Marten Transport Announces Second Quarter Results

MONDOVI, Wis., July 16, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $7.2 million, or 9 cents per diluted share, for the second quarter ended June 30, 2025, compared with $7.9 million, or 10 cents per diluted share, for the second quarter of 2024. For the six-month period ended June 30, 2025, net income was $11.5 million, or 14 cents per diluted share, compared with $17.5 million, or 22 cents per diluted share, for the 2024 six-month period.

Operating revenue was $229.9 million for the second quarter of 2025 compared with $246.2 million for the second quarter of 2024. Excluding fuel surcharges, operating revenue was $203.8 million for the 2025 quarter compared with $213.5 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.1 million for the 2025 quarter from $32.7 million for the 2024 quarter.

Operating revenue was $453.1 million for the first six months of 2025 compared with $495.9 million for the first six months of 2024. Excluding fuel surcharges, operating revenue was $399.6 million for the 2025 period compared with $429.3 million for the 2024 period. Fuel surcharge revenue decreased to $53.5 million for the 2025 period from $66.6 million for the 2024 period.

Operating income was $9.7 million for the second quarter of 2025 compared with $10.0 million for the second quarter of 2024.

Operating income was $15.6 million for the first six months of 2025 compared with $22.2 million for the first six months of 2024.

Operating expenses as a percentage of operating revenue were 95.8% for the 2025 quarter and 95.9% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 95.2% for the 2025 quarter and 95.3% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 96.6% for the first six months of 2025 and 95.5% for the first six months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.1% for the 2025 period and 94.8% for the 2024 period.

Executive Chairman Randolph L. Marten stated, “Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first six months of this year and throughout last year. Our earnings have continued to be heavily pressured by the considerable duration and depth of the freight market recession’s oversupply and weak demand - and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions.”

“We remain focused on minimizing the freight market’s impact - and the impact of the U.S. and global economies with the current trade policy volatility - while investing in and positioning our operations to capitalize on profitable organic growth opportunities. We expect such growth opportunities to be positively impacted by anticipated additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations.”

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s six distinct business platforms – Temperature-Sensitive and Dry 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, including the impact of the freight market and U.S. and global economies with the current trade policy volatility along with the impact of additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations, 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, 2024. 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.

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED BALANCE SHEETS
		June 30,				December 31,
(In thousands, except share information)		2025				2024
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	35,052			$	17,267
Receivables:
Trade, net			91,432				89,992
Other			7,387				5,364
Prepaid expenses and other			21,942				25,888
Total current assets			155,813				138,511
Property and equipment:
Revenue equipment, buildings and land, office equipment and other			1,207,399				1,198,737
Accumulated depreciation			(373,131	)			(370,124	)
Net property and equipment			834,268				828,613
Other noncurrent assets			1,735				1,633
Total assets		$	991,816			$	968,757
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	44,894			$	25,781
Insurance and claims accruals			43,817				44,246
Accrued and other current liabilities			27,974				23,492
Total current liabilities			116,685				93,519
Deferred income taxes			104,098				107,034
Noncurrent operating lease liabilities			317				282
Total liabilities			221,100				200,835
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; 81,520,424 shares at June 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding			815				815
Additional paid-in capital			53,994				52,941
Retained earnings			715,907				714,166
Total stockholders’ equity			770,716				767,922
Total liabilities and stockholders’ equity		$	991,816			$	968,757

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
(In thousands, except per share information)		2025				2024				2025				2024
Operating revenue		$	229,922			$	246,238			$	453,074			$	495,910
Operating expenses (income):
Salaries, wages and benefits			78,570				86,519				157,370				175,281
Purchased transportation			43,123				43,235				80,779				85,049
Fuel and fuel taxes			32,591				38,809				65,708				78,370
Supplies and maintenance			15,606				16,472				31,119				32,542
Depreciation			27,307				28,206				54,777				56,733
Operating taxes and licenses			2,451				2,539				4,868				5,114
Insurance and claims			15,852				12,559				29,229				24,216
Communications and utilities			2,164				2,297				4,443				4,668
Gain on disposition of revenue equipment			(5,182	)			(2,532	)			(6,847	)			(3,703	)
Other			7,706				8,160				16,035				15,416
Total operating expenses			220,188				236,264				437,481				473,686
Operating income			9,734				9,974				15,593				22,224
Other			(436	)			(1,014	)			(785	)			(1,810	)
Income before income taxes			10,170				10,988				16,378				24,034
Income taxes expense			2,984				3,099				4,857				6,499
Net income		$	7,186			$	7,889			$	11,521			$	17,535
Basic earnings per common share		$	0.09			$	0.10			$	0.14			$	0.22
Diluted earnings per common share		$	0.09			$	0.10			$	0.14			$	0.22
Dividends declared per common share		$	0.06			$	0.06			$	0.12			$	0.12

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
										Dollar				Percentage
										Change				Change
		Three Months								Three Months				Three Months
		Ended								Ended				Ended
		June 30,								June 30,				June 30,
(Dollars in thousands)		2025				2024				2025 vs. 2024				2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue		$	92,484			$	96,046			$	(3,562	)			(3.7	)%
Truckload fuel surcharge revenue			14,002				16,477				(2,475	)			(15.0	)
Total Truckload revenue			106,486				112,523				(6,037	)			(5.4	)
Dedicated revenue, net of fuel surcharge revenue			61,338				67,444				(6,106	)			(9.1	)
Dedicated fuel surcharge revenue			10,536				13,822				(3,286	)			(23.8	)
Total Dedicated revenue			71,874				81,266				(9,392	)			(11.6	)
Intermodal revenue, net of fuel surcharge revenue			10,093				12,660				(2,567	)			(20.3	)
Intermodal fuel surcharge revenue			1,610				2,404				(794	)			(33.0	)
Total Intermodal revenue			11,703				15,064				(3,361	)			(22.3	)
Brokerage revenue			39,859				37,385				2,474				6.6
Total operating revenue		$	229,922			$	246,238			$	(16,316	)			(6.6	)%
Operating income/(loss):
Truckload		$	2,344			$	1,115			$	1,229				110.2	%
Dedicated			5,429				6,650				(1,221	)			(18.4	)
Intermodal			(735	)			(684	)			(51	)			(7.5	)
Brokerage			2,696				2,893				(197	)			(6.8	)
Total operating income		$	9,734			$	9,974			$	(240	)			(2.4	)%
Operating ratio:
Truckload			97.8	%			99.0	%
Dedicated			92.4				91.8
Intermodal			106.3				104.5
Brokerage			93.2				92.3
Consolidated operating ratio			95.8	%			95.9	%
Operating ratio, net of fuel surcharges:
Truckload			97.5	%			98.8	%
Dedicated			91.1				90.1
Intermodal			107.3				105.4
Brokerage			93.2				92.3
Consolidated operating ratio, net of fuel surcharges			95.2	%			95.3	%

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
										Dollar				Percentage
										Change				Change
		Six Months								Six Months				Six Months
		Ended								Ended				Ended
		June 30,								June 30,				June 30,
(Dollars in thousands)		2025				2024				2025 vs. 2024				2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue		$	182,590			$	191,068			$	(8,478	)			(4.4	)%
Truckload fuel surcharge revenue			28,287				33,006				(4,719	)			(14.3	)
Total Truckload revenue			210,877				224,074				(13,197	)			(5.9	)
Dedicated revenue, net of fuel surcharge revenue			123,743				139,182				(15,439	)			(11.1	)
Dedicated fuel surcharge revenue			21,756				28,544				(6,788	)			(23.8	)
Total Dedicated revenue			145,499				167,726				(22,227	)			(13.3	)
Intermodal revenue, net of fuel surcharge revenue			20,361				25,941				(5,580	)			(21.5	)
Intermodal fuel surcharge revenue			3,459				5,095				(1,636	)			(32.1	)
Total Intermodal revenue			23,820				31,036				(7,216	)			(23.3	)
Brokerage revenue			72,878				73,074				(196	)			(0.3	)
Total operating revenue		$	453,074			$	495,910			$	(42,836	)			(8.6	)%
Operating income/(loss):
Truckload		$	2,044			$	1,604			$	440				27.4	%
Dedicated			10,283				15,908				(5,625	)			(35.4	)
Intermodal			(1,590	)			(878	)			(712	)			(81.1	)
Brokerage			4,856				5,590				(734	)			(13.1	)
Total operating income		$	15,593			$	22,224			$	(6,631	)			(29.8	)%
Operating ratio:
Truckload			99.0	%			99.3	%
Dedicated			92.9				90.5
Intermodal			106.7				102.8
Brokerage			93.3				92.4
Consolidated operating ratio			96.6	%			95.5	%
Operating ratio, net of fuel surcharges:
Truckload			98.9	%			99.2	%
Dedicated			91.7				88.6
Intermodal			107.8				103.4
Brokerage			93.3				92.4
Consolidated operating ratio, net of fuel surcharges			96.1	%			94.8	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
		Three Months								Six Months
		Ended June 30,								Ended June 30,
		2025				2024				2025				2024
Truckload Segment:
Revenue (in thousands)		$	106,486			$	112,523			$	210,877			$	224,074
Average revenue, net of fuel surcharges, per tractor per week(1)		$	4,209			$	4,093			$	4,203			$	4,044
Average tractors(1)			1,690				1,805				1,680				1,817
Average miles per trip			524				528				531				533
Non-revenue miles percentage(2)			11.0	%			11.6	%			11.1	%			12.1	%
Total miles (in thousands)			39,221				40,847				77,494				80,550
Dedicated Segment:
Revenue (in thousands)		$	71,874			$	81,266			$	145,499			$	167,726
Average revenue, net of fuel surcharges, per tractor per week(1)		$	3,807			$	3,754			$	3,827			$	3,768
Average tractors(1)			1,239				1,382				1,251				1,421
Average miles per trip			301				323				305				326
Non-revenue miles percentage(2)			1.3	%			1.1	%			1.4	%			1.1	%
Total miles (in thousands)			25,132				28,231				50,368				57,311
Intermodal Segment:
Revenue (in thousands)		$	11,703			$	15,064			$	23,820			$	31,036
Loads			3,555				4,464				7,212				9,053
Average tractors			77				121				77				123
Brokerage Segment:
Revenue (in thousands)		$	39,859			$	37,385			$	72,878			$	73,074
Loads			24,094				22,700				44,510				42,761
At June 30, 2025 and June 30, 2024:
Total tractors(1)			2,928				3,126
Average age of company tractors (in years)			2.1				1.8
Total trailers			5,164				5,539
Average age of company trailers (in years)			5.0				5.0
Ratio of trailers to tractors(1)			1.8				1.8
Total refrigerated containers			786				787

		Three Months								Six Months
		Ended June 30,								Ended June 30,
(In thousands)		2025				2024				2025				2024
Net cash provided by operating activities		$	33,153			$	35,821			$	69,368			$	81,543
Net cash used for investing activities			(33,115	)			(27,776	)			(41,528	)			(48,025	)
Net cash used for financing activities			(4,891	)			(4,576	)			(10,055	)			(9,532	)
Weighted average shares outstanding:
Basic			81,510				81,381				81,502				81,365
Diluted			81,517				81,446				81,512				81,442

(1 )		Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 80 and 90 tractors as of June 30, 2025 and 2024, respectively.
(2)		Represents the percentage of miles for which the company is not compensated.