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Marten Transport Announces First Quarter Results

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Marten Transport (MRTN) reported a significant decline in financial performance for Q1 2025. Net income dropped to $4.3 million ($0.05 per diluted share) from $9.6 million ($0.12 per diluted share) in Q1 2024. Operating revenue decreased to $223.2 million from $249.7 million year-over-year.

The company's operating income fell to $5.9 million from $12.3 million in Q1 2024, while operating expenses as a percentage of revenue increased to 97.4% from 95.1%. Fuel surcharge revenue decreased to $27.4 million from $33.9 million.

The company attributes these challenges to an extended freight market recession characterized by oversupply and weak demand, along with inflationary operating costs and freight rate reductions. Despite these challenges, Marten's dedicated and brokerage operations showed resilience, and the company was recently certified as a TCA Elite Fleet � 2025 Best Place to Drive.

Marten Transport (MRTN) ha riportato un significativo calo delle performance finanziarie nel primo trimestre del 2025. L'utile netto è sceso a 4,3 milioni di dollari (0,05 dollari per azione diluita) rispetto ai 9,6 milioni di dollari (0,12 dollari per azione diluita) del primo trimestre 2024. I ricavi operativi sono diminuiti a 223,2 milioni di dollari rispetto ai 249,7 milioni dell'anno precedente.

Il reddito operativo dell'azienda è sceso a 5,9 milioni di dollari dai 12,3 milioni del primo trimestre 2024, mentre le spese operative in percentuale sui ricavi sono aumentate al 97,4% dal 95,1%. I ricavi da sovrapprezzo carburante sono calati a 27,4 milioni di dollari rispetto ai 33,9 milioni precedenti.

L'azienda attribuisce queste difficoltà a una prolungata recessione del mercato del trasporto merci, caratterizzata da un eccesso di offerta e una domanda debole, oltre a costi operativi inflazionistici e riduzioni delle tariffe di trasporto. Nonostante queste sfide, le operazioni dedicate e di intermediazione di Marten hanno dimostrato resilienza, e l'azienda è stata recentemente certificata come TCA Elite Fleet � 2025 Best Place to Drive.

Marten Transport (MRTN) reportó un descenso significativo en su desempeño financiero durante el primer trimestre de 2025. La ganancia neta cayó a 4,3 millones de dólares (0,05 dólares por acción diluida) desde 9,6 millones (0,12 dólares por acción diluida) en el primer trimestre de 2024. Los ingresos operativos disminuyeron a 223,2 millones de dólares desde 249,7 millones año con año.

El ingreso operativo de la empresa se redujo a 5,9 millones desde 12,3 millones en el primer trimestre de 2024, mientras que los gastos operativos como porcentaje de los ingresos aumentaron al 97,4% desde el 95,1%. Los ingresos por recargos de combustible bajaron a 27,4 millones desde 33,9 millones.

La compañía atribuye estos desafíos a una prolongada recesión en el mercado de transporte de carga, caracterizada por un exceso de oferta y una demanda débil, junto con costos operativos inflacionarios y reducciones en las tarifas de flete. A pesar de estas dificultades, las operaciones dedicadas y de corretaje de Marten mostraron resiliencia, y la empresa fue recientemente certificada como TCA Elite Fleet � 2025 Best Place to Drive.

Marten Transport (MRTN)은 2025� 1분기 재무 실적� 크게 하락했다� 보고했습니다. 순이익은 2024� 1분기� 960� 달러(희석 주당 0.12달러)에서 430� 달러(희석 주당 0.05달러)� 감소했습니다. 영업 수익은 전년 동기 대� 2� 2,320� 달러에서 2� 4,970� 달러� 줄었습니�.

회사� 영업 이익은 2024� 1분기� 1,230� 달러에서 590� 달러� 감소했으�, 매출 대� 영업 비용 비율은 95.1%에서 97.4%� 상승했습니다. 연료 할증� 수익은 3,390� 달러에서 2,740� 달러� 줄었습니�.

회사� 이러� 어려움� 공급 과잉� 수요 부진이 특징� 장기적인 화물 시장 침체, 인플레이션에 따른 운영 비용 상승, 그리� 화물 운임 인하 때문이라� 설명했습니다. 이러� 도전에도 불구하고 Marten� 전용 � 중개 사업은 회복력을 보였으며, 최근 TCA Elite Fleet � 2025 Best Place to Drive 인증� 받았습니�.

Marten Transport (MRTN) a annoncé une baisse significative de ses performances financières pour le premier trimestre 2025. Le bénéfice net est passé à 4,3 millions de dollars (0,05 dollar par action diluée) contre 9,6 millions (0,12 dollar par action diluée) au premier trimestre 2024. Le chiffre d'affaires d'exploitation a diminué de 249,7 millions à 223,2 millions de dollars d'une année sur l'autre.

Le résultat d'exploitation de la société est tombé à 5,9 millions de dollars contre 12,3 millions au premier trimestre 2024, tandis que les charges d'exploitation en pourcentage du chiffre d'affaires ont augmenté de 95,1 % à 97,4 %. Les revenus liés aux surtaxes carburant ont baissé de 33,9 millions à 27,4 millions de dollars.

L'entreprise attribue ces difficultés à une récession prolongée du marché du fret caractérisée par une offre excédentaire et une demande faible, ainsi qu'à des coûts d'exploitation inflationnistes et à des réductions des tarifs de fret. Malgré ces défis, les activités dédiées et de courtage de Marten ont fait preuve de résilience, et la société a récemment été certifiée TCA Elite Fleet � 2025 Best Place to Drive.

Marten Transport (MRTN) meldete einen deutlichen Rückgang der finanziellen Leistung im ersten Quartal 2025. Der Nettogewinn sank auf 4,3 Millionen US-Dollar (0,05 US-Dollar je verwässerter Aktie) von 9,6 Millionen US-Dollar (0,12 US-Dollar je verwässerter Aktie) im ersten Quartal 2024. Der Betriebsumsatz verringerte sich von 249,7 Millionen auf 223,2 Millionen US-Dollar im Jahresvergleich.

Das Betriebsergebnis des Unternehmens fiel von 12,3 Millionen auf 5,9 Millionen US-Dollar im ersten Quartal 2024, während die betrieblichen Aufwendungen als Prozentsatz des Umsatzes von 95,1 % auf 97,4 % stiegen. Die Einnahmen aus Kraftstoffzuschlägen sanken von 33,9 Millionen auf 27,4 Millionen US-Dollar.

Das Unternehmen führt diese Herausforderungen auf eine anhaltende Rezession im Frachtmarkt zurück, die durch Überangebot und schwache Nachfrage gekennzeichnet ist, sowie auf inflationsbedingte Betriebskosten und Senkungen der Frachtraten. Trotz dieser Herausforderungen zeigten Martens dedizierte und Maklergeschäfte Widerstandsfähigkeit, und das Unternehmen wurde kürzlich als TCA Elite Fleet � 2025 Best Place to Drive zertifiziert.

Positive
  • Recognition as TCA Elite Fleet - 2025 Best Place to Drive
  • Resilient performance in dedicated and brokerage operations
  • Strong cash position with $39.9 million in cash and cash equivalents
Negative
  • Net income declined 55% to $4.3 million from $9.6 million YoY
  • Operating revenue decreased 10.6% to $223.2 million
  • Operating income fell 52.2% to $5.9 million
  • Operating expenses increased to 97.4% of revenue from 95.1%
  • All business segments showed declining revenue and operating performance

Insights

Marten Transport's Q1 2025 results show significant deterioration in financial performance across all key metrics. Net income plummeted 55% year-over-year to $4.3 million ($0.05 per share) from $9.6 million ($0.12 per share). Operating revenue fell 10.6% to $223.2 million, while operating income declined 52.2% to $5.9 million.

The company's operating ratio deteriorated to 97.4% from 95.1% a year ago, indicating worsening operational efficiency. This means Marten is spending 97.4% of its revenue on operating expenses, leaving minimal profit margin.

Examining segment performance reveals deeper concerns. The Truckload segment swung to an operating loss of $300,000, while Dedicated operating income fell 47.6%. Intermodal losses widened substantially, and even Brokerage income dropped 19.9%.

Management attributes these results to a prolonged freight market recession characterized by oversupply and weak demand, compounded by inflationary operating costs and freight rate reductions. The structural fleet reduction (from 3,406 to 3,040 tractors year-over-year) signals the company's response to these challenging market conditions. While Marten remains profitable overall and maintains a strong balance sheet with $39.9 million in cash, these results reflect significant operational headwinds that are unlikely to abate in the near term.

MONDOVI, Wis., April 16, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $4.3 million, or 5 cents per diluted share, for the first quarter ended March 31, 2025, compared with $9.6 million, or 12 cents per diluted share, for the first quarter of 2024.

Operating revenue was $223.2 million for the first quarter of 2025 compared with $249.7 million for the first quarter of 2024. Excluding fuel surcharges, operating revenue was $195.8 million for the 2025 quarter compared with $215.7 million for the 2024 quarter. Fuel surcharge revenue decreased to $27.4 million for the 2025 quarter from $33.9 million for the 2024 quarter.

Operating income was $5.9 million for the first quarter of 2025 compared with $12.3 million for the first quarter of 2024.

Operating expenses as a percentage of operating revenue were 97.4% for the 2025 first quarter and 95.1% for the 2024 first quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.0% for the 2025 first quarter and 94.3% for the 2024 first quarter.

Executive Chairman Randolph L. Marten stated, “Our unique multifaceted business model’s value is highlighted by the operating results of our dedicated and brokerage operations for this quarter 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 now 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, with fair compensation for our premium services, across each of our business segments.�

“We are pleased to recently be certified by the Truckload Carriers Association, or TCA, as a TCA Elite Fleet � 2025 Best Place to Drive.� The TCA partnered with the University of Denver’s Transportation and Supply Chain Institute to recognize North American for-hire truckload carriers that foster exceptional work environments, offer competitive compensation and implement innovative practices to support their drivers.

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, 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
March 31,December 31,
(In thousands, except share information)20252024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$39,905$17,267
Receivables:
Trade, net95,25089,992
Other4,7245,364
Prepaid expenses and other22,62125,888
Total current assets162,500138,511
Property and equipment:
Revenue equipment, buildings and land, office equipment and other1,199,3781,198,737
Accumulated depreciation(380,321)(370,124)
Net property and equipment819,057828,613
Other noncurrent assets1,7751,633
Total assets$983,332$968,757
LIABILITIES AND STOCKHOLDERS� EQUITY
Current liabilities:
Accounts payable$37,783$25,781
Insurance and claims accruals43,48644,246
Accrued and other current liabilities28,35423,492
Total current liabilities109,62393,519
Deferred income taxes105,824107,034
Noncurrent operating lease liabilities385282
Total liabilities215,832200,835
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; 81,493,424 shares at March 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding815815
Additional paid-in capital53,07352,941
Retained earnings713,612714,166
Total stockholders� equity767,500767,922
Total liabilities and stockholders� equity$983,332$968,757


MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
ThreeMonths
Ended March 31,
(In thousands, except per share information)20252024
Operating revenue$223,152$249,672
Operating expenses (income):
Salaries, wages and benefits78,80088,762
Purchased transportation37,65641,814
Fuel and fuel taxes33,11739,561
Supplies and maintenance15,51316,070
Depreciation27,47028,527
Operating taxes and licenses2,4172,575
Insurance and claims13,37711,657
Communications and utilities2,2792,371
Gain on disposition of revenue equipment(1,665)(1,171)
Other8,3297,256
Total operating expenses217,293237,422
Operating income5,85912,250
Other(349)(796)
Income before income taxes6,20813,046
Income taxes expense1,8733,400
Net income$4,335$9,646
Basic earnings per common share$0.05$0.12
Diluted earnings per common share$0.05$0.12
Dividends declared per common share$0.06$0.06

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
DollarPercentage
ChangeChange
Three MonthsThree MonthsThree Months
EndedEndedEnded
March 31,March 31,March 31,
(Dollars in thousands)202520242025 vs. 20242025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue$90,106$95,022$(4,916)(5.2)%
Truckload fuel surcharge revenue14,28516,529(2,244)(13.6)
Total Truckload revenue104,391111,551(7,160)(6.4)
Dedicated revenue, net of fuel surcharge revenue62,40571,738(9,333)(13.0)
Dedicated fuel surcharge revenue11,22014,722(3,502)(23.8)
Total Dedicated revenue73,62586,460(12,835)(14.8)
Intermodal revenue, net of fuel surcharge revenue10,26813,281(3,013)(22.7)
Intermodal fuel surcharge revenue1,8492,691(842)(31.3)
Total Intermodal revenue12,11715,972(3,855)(24.1)
Brokerage revenue33,01935,689(2,670)(7.5)
Total operating revenue$223,152$249,672$(26,520)(10.6)%
Operating income/(loss):
Truckload$(300)$489$(789)(161.3)%
Dedicated4,8549,258(4,404)(47.6)
Intermodal(855)(194)(661)(340.7)
Brokerage2,1602,697(537)(19.9)
Total operating income$5,859$12,250$(6,391)(52.2)%
Operating ratio:
Truckload100.3%99.6%
Dedicated93.489.3
Intermodal107.1101.2
Brokerage93.592.4
Consolidated operating ratio97.4%95.1%
Operating ratio, net of fuel surcharges:
Truckload100.3%99.5%
Dedicated92.287.1
Intermodal108.3101.5
Brokerage93.592.4
Consolidated operating ratio, net of fuel surcharges97.0%94.3%


MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
Three Months
Ended March 31,
20252024
Truckload Segment:
Revenue (in thousands)$104,391$111,551
Average revenue, net of fuel surcharges, per tractor per week(1)$4,196$3,996
Average tractors(1)1,6701,830
Average miles per trip537537
Non-revenue miles percentage(2)11.2%12.6%
Total miles (in thousands)38,27339,703
Dedicated Segment:
Revenue (in thousands)$73,625$86,460
Average revenue, net of fuel surcharges, per tractor per week(1)$3,846$3,781
Average tractors(1)1,2621,459
Average miles per trip308329
Non-revenue miles percentage(2)1.6%1.1%
Total miles (in thousands)25,23629,080
Intermodal Segment:
Revenue (in thousands)$12,117$15,972
Loads3,6574,589
Average tractors77126
Brokerage Segment:
Revenue (in thousands)$33,019$35,689
Loads20,41620,061
At March 31, 2025 and March 31, 2024:
Total tractors(1)3,0403,406
Average age of company tractors (in years)2.01.9
Total trailers5,3315,619
Average age of company trailers (in years)5.44.8
Ratio of trailers to tractors(1)1.81.6
Total refrigerated containers786787


Three Months
Ended March 31,
(In thousands)20252024
Net cash provided by operating activities$36,215$45,722
Net cash (used for) investing activities(8,413)(20,249)
Net cash (used for) financing activities(5,164)(4,956)
Weighted average shares outstanding:
Basic81,49381,350
Diluted81,50881,437


(1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 82 and 96 tractors as of March 31, 2025 and 2024, respectively.
(2)Represents the percentage of miles for which the company is not compensated.

FAQ

What was MRTN's earnings per share in Q1 2025?

Marten Transport reported earnings of $0.05 per diluted share in Q1 2025, down from $0.12 in Q1 2024.

How much did MRTN's operating revenue decline in Q1 2025?

Operating revenue declined by 10.6% to $223.2 million from $249.7 million in Q1 2024.

What factors impacted MRTN's Q1 2025 performance?

Performance was impacted by freight market recession, oversupply, weak demand, inflationary operating costs, and freight rate reductions.

How did MRTN's operating expenses change in Q1 2025?

Operating expenses as a percentage of revenue increased to 97.4% from 95.1% in Q1 2024.

What was MRTN's cash position at the end of Q1 2025?

Cash and cash equivalents were $39.9 million as of March 31, 2025, up from $17.3 million at the end of 2024.
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1.10B
57.55M
29.3%
71.86%
1.19%
Trucking
Trucking (no Local)
United States
MONDOVI