Marten Transport's third quarter results show decrease in net income, revenue, and operating income

From GlobeNewswire: 2024-10-17 16:01:00

Marten Transport, Ltd. reported a net income of $3.8 million for the third quarter of 2024, a decrease from $13.6 million in the third quarter of 2023. Operating revenue was $237.4 million for the 2024 quarter, down from $279.5 million in 2023. Operating income was $4.3 million in 2024, a decrease from $17.2 million in 2023.

For the first nine months of 2024, Marten Transport reported a net income of $21.3 million, compared to $58.0 million in the same period in 2023. Operating revenue for the 2024 period was $733.3 million, down from $863.2 million in 2023. Operating income was $26.5 million in 2024, a decrease from $74.5 million in 2023.

Marten’s Executive Chairman, Randolph L. Marten, attributed the earnings pressure to the freight market recession, oversupply, weak demand, and inflationary operating costs. The company saw sequential improvement in truckload rate per total mile for the first time since 2022. Marten is focused on minimizing market impact and positioning for growth opportunities across its business operations.

The company operates across five business platforms, including Truckload, Dedicated, Intermodal, Brokerage, and MRTN de Mexico. Marten specializes in temperature-sensitive truckload carriers and offers services in the US, Mexico, and Canada. Marten’s stock is traded on the Nasdaq Global Select Market under the symbol MRTN.



Read more at GlobeNewswire:: Marten Transport Announces Third Quarter Results