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Marten Transport, Ltd. (MRTN)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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17.79-0.09 (-0.50%)
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17.79 0.00 (0.00%)
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Previous Close17.88
Open17.93
Bid17.79 x 800
Ask17.83 x 800
Day's Range17.53 - 17.93
52 Week Range10.67 - 20.13
Volume159,378
Avg. Volume387,225
Market Cap1.471B
Beta (5Y Monthly)1.05
PE Ratio (TTM)22.52
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.16 (0.89%)
Ex-Dividend DateDec 11, 2020
1y Target EstN/A
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  • MARTEN TRANSPORT DECLARES SPECIAL AND QUARTERLY DIVIDENDS
    GlobeNewswire

    MARTEN TRANSPORT DECLARES SPECIAL AND QUARTERLY DIVIDENDS

    MONDOVI, Wis., Nov. 18, 2020 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its Board of Directors has declared a special cash dividend of $0.50 per share of common stock and a regular quarterly cash dividend of $0.04 per share of common stock. The dividends will be payable on December 28, 2020 to stockholders of record at the close of business on December 14, 2020. No portion of either dividend is considered to be a return of capital. The Board’s decision to declare the special and quarterly cash dividends reflects Marten’s strong financial position and its continued commitment to enhancing stockholder value.This is Marten’s 42nd consecutive quarterly cash dividend. With the payment of these dividends, Marten will have paid a total of $138.3 million in cash dividends, including special dividends totaling $52.1 million in 2019 and 2012, since the dividend program was implemented in the third quarter of 2010.  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, including Marten’s current expectations concerning future payment of dividends. These statements 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 Marten 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. Marten undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

  • GlobeNewswire

    Marten Transport Announces Third Quarter Results

    Operating income improves 21.8% and net income improves 8.8% over 2019 quarterMONDOVI, 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 Results Comparison             Percentage Percentage       Increase Increase       Three Months Nine Months       Ended Ended       September 30, September 30,       2020 vs. 2019 2020 vs. 2019                Operating revenue    0.5% 3.3%                Operating revenue, net of fuel surcharges    3.8% 6.2%                Operating income    21.8% 17.3%                Net income    8.8% 10.1%      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.CONTACTS: Tim Kohl, 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  September 30,  December 31,  (In thousands, except share information) 2020  2019      (Unaudited)      ASSETS         Current assets:         Cash and cash equivalents $88,279  $31,461  Receivables:         Trade, net  80,719   90,712  Other  2,908   11,055  Prepaid expenses and other  20,640   20,938  Total current assets  192,546   154,166            Property and equipment:         Revenue equipment, buildings and land, office equipment and other  943,058   904,237  Accumulated depreciation  (278,488)  (263,843) Net property and equipment  664,570   640,394  Other noncurrent assets  1,950   2,026  Total assets $859,066  $796,586            LIABILITIES AND STOCKHOLDERS’ EQUITY         Current liabilities:         Accounts payable $24,563  $22,917  Insurance and claims accruals  36,629   31,729  Accrued and other current liabilities  26,755   21,680  Total current liabilities  87,947   76,326  Deferred income taxes  125,890   122,022  Noncurrent operating lease liabilities  521   649  Total liabilities  214,358   198,997            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; 82,680,849 shares at September 30, 2020, and 82,055,199 shares at December 31, 2019, issued and outstanding  827   821  Additional paid-in capital  84,389   79,465  Retained earnings  559,492   517,303  Total stockholders’ equity  644,708   597,589  Total liabilities and stockholders’ equity $859,066  $796,586            MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)  Three Months  Nine Months    Ended September 30,  Ended September 30,  (In thousands, except per share information) 2020  2019  2020  2019                    Operating revenue $216,011  $214,973  $647,041  $626,086                    Operating expenses (income):                 Salaries, wages and benefits  74,797   69,312   221,034   201,449  Purchased transportation  37,066   40,435   113,676   117,352  Fuel and fuel taxes  24,268   31,275   73,433   89,904  Supplies and maintenance  12,440   12,116   36,501   34,739  Depreciation  25,580   24,290   76,979   70,295  Operating taxes and licenses  2,749   2,651   8,003   7,422  Insurance and claims  11,243   9,618   35,160   29,355  Communications and utilities  1,999   1,901   5,961   5,801  Gain on disposition of revenue equipment  (2,128)  (2,559)  (5,899)  (5,337) Gain on disposition of facility  (1,718)  -   (1,718)  -  Other  5,315   5,900   16,223   17,395                    Total operating expenses  191,611   194,939   579,353   568,375                    Operating income  24,400   20,034   67,688   57,711                    Other  (17)  (255)  (127)  (928)                   Income before income taxes  24,417   20,289   67,815   58,639                    Income taxes expense  6,373   3,702   17,919   13,316                    Net income $18,044  $16,587  $49,896  $45,323                    Basic earnings per common share $0.22  $0.20  $0.61  $0.55                    Diluted earnings per common share $0.22  $0.20  $0.60  $0.55                    Dividends declared per common share $0.04  $0.453  $0.093  $0.493                    MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)          Dollar  Percentage            Change  Change    Three Months  Three Months  Three Months    Ended  Ended  Ended    September 30,  September 30,  September 30,  (Dollars in thousands) 2020  2019  2020 vs. 2019  2020 vs. 2019  Operating revenue:                 Truckload revenue, net of fuel surcharge revenue $85,074  $82,931  $2,143   2.6% Truckload fuel surcharge revenue  8,549   12,056   (3,507)  (29.1) Total Truckload revenue  93,623   94,987   (1,364)  (1.4)                   Dedicated revenue, net of fuel surcharge revenue  69,002   59,281   9,721   16.4  Dedicated fuel surcharge revenue  9,335   11,053   (1,718)  (15.5) Total Dedicated revenue  78,337   70,334   8,003   11.4                    Intermodal revenue, net of fuel surcharge revenue  19,991   19,336   655   3.4  Intermodal fuel surcharge revenue  1,985   2,961   (976)  (33.0) Total Intermodal revenue  21,976   22,297   (321)  (1.4)                   Brokerage revenue  22,075   27,355   (5,280)  (19.3)                   Total operating revenue $216,011  $214,973  $1,038   0.5%                   Operating income:                 Truckload $10,546  $6,956  $3,590   51.6% Dedicated  11,024   9,920   1,104   11.1  Intermodal  1,304   1,210   94   7.8  Brokerage  1,526   1,948   (422)  (21.7) Total operating income $24,400  $20,034  $4,366   21.8%                   Operating ratio:                 Truckload  88.7%  92.7%         Dedicated  85.9   85.9          Intermodal  94.1   94.6          Brokerage  93.1   92.9          Consolidated operating ratio  88.7%  90.7%         MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)          Dollar  Percentage            Change  Change    Nine Months  Nine Months  Nine Months    Ended  Ended  Ended    September 30,  September 30,  September 30,  (Dollars in thousands) 2020  2019  2020 vs. 2019  2020 vs. 2019  Operating revenue:                 Truckload revenue, net of fuel surcharge revenue $254,897  $246,313  $8,584   3.5% Truckload fuel surcharge revenue  28,058   36,418   (8,360)  (23.0) Total Truckload revenue  282,955   282,731   224   0.1                    Dedicated revenue, net of fuel surcharge revenue  200,237   164,365   35,872   21.8  Dedicated fuel surcharge revenue  28,564   30,704   (2,140)  (7.0) Total Dedicated revenue  228,801   195,069   33,732   17.3                    Intermodal revenue, net of fuel surcharge revenue  59,127   56,618   2,509   4.4  Intermodal fuel surcharge revenue  6,830   9,253   (2,423)  (26.2) Total Intermodal revenue  65,957   65,871   86   0.1                    Brokerage revenue  69,328   82,415   (13,087)  (15.9)                   Total operating revenue $647,041  $626,086  $20,955   3.3%                   Operating income:                 Truckload $28,367  $22,556  $5,811   25.8% Dedicated  31,009   23,135   7,874   34.0  Intermodal  3,564   5,140   (1,576)  (30.7) Brokerage  4,748   6,880   (2,132)  (31.0) Total operating income $67,688  $57,711  $9,977   17.3%                   Operating ratio:                 Truckload  90.0%  92.0%         Dedicated  86.4   88.1          Intermodal  94.6   92.2          Brokerage  93.2   91.7          Consolidated operating ratio  89.5%  90.8%         MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)  Three Months  Nine Months    Ended September 30,  Ended September 30,    2020  2019  2020  2019  Truckload Segment:                 Revenue (in thousands) $93,623  $94,987  $282,955  $282,731  Average revenue, net of fuel surcharges, per tractor per week(1) $3,955  $3,723  $3,865  $3,818  Average tractors(1)  1,637   1,695   1,685   1,654  Average miles per trip  546   545   554   545  Non-revenue miles percentage(2)  10.2%  11.8%  10.8%  11.4% Total miles (in thousands)  41,210   39,326   125,082   115,639                    Dedicated Segment:                 Revenue (in thousands) $78,337  $70,334  $228,801  $195,069  Average revenue, net of fuel surcharges, per tractor per week(1) $3,295  $3,392  $3,304  $3,412  Average tractors(1)  1,593   1,329   1,548   1,235  Average miles per trip  304   312   306   316  Non-revenue miles percentage(2)  0.7%  0.7%  0.7%  0.7% Total miles (in thousands)  33,843   28,859   98,553   79,700                    Intermodal Segment:                 Revenue (in thousands) $21,976  $22,297  $65,957  $65,871  Loads  9,306   8,897   27,736   26,578  Average tractors  99   87   99   85                    Brokerage Segment:                 Revenue (in thousands) $22,075  $27,355  $69,328  $82,415  Loads  13,670   16,059   45,058   47,510                    At September 30, 2020 and September 30, 2019:                 Total tractors(1)  3,329   3,137          Average age of company tractors (in years)  1.7   1.8          Total trailers  5,368   5,562          Average age of company trailers (in years)  2.9   2.6          Ratio of trailers to tractors(1)  1.6   1.8            Three Months  Nine Months    Ended September 30,  Ended September 30,  (In thousands) 2020  2019  2020  2019                    Net cash provided by operating activities $50,640  $46,920  $154,707  $122,021  Net cash (used for) investing activities  (34,558)  (52,719)  (93,748)  (98,489) Net cash (used for) financing activities  (3,126)  (36,513)  (4,141)  (39,815)                   Weighted average shares outstanding:                 Basic  82,672   81,982   82,472   81,912  Diluted  83,279   82,701   83,098   82,618  (1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 132 and 75 tractors as of September 30, 2020 and 2019, respectively.     (2)Represents the percentage of miles for which the company is not compensated.

  • GlobeNewswire

    Marten Transport Announces Second Quarter Results and Declares Three-for-Two Stock Split and Regular Quarterly Dividend With a 50% Increase in Cash Payout

    MONDOVI, Wis., July 16, 2020 -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 19.4% improvement in net income to $18.1 million, or 33 cents per diluted share, for.