000 shares of our common stock for $16.8 million in the second quarter of 2022, in addition to the 1.3 million shares of our common stock for $25.0 million repurchased in the first quarter.”

 

 

 

 

 

 

 

Operating Results Since the Pandemic Began – Percentage Increase Over Same Quarter of Prior Year

 

 

 

 

 

 

 

 

 

 

Q2 2022

 

Q1 2022

 

Q4 2021

 

Q3 2021

 

Q2 2021

 

Q1 2021

 

Q4 2020

 

Q3 2020

 

Q2 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

41.8%

 

 

28.8%

 

 

17.4%

 

 

16.3%

 

 

9.4%

 

 

2.0%

 

 

4.7%

 

 

0.5%

 

 

0.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue, net of fuel surcharges

32.1%

 

 

23.8%

 

 

12.5%

 

 

12.8%

 

 

5.0%

 

 

2.5%

 

 

8.8%

 

 

3.8%

 

 

4.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

43.5%

 

 

49.4%

 

 

20.0%

 

 

16.8%

 

 

12.9%

 

 

33.1%

 

 

36.0%

 

 

21.8%

 

 

26.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

47.8%

 

 

52.9%

 

 

26.1%

 

 

17.9%

 

 

18.1%

 

 

31.3%

 

 

24.5%

 

 

8.8%

 

 

19.4%

 

 

 

 

 

 

 

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 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, 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, 2021. 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, 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)

 

2022

 

 

2021

 

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,374

 

 

$

56,995

 

Receivables:

 

 

 

 

 

 

 

 

Trade, net

 

 

138,391

 

 

 

99,003

 

Other

 

 

3,681

 

 

 

6,971

 

Prepaid expenses and other

 

 

27,437

 

 

 

23,980

 

Total current assets

 

 

237,883

 

 

 

186,949

 

 

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

 

 

Revenue equipment, buildings and land, office equipment and other

 

 

992,400

 

 

 

956,476

 

Accumulated depreciation

 

 

(310,645

)

 

 

(274,199

)

Net property and equipment

 

 

681,755

 

 

 

682,277

 

Other noncurrent assets

 

 

1,483

 

 

 

1,464

 

Total assets

 

$

921,121

 

 

$

870,690

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

48,463

 

 

$

20,150

 

Insurance and claims accruals

 

 

45,689

 

 

 

42,014

 

Accrued and other current liabilities

 

 

36,565

 

 

 

31,395

 

Total current liabilities

 

 

130,717

 

 

 

93,559

 

Deferred income taxes

 

 

129,972

 

 

 

125,163

 

Noncurrent operating lease liabilities

 

 

275

 

 

 

291

 

Total liabilities

 

 

260,964

 

 

 

219,013

 

 

 

 

 

 

 

 

 

 

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; 81,014,564 shares at June 30, 2022, and 83,034,404 shares at December 31, 2021, issued and outstanding

 

 

810

 

 

 

830

 

Additional paid-in capital

 

 

44,867

 

 

 

85,718

 

Retained earnings

 

 

614,480

 

 

 

565,129

 

Total stockholders’ equity

 

 

660,157

 

 

 

651,677

 

Total liabilities and stockholders’ equity

 

$

921,121

 

 

$

870,690

 

 

 

 

 

 

 

 

 

 

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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

329,565

 

 

$

232,442

 

 

$

616,846

 

 

$

455,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and benefits

 

 

96,460

 

 

 

75,296

 

 

 

185,809

 

 

 

148,294

 

Purchased transportation

 

 

67,480

 

 

 

45,003

 

 

 

124,790

 

 

 

85,768

 

Fuel and fuel taxes

 

 

61,337

 

 

 

32,007

 

 

 

105,705

 

 

 

60,944

 

Supplies and maintenance

 

 

13,352

 

 

 

11,167

 

 

 

25,665

 

 

 

22,182

 

Depreciation

 

 

26,865

 

 

 

25,540

 

 

 

53,008

 

 

 

51,227

 

Operating taxes and licenses

 

 

2,663

 

 

 

2,718

 

 

 

5,303

 

 

 

5,430

 

Insurance and claims

 

 

13,443

 

 

 

9,391

 

 

 

26,147

 

 

 

20,837

 

Communications and utilities

 

 

2,239

 

 

 

2,056

 

 

 

4,504

 

 

 

4,139

 

Gain on disposition of revenue equipment

 

 

(4,812

)

 

 

(5,339

)

 

 

(9,352

)

 

 

(7,323

)

Other

 

 

9,601

 

 

 

6,085

 

 

 

18,472

 

 

 

11,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

288,628

 

 

 

203,924

 

 

 

540,051

 

 

 

402,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

40,937

 

 

 

28,518

 

 

 

76,795

 

 

 

52,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

(36

)

 

 

(9

)

 

 

(43

)

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

40,973

 

 

 

28,527

 

 

 

76,838

 

 

 

52,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes expense

 

 

9,312

 

 

 

7,109

 

 

 

17,644

 

 

 

13,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

31,661

 

 

$

21,418

 

 

$

59,194

 

 

$

39,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.39

 

 

$

0.26

 

 

$

0.72

 

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

0.39

 

 

$

0.26

 

 

$

0.72

 

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.06

 

 

$

0.04

 

 

$

0.12

 

 

$

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

 

 

 

 

 

 

 

 

 

 

Dollar

 

 

Percentage

 

 

 

 

 

 

 

 

 

 

 

Change

 

 

Change

 

 

 

Three Months

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

(Dollars in thousands)

 

2022

 

 

2021

 

 

2022 vs. 2021

 

 

2022 vs. 2021

 

Operating revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload revenue, net of fuel surcharge revenue

 

$

101,808

 

 

$

83,633

 

 

$

18,175

 

 

 

21.7

%

Truckload fuel surcharge revenue

 

 

25,164

 

 

 

12,308

 

 

 

12,856

 

 

 

104.5

 

Total Truckload revenue

 

 

126,972

 

 

 

95,941

 

 

 

31,031

 

 

 

32.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dedicated revenue, net of fuel surcharge revenue

 

 

84,389

 

 

 

67,227

 

 

 

17,162

 

 

 

25.5

 

Dedicated fuel surcharge revenue

 

 

25,966

 

 

 

12,894

 

 

 

13,072

 

 

 

101.4

 

Total Dedicated revenue

 

 

110,355

 

 

 

80,121

 

 

 

30,234

 

 

 

37.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal revenue, net of fuel surcharge revenue

 

 

27,681

 

 

 

22,031

 

 

 

5,650

 

 

 

25.6

 

Intermodal fuel surcharge revenue

 

 

9,286

 

 

 

3,561

 

 

 

5,725

 

 

 

160.8

 

Total Intermodal revenue

 

 

36,967

 

 

 

25,592

 

 

 

11,375

 

 

 

44.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage revenue

 

 

55,271

 

 

 

30,788

 

 

 

24,483

 

 

 

79.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenue

 

$

329,565

 

 

$

232,442

 

 

$

97,123

 

 

 

41.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload

 

$

16,088

 

 

$

13,197

 

 

$

2,891

 

 

 

21.9

%

Dedicated

 

 

14,039

 

 

 

10,617

 

 

 

3,422

 

 

 

32.2

 

Intermodal

 

 

4,097

 

 

 

1,850

 

 

 

2,247

 

 

 

121.5

 

Brokerage

 

 

6,713

 

 

 

2,854

 

 

 

3,859

 

 

 

135.2

 

Total operating income

 

$

40,937

 

 

$

28,518

 

 

$

12,419

 

 

 

43.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload

 

 

87.3

%

 

 

86.2

%

 

 

 

 

 

 

 

 

Dedicated

 

 

87.3

 

 

 

86.7

 

 

 

 

 

 

 

 

 

Intermodal

 

 

88.9

 

 

 

92.8

 

 

 

 

 

 

 

 

 

Brokerage

 

 

87.9

 

 

 

90.7

 

 

 

 

 

 

 

 

 

Consolidated operating ratio

 

 

87.6

%

 

 

87.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating ratio, net of fuel surcharges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload

 

 

84.2

%

 

 

84.2

%

 

 

 

 

 

 

 

 

Dedicated

 

 

83.4

 

 

 

84.2

 

 

 

 

 

 

 

 

 

Intermodal

 

 

85.2

 

 

 

91.6

 

 

 

 

 

 

 

 

 

Brokerage

 

 

87.9

 

 

 

90.7

 

 

 

 

 

 

 

 

 

Consolidated operating ratio, net of fuel surcharges

 

 

84.8

%

 

 

86.0

%

 

 

 

 

 

 

 

 


MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION
(Unaudited)

 

 

 

 

 

 

 

 

 

 

Dollar

 

 

Percentage

 

 

 

 

 

 

 

 

 

 

 

Change

 

 

Change

 

 

 

Six Months

 

 

Six Months

 

 

Six Months

 

 

 

Ended

 

 

Ended

 

 

Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

(Dollars in thousands)

 

2022

 

 

2021

 

 

2022 vs. 2021

 

 

2022 vs. 2021

 

Operating revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload revenue, net of fuel surcharge revenue

 

$

196,978

 

 

$

167,552

 

 

$

29,426

 

 

 

17.6

%

Truckload fuel surcharge revenue

 

 

42,784

 

 

 

23,304

 

 

 

19,480

 

 

 

83.6

 

Total Truckload revenue

 

 

239,762

 

 

 

190,856

 

 

 

48,906

 

 

 

25.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dedicated revenue, net of fuel surcharge revenue

 

 

162,810

 

 

 

134,129

 

 

 

28,681

 

 

 

21.4

 

Dedicated fuel surcharge revenue

 

 

44,305

 

 

 

24,229

 

 

 

20,076

 

 

 

82.9

 

Total Dedicated revenue

 

 

207,115

 

 

 

158,358

 

 

 

48,757

 

 

 

30.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal revenue, net of fuel surcharge revenue

 

 

53,286

 

 

 

41,477

 

 

 

11,809

 

 

 

28.5

 

Intermodal fuel surcharge revenue

 

 

15,323

 

 

 

6,119

 

 

 

9,204

 

 

 

150.4

 

Total Intermodal revenue

 

 

68,609

 

 

 

47,596

 

 

 

21,013

 

 

 

44.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage revenue

 

 

101,360

 

 

 

58,678

 

 

 

42,682

 

 

 

72.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenue

 

$

616,846

 

 

$

455,488

 

 

$

161,358

 

 

 

35.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload

 

$

31,659

 

 

$

24,612

 

 

$

7,047

 

 

 

28.6

%

Dedicated

 

 

24,684

 

 

 

19,553

 

 

 

5,131

 

 

 

26.2

 

Intermodal

 

 

9,133

 

 

 

3,311

 

 

 

5,822

 

 

 

175.8

 

Brokerage

 

 

11,319

 

 

 

5,040

 

 

 

6,279

 

 

 

124.6

 

Total operating income

 

$

76,795

 

 

$

52,516

 

 

$

24,279

 

 

 

46.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload

 

 

86.8

%

 

 

87.1

%

 

 

 

 

 

 

 

 

Dedicated

 

 

88.1

 

 

 

87.7

 

 

 

 

 

 

 

 

 

Intermodal

 

 

86.7

 

 

 

93.0

 

 

 

 

 

 

 

 

 

Brokerage

 

 

88.8

 

 

 

91.4

 

 

 

 

 

 

 

 

 

Consolidated operating ratio

 

 

87.6

%

 

 

88.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating ratio, net of fuel surcharges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload

 

 

83.9

%

 

 

85.3

%

 

 

 

 

 

 

 

 

Dedicated

 

 

84.8

 

 

 

85.4

 

 

 

 

 

 

 

 

 

Intermodal

 

 

82.9

 

 

 

92.0

 

 

 

 

 

 

 

 

 

Brokerage

 

 

88.8

 

 

 

91.4

 

 

 

 

 

 

 

 

 

Consolidated operating ratio, net of fuel surcharges

 

 

85.1

%

 

 

86.9

%

 

 

 

 

 

 

 

 


MARTEN TRANSPORT, LTD.

OPERATING STATISTICS
(Unaudited)

 

 

Three Months

 

 

Six Months

 

 

 

Ended June 30,

 

 

Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Truckload Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (in thousands)

 

$

126,972

 

 

$

95,941

 

 

$

239,762

 

 

$

190,856

 

Average revenue, net of fuel surcharges, per tractor per week(1)

 

$

5,080

 

 

$

4,146

 

 

$

5,030

 

 

$

4,101

 

Average tractors(1)

 

 

1,542

 

 

 

1,552

 

 

 

1,515

 

 

 

1,580

 

Average miles per trip

 

 

509

 

 

 

513

 

 

 

514

 

 

 

524

 

Non-revenue miles percentage(2)

 

 

10.7

%

 

 

9.6

%

 

 

10.6

%

 

 

9.9

%

Total miles (in thousands)

 

 

36,752

 

 

 

37,285

 

 

 

72,124

 

 

 

75,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dedicated Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (in thousands)

 

$

110,355

 

 

$

80,121

 

 

$

207,115

 

 

$

158,358

 

Average revenue, net of fuel surcharges, per tractor per week(1)

 

$

4,072

 

 

$

3,268

 

 

$

3,962

 

 

$

3,241

 

Average tractors(1)

 

 

1,594

 

 

 

1,582

 

 

 

1,589

 

 

 

1,601

 

Average miles per trip

 

 

341

 

 

 

323

 

 

 

341

 

 

 

315

 

Non-revenue miles percentage(2)

 

 

1.0

%

 

 

1.1

%

 

 

1.1

%

 

 

0.9

%

Total miles (in thousands)

 

 

34,134

 

 

 

32,255

 

 

 

66,887

 

 

 

64,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (in thousands)

 

$

36,967

 

 

$

25,592

 

 

$

68,609

 

 

$

47,596

 

Loads

 

 

8,703

 

 

 

8,646

 

 

 

16,997

 

 

 

16,628

 

Average tractors

 

 

175

 

 

 

148

 

 

 

169

 

 

 

141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (in thousands)

 

$

55,271

 

 

$

30,788

 

 

$

101,360

 

 

$

58,678

 

Loads

 

 

25,322

 

 

 

14,341

 

 

 

45,006

 

 

 

28,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2022 and June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total tractors(1)

 

 

3,395

 

 

 

3,162

 

 

 

 

 

 

 

 

 

Average age of company tractors (in years)

 

 

1.6

 

 

 

1.5

 

 

 

 

 

 

 

 

 

Total trailers

 

 

5,521

 

 

 

5,299

 

 

 

 

 

 

 

 

 

Average age of company trailers (in years)

 

 

3.6

 

 

 

3.2

 

 

 

 

 

 

 

 

 

Ratio of trailers to tractors(1)

 

 

1.6

 

 

 

1.7

 

 

 

 

 

 

 

 

 

Total refrigerated containers

 

 

784

 

 

 

554

 

 

 

 

 

 

 

 

 


 

 

Three Months

 

 

Six Months

 

 

 

Ended June 30,

 

 

Ended June 30,

 

(In thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

58,730

 

 

$

39,795

 

 

$

98,670

 

 

$

83,365

 

Net cash (used for) investing activities

 

 

(35,413

)

 

 

(44,021

)

 

 

(35,004

)

 

 

(61,438

)

Net cash (used for) financing activities

 

 

(21,470

)

 

 

(3,685

)

 

 

(52,287

)

 

 

(7,382

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

81,689

 

 

 

82,840

 

 

 

82,310

 

 

 

82,799

 

Diluted

 

 

82,015

 

 

 

83,397

 

 

 

82,617

 

 

 

83,384

 


(1

)

Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 85 and 118 tractors as of June 30, 2022 and 2021, respectively.

 

 

(2

)

Represents the percentage of miles for which the company is not compensated.