Marten Transport’s Truckload segment saw a negative operating ratio (OR) in the third quarter, its worst in five quarters, but the company overall remained profitable. Sequentially, the OR has fluctuated, with the most recent quarter at 102.2%. Weakness in the Truckload segment was offset by improvements in the Dedicated segment.

The weaker Truckload segment performance was evident in various data points, including reduced revenue, tractors, miles per trip, and total miles. Despite this, Marten’s Dedicated segment saw an improvement in its operating ratio, with increased revenue per tractor per week, contributing to overall profitability.

Marten’s sale of its intermodal division to Hub Group closed in September, marking the end of reporting the segment. While the intermodal segment showed improvement over the year, the sale included over 1,200 refrigerated containers, leading to a drop in total refrigerated trailers.

Net income at Marten decreased in the third quarter, but the company remained profitable due to cost containment measures. The balance sheet showed significant growth in cash and cash equivalents, enhancing the company’s ability to invest in technology and fleet for future growth opportunities.

The departure of Tim Kohl as CEO and the return of Randolph Marten marked a change in leadership at Marten. Kohl received a severance payment and is prohibited from soliciting Marten employees or customers for a year. Marten’s stock price has fluctuated in the past year, down about 32% from its high.

Read more at Yahoo Finance: Truckload segment at Marten again a plus 100% OR in third quarter