(MENAFN- GlobeNewsWire - Nasdaq) MONDOVI, Wis., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $12.4 million, or 15 cents per diluted share, for the fourth quarter ended December 31, 2023, compared with $25.5 million, or 31 cents per diluted share, for the fourth quarter of 2022. For the year ended December 31, 2023, net income was $70.4 million, or 86 cents per diluted share, compared with $110.4 million, or $1.35 per diluted share, for 2022.
Operating revenue was $268.2 million for the fourth quarter of 2023 compared with $322.6 million for the fourth quarter of 2022. Excluding fuel surcharges, operating revenue was $229.4 million for the 2023 quarter compared with $269.7 million for the 2022 quarter. Fuel surcharge revenue decreased to $38.8 million for the 2023 quarter from $52.9 million for the 2022 quarter.
Operating revenue was $1.131 billion for 2023 compared with $1.264 billion for 2022. Excluding fuel surcharges, operating revenue was $972.0 million for 2023 compared with $1.053 billion for 2022. Fuel surcharge revenue decreased to $159.4 million for 2023 from $210.4 million for 2022.
Operating income was $15.7 million for the fourth quarter of 2023 compared with $32.8 million for the fourth quarter of 2022. Operating income was $90.1 million for 2023 compared with $143.3 million for 2022.
Operating expenses as a percentage of operating revenue were 94.2% for the 2023 quarter and 89.8% for the 2022 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 93.2% for the 2023 quarter and 87.8% for the 2022 quarter.
Operating expenses as a percentage of operating revenue were 92.0% for 2023 and 88.7% for 2022. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 90.7% for 2023 and 86.4% for 2022.
Executive Chairman Randolph L. Marten stated,“This quarter's earnings were heavily pressured by the freight market recession's weak demand and oversupply, inflationary operating costs, and cumulative impact of decreased freight rates leading to freight network disruptions. Additionally, our higher insurance and claims and health insurance expense and less revenue equipment gains reduced our operating income by $4.8 million, or 4.4 cents per diluted share, from this year's third quarter.”
“We remain focused on both minimizing the freight market's impact on our operations, and investing in and positioning our operations to capitalize on profitable organic growth opportunities as the market moves toward equilibrium from its current recessionary late stages - with fair compensation for our premium services. Accordingly, we have not agreed to any rate reductions since last August.”
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 Marten'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, 2022. 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, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
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MARTEN TRANSPORT, LTD. |
CONSOLIDATED CONDENSED BALANCE SHEETS |
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| December 31, | | | December 31, | |
(In thousands, except share information) | 2023 | | | 2022 | |
| | (Unaudited) | | | | | |
ASSETS | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | $ | 53,213 | | | $ | 80,600 | |
Receivables: | | | | | | | |
Trade, net | | 105,501 | | | | 120,702 | |
Other | | 10,356 | | | | 7,218 | |
Prepaid expenses and other | | 27,512 | | | | 27,320 | |
Total current assets | | 196,582 | | | | 235,840 | |
| | | | | | | |
Property and equipment: | | | | | | | |
Revenue equipment, buildings and land, office equipment and other | | 1,162,336 | | | | 1,074,832 | |
Accumulated depreciation | | (370,103 | ) | | | (346,665 | ) |
Net property and equipment | | 792,233 | | | | 728,167 | |
Other noncurrent assets | | 1,524 | | | | 1,672 | |
Total assets | $ | 990,339 | | | $ | 965,679 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | |
Current liabilities: | | | | | | | |
Accounts payable | $ | 36,516 | | | $ | 37,299 | |
Insurance and claims accruals | | 47,017 | | | | 45,747 | |
Accrued and other current liabilities | | 26,709 | | | | 41,264 | |
Total current liabilities | | 110,242 | | | | 124,310 | |
Deferred income taxes | | 122,462 | | | | 137,041 | |
Noncurrent operating lease liabilities | | 249 | | | | 409 | |
Total liabilities | | 232,953 | | | | 261,760 | |
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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; 81,312,168 shares at December 31, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding | | 813 | | | | 811 | |
Additional paid-in capital | | 49,789 | | | | 47,188 | |
Retained earnings | | 706,784 | | | | 655,920 | |
Total stockholders' equity | | 757,386 | | | | 703,919 | |
Total liabilities and stockholders' equity | $ | 990,339 | | | $ | 965,679 | |
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