Marten Second-Quarter Net Income Rises 6%
Marten Transport Ltd., a refrigerated carrier, raised second-quarter net income more than 6% to $8.4 million, or 25 cents per share, driven by continued growth in dedicated freight business.
The Mondovi, Wisconsin-based carrier’s revenue fell 3% to $163.6 million from $168.4 million because of a $13 million decline in fuel surcharge collections. Excluding the effect of fuel surcharge, revenue was 6.1% higher. Earnings in the second quarter of last year were $7.9 million, or 24 cents per share.
Marten, which ranks No. 48 on the Transport Topics Top 100 list of the largest for-hire carriers in the United States and Canada, recorded an operating ratio of 90.2, improving from 90.5 in last year’s second quarter.
“We believe the demand for our customized dedicated transportation solutions will continue to result in further growth,” CEO Randolph Marten said in the statement, which noted that Marten had secured additional multiyear dedicated contracts that require an additional 279 tractors. Marten boosted capacity on average by 201 units in its truckload and dedicated fleets during the second quarter.
