Marten Transport, Ltd. (MRTN) came out with quarterly earnings of $0.05 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.06 per share when it actually produced earnings of $0.07, delivering a surprise of 16.67%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Marten Transport, which ...

Financial Performance - Marten Transport reported net income of $4.3 million, or $0.05 per diluted share, for Q1 2025, down from $9.6 million, or $0.12 per diluted share, in Q1 2024[2][12]. - Operating revenue decreased to $223.2 million in Q1 2025 from $249.7 million in Q1 2024, representing a decline of 10.6%[3][14]. - Operating income fell to $5.9 million in Q1 2025, down 52.2% from $12.3 million in Q1 2024, with operating expenses as a percentage of revenue increasing to 97.4%[4][14]. - Truckload revenue, net of fuel surcharges, decreased by 5.2% to $90.1 million, while dedicated revenue dropped by 14.8% to $73.6 million[14]. - Net cash provided by operating activities decreased to $36,215,000 from $45,722,000, a decline of 20.5% year-over-year[16]. Market Conditions - The company faced significant pressure from the freight market recession, inflationary operating costs, and reduced freight rates, impacting overall performance[5]. - The company is focused on minimizing the impact of the freight market and positioning operations for organic growth opportunities amid economic volatility[5][7]. Asset and Liability Management - Total current assets increased to $162.5 million as of March 31, 2025, compared to $138.5 million at the end of 2024[10]. - Total liabilities rose to $215.8 million as of March 31, 2025, up from $200.8 million at the end of 2024[10]. Operational Metrics - Truckload segment revenue decreased to $104,391,000 from $111,551,000, a decline of 6.5% year-over-year[16]. - Average revenue per tractor per week in the truckload segment increased to $4,196 from $3,996, a rise of 5.0%[16]. - Dedicated segment revenue decreased to $73,625,000 from $86,460,000, a decline of 15.0% year-over-year[16]. - Intermodal segment revenue decreased to $12,117,000 from $15,972, a decline of 24.0% year-over-year[16]. - Total tractors decreased to 3,040 from 3,406, a reduction of 10.7% year-over-year[16]. - Average age of company tractors increased to 2.0 years from 1.9 years[16]. - Total trailers decreased to 5,331 from 5,619, a reduction of 5.1% year-over-year[16]. - Non-revenue miles percentage in the truckload segment improved to 11.2% from 12.6%[16]. Investment and Growth Strategy - Marten Transport continues to invest in its multifaceted business model, which includes temperature-sensitive and dry truckload services across the U.S., Mexico, and Canada[6]. - Net cash used for investing activities improved to $(8,413,000) from $(20,249,000)[16]. Recognition and Awards - Marten Transport was certified as a TCA Elite Fleet – 2025 Best Place to Drive, highlighting its commitment to driver support and competitive compensation[5].

Revenue Performance - Operating revenue decreased by $167.7 million, or 14.8%, in 2024 compared to 2023, with revenue net of fuel surcharges down by $132.0 million, or 13.6%[137] - Truckload segment revenue, net of fuel surcharges, decreased by 4.6% from 2023, while Dedicated segment revenue fell by 20.3% and Intermodal segment revenue dropped by 34.8%[137] - Operating revenue decreased by $167.7 million, or 14.8%, to $963.7 million in 2024 from $1.131 billion in 2023[145] - Truckload segment revenue decreased by $25.7 million, or 5.5%, to $439.8 million in 2024 from $465.5 million in 2023[147] - Dedicated segment revenue decreased by $89.1 million, or 21.8%, to $319.1 million in 2024 from $408.3 million in 2023[148] - Intermodal segment revenue decreased by $33.3 million, or 36.2%, to $58.8 million in 2024 from $92.1 million in 2023[149] - Brokerage segment revenue decreased by $19.6 million, or 11.8%, to $146.0 million in 2024 from $165.6 million in 2023[150] Income and Expenses - Operating income declined by 63.1% to $33.2 million in 2024 from $90.1 million in 2023, with net income down 61.7% to $26.9 million, or $0.33 per diluted share[139] - Total operating income decreased by $56.9 million, or 63.1%, to $33.2 million in 2024 from $90.1 million in 2023[151] - Net income decreased 61.7% to $26.9 million, or $0.33 per diluted share, in 2024 from $70.4 million, or $0.86 per diluted share, in 2023[160] - Salaries, wages, and benefits decreased by $37.1 million, or 9.8%, in 2024 from 2023[152] - Fuel and fuel taxes decreased by $33.3 million, or 18.5%, in 2024 from 2023[154] - Gain on disposition of revenue equipment was $5.0 million in 2024, down from $13.6 million in 2023[158] Operating Ratios - The operating ratio increased to 96.6% in 2024 from 92.0% in 2023, indicating a rise in operating expenses as a percentage of operating revenue[139] - The consolidated operating ratio increased to 96.6% in 2024 from 92.0% in 2023[151] - Operating income declined 63.1% to $33.2 million in 2024 from $90.1 million in 2023, with an operating ratio of 96.6% in 2024 compared to 92.0% in 2023[159] Capital Expenditures and Cash Flow - Capital expenditures are estimated to be approximately $150 million in 2025, with net cash flows from operating activities of $134.8 million used for new revenue equipment purchases and dividends[140] - Net cash flows provided by operating activities decreased to $134.8 million in 2024 from $164.4 million in 2023 and $219.5 million in 2022[181] - Capital expenditures are estimated to be approximately $150 million in 2025, including commitments to purchase $191.2 million of new revenue equipment[182] Environmental and Operational Investments - The company continues to invest in environmentally sustainable solutions, including the use of auxiliary power units and energy-efficient equipment[142] Fleet and Mileage - Average revenue per tractor per week for the Truckload segment was $4,123 in 2024, down from $4,377 in 2023, while the Dedicated segment saw a decrease to $3,767 from $3,936[144] - Total miles for the Truckload segment increased to 158,985 thousand miles in 2024 from 155,929 thousand miles in 2023, while Dedicated segment total miles decreased to 110,681 thousand miles from 133,163 thousand miles[144] - The average number of tractors in the Truckload segment increased to 1,751 in 2024 from 1,733 in 2023, while the Dedicated segment's average tractors decreased to 1,356 from 1,632[144] Shareholder Returns and Financial Obligations - The company expects to continue paying quarterly cash dividends of $0.06 per share, totaling $19.5 million in both 2024 and 2023[182] - The company has outstanding standby letters of credit totaling $23.1 million as of December 31, 2024, to guarantee settlement of self-insurance claims[189] - The credit agreement effective in August 2022 provides for an unsecured committed credit facility of $30.0 million, maturing in August 2027, with no outstanding principal balance as of December 31, 2024[184] - The company maintains insurance coverage for losses in excess of self-insured retention levels, with total claims reserves of $37.5 million and $40.3 million as of December 31, 2024 and 2023, respectively[189]

Core Viewpoint - Marten Transport, Ltd. (NASDAQ: MRTN) reported its Q4 and full-year 2024 earnings, which were not well received by the investing community [1] Financial Performance - The earnings report for Q4 and the full year 2024 did not meet positive expectations from investors [1]

Company Performance - Marten Transport, Ltd. (MRTN) reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.06 per share, but down from $0.15 per share a year ago, indicating a 53.33% year-over-year decline [1] - The company achieved an earnings surprise of 16.67% for the quarter, while the previous quarter saw a negative surprise of -28.57% [1][2] - Revenues for the quarter were $230.43 million, missing the Zacks Consensus Estimate by 2.77% and down from $268.22 million year-over-year, reflecting a decline of 14.06% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.07 on revenues of $235 million, and for the current fiscal year, it is $0.43 on revenues of $978 million [7] - The trend of estimate revisions for Marten Transport has been unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Transportation - Truck industry, to which Marten Transport belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, suggesting a challenging environment for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment and stock performance [5]

Financial Performance - Net income for Q4 2024 was $5.6 million, or $0.07 per diluted share, down from $12.4 million, or $0.15 per diluted share in Q4 2023[1] - For the full year 2024, net income was $26.9 million, or $0.33 per diluted share, compared to $70.4 million, or $0.86 per diluted share in 2023[1] - Operating income for Q4 2024 was $6.7 million, down from $15.7 million in Q4 2023, but improved 57.6% sequentially from Q3 2024[4] - Total operating income dropped to $6,727 in Q4 2024, down 57.0% from $15,657 in Q4 2023[16] - Truckload operating income for the year decreased by 86.8% to $3,283 from $24,835 in 2023[18] Revenue Trends - Operating revenue for Q4 2024 was $230.4 million, a decrease from $268.2 million in Q4 2023; excluding fuel surcharges, it was $202.9 million compared to $229.4 million[2] - Operating revenue for 2024 totaled $963.7 million, down from $1.131 billion in 2023; excluding fuel surcharges, it was $840.0 million compared to $972.0 million[3] - Total operating revenue for Q4 2024 was $230,432, a decrease of 14.1% compared to $268,222 in Q4 2023[16] - For the year ended December 31, 2024, total operating revenue was $963,708, a decline of 14.8% from $1,131,455 in 2023[18] Revenue Breakdown - Truckload revenue, net of fuel surcharge revenue, decreased by 2.5% to $93,106 in Q4 2024 from $95,461 in Q4 2023[16] - Dedicated revenue, net of fuel surcharge revenue, fell by 16.4% to $64,997 in Q4 2024 compared to $77,731 in Q4 2023[16] - Intermodal revenue, net of fuel surcharge revenue, decreased by 28.0% to $11,238 in Q4 2024 from $15,610 in Q4 2023[16] Operating Expenses and Ratios - Operating expenses as a percentage of operating revenue were 97.1% for Q4 2024, compared to 94.2% for Q4 2023[5] - The consolidated operating ratio increased to 97.1% in Q4 2024 from 94.2% in Q4 2023[16] Cash Flow and Assets - Net cash provided by operating activities for Q4 2024 was $23,793, down from $38,045 in Q4 2023[20] - Total current assets decreased to $138.5 million in 2024 from $196.6 million in 2023[12] - Total liabilities decreased to $200.8 million in 2024 from $233.0 million in 2023[12] Performance Trends - The company reported a sequential improvement in net income, operating income, and operating ratio since Q2 2022, indicating a positive trend in performance[7] - Average revenue per tractor per week for the Truckload segment was $4,227 in Q4 2024, slightly up from $4,183 in Q4 2023[20] Fuel Surcharge Impact - Fuel surcharge revenue decreased to $27.6 million in Q4 2024 from $38.8 million in Q4 2023[2]

Core Viewpoint - Marten Transport, Ltd. reported a decline in net income and operating revenue for both the fourth quarter and the full year of 2024 compared to 2023, although there was a sequential improvement in net income and operating income from the third quarter of 2024 [1][4][3]. Financial Performance - For Q4 2024, net income was $5.6 million (7 cents per diluted share), down from $12.4 million (15 cents per diluted share) in Q4 2023, but up 50.1% sequentially from Q3 2024's net income of $3.8 million (5 cents per diluted share) [1]. - Total operating revenue for Q4 2024 was $230.4 million, a decrease from $268.2 million in Q4 2023, with fuel surcharge revenue dropping to $27.6 million from $38.8 million [2]. - For the full year 2024, net income was $26.9 million (33 cents per diluted share), compared to $70.4 million (86 cents per diluted share) in 2023 [1]. - Total operating revenue for 2024 was $963.7 million, down from $1.131 billion in 2023, with fuel surcharge revenue decreasing to $123.7 million from $159.4 million [3]. Operating Income and Expenses - Operating income for Q4 2024 was $6.7 million, down from $15.7 million in Q4 2023, but improved 57.6% from Q3 2024's operating income of $4.3 million [4]. - For the full year 2024, operating income was $33.2 million, compared to $90.1 million in 2023 [4]. - Operating expenses as a percentage of operating revenue were 97.1% for Q4 2024, compared to 94.2% for Q4 2023 [5]. Segment Performance - Truckload revenue for Q4 2024 was $107.3 million, down 5.5% from $113.5 million in Q4 2023 [16]. - Dedicated revenue for Q4 2024 was $76.4 million, a decrease of 19.6% from $95.0 million in Q4 2023 [16]. - Intermodal revenue for Q4 2024 was $13.2 million, down 30.8% from $19.1 million in Q4 2023 [16]. - Brokerage revenue for Q4 2024 was $33.5 million, a decline of 17.4% from $40.6 million in Q4 2023 [16]. Operational Metrics - The average revenue per tractor per week for the Truckload segment was $4,227 in Q4 2024, compared to $4,183 in Q4 2023 [19]. - The average number of tractors in the Truckload segment was 1,676 in Q4 2024, down from 1,737 in Q4 2023 [19]. - The total miles driven in the Truckload segment for Q4 2024 were 39,147 thousand, compared to 39,278 thousand in Q4 2023 [19]. Strategic Outlook - The Executive Chairman expressed optimism about sequential improvements in net income, operating income, and operating ratios, indicating a focus on minimizing market impacts and positioning for organic growth opportunities [7].

Revenue Performance - Operating revenue decreased by $130.0 million, or 15.1%, in the first nine months of 2024 compared to the same period in 2023[53] - Truckload segment revenue, net of fuel surcharges, decreased by 5.3% from the first nine months of 2023, primarily due to a decrease in average revenue per tractor[53] - Dedicated segment revenue, net of fuel surcharges, decreased by 21.4% from the first nine months of 2023, attributed to decreases in both average fleet size and average revenue per tractor[53] - Intermodal segment revenue, net of fuel surcharges, decreased by 36.6% from the first nine months of 2023, primarily due to decreases in both number of loads and revenue per load[53] - Operating revenue decreased by $42.2 million, or 15.1%, to $237.4 million in the 2024 period from $279.5 million in the 2023 period[68] - Truckload segment revenue decreased by $5.8 million, or 5.1%, to $108.4 million in the 2024 period from $114.2 million in the 2023 period[63] - Dedicated segment revenue decreased by $26.8 million, or 26.3%, to $75.0 million in the 2024 period from $101.8 million in the 2023 period[64] - Intermodal segment revenue decreased by $7.5 million, or 34.2%, to $14.5 million in the 2024 period from $22.0 million in the 2023 period[65] - Brokerage segment revenue decreased by $2.1 million, or 5.0%, to $39.4 million in the 2024 period from $41.5 million in the 2023 period[66] - Operating revenue decreased by $130.0 million, or 15.1%, to $733.3 million in the 2024 period from $863.2 million in the 2023 period[77] Income and Profitability - Operating income declined by 64.4% to $26.5 million in the first nine months of 2024 from $74.5 million in the same period in 2023[55] - Net income decreased by 63.3% to $21.3 million, or $0.26 per diluted share, in the first nine months of 2024 from $58.0 million, or $0.71 per diluted share, in the first nine months of 2023[55] - Operating income decreased by $12.96 million, or 75.2%, to $4.27 million in the 2024 period from $17.23 million in the 2023 period[68] - Operating income declined 75.2% to $4.3 million in the 2024 period from $17.2 million in the 2023 period[75] - Net income declined 72.4% to $3.8 million, or $0.05 per diluted share, in the 2024 period from $13.6 million, or $0.17 per diluted share, in the 2023 period[76] Operating Ratios and Expenses - The consolidated operating ratio increased to 98.2% in the 2024 period from 93.8% in the 2023 period[68] - Operating expenses as a percentage of operating revenue increased to 96.4% in the 2024 period from 91.4% in the 2023 period[84] - Fuel surcharge revenue decreased to $96.1 million in the first nine months of 2024 from $120.6 million in the same period in 2023[53] - Purchased transportation expense decreased by $22.2 million, or 14.6%, in the 2024 period compared to the 2023 period[85] Fuel and Taxation - Fuel and fuel taxes decreased by $12.9 million, or 26.5%, in the 2024 period from the 2023 period[71] - Net fuel expense decreased by $3.4 million, or 28.1%, to $8.7 million in the 2024 period from $12.1 million in the 2023 period[71] - Fuel and fuel taxes decreased by $23.6 million, or 17.1%, in the 2024 period from the 2023 period, with net fuel expense decreasing by $3.6 million, or 12.3%[86] - The effective income tax rate increased to 27.7% in the 2024 period from 25.5% in the 2023 period[76] - The effective income tax rate increased to 27.2% in the 2024 period from 25.1% in the 2023 period[90] Capital Expenditures and Cash Flow - Capital expenditures, net of proceeds from dispositions, are estimated to be approximately $43 million for the remainder of 2024[56] - Capital expenditures for the remainder of 2024 are estimated to be approximately $43 million, including commitments to purchase $36.2 million of new revenue equipment[97] - Net cash flows provided by operating activities were $111.0 million in the first nine months of 2024, down from $126.3 million in the same period of 2023[96] Share Repurchase and Financial Commitments - The company did not repurchase any shares in the first nine months of 2024, with future repurchases of up to $33.2 million available in the share repurchase program[95] - The company has outstanding standby letters of credit totaling $23.1 million as of September 30, 2024, to guarantee settlement of self-insurance claims[99] Diesel Fuel Impact - A 5% increase in the average cost of diesel fuel would have increased fuel expenses by $5.6 million based on fuel consumption in the first nine months of 2024[107]

Company Performance - Marten Transport reported quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.07 per share, and down from $0.17 per share a year ago, representing an earnings surprise of -28.57% [1] - The company posted revenues of $237.37 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.72%, and down from $279.54 million year-over-year [1] - Over the last four quarters, Marten Transport has not surpassed consensus EPS or revenue estimates [1] Stock Performance - Marten Transport shares have declined approximately 18.4% since the beginning of the year, contrasting with the S&P 500's gain of 22.5% [2] - The current Zacks Rank for Marten Transport is 4 (Sell), indicating expected underperformance in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $247 million, and for the current fiscal year, it is $0.41 on revenues of $987 million [4] - The trend for estimate revisions ahead of the earnings release was unfavorable, which may impact future stock performance [4] Industry Context - The Transportation - Truck industry is currently in the bottom 11% of over 250 Zacks industries, suggesting a challenging environment for stocks in this sector [5] - Another trucking company, Saia, is expected to report quarterly earnings of $3.56 per share, reflecting a year-over-year change of -3%, with revenues projected at $839.81 million, up 8.3% from the previous year [5]

Financial Performance - Marten Transport reported net income of $3.8 million, or 5 cents per diluted share, for Q3 2024, down from $13.6 million, or 17 cents per diluted share, in Q3 2023[1]. - Operating revenue for Q3 2024 was $237.4 million, a decrease of 15.1% from $279.5 million in Q3 2023; excluding fuel surcharges, revenue was $207.9 million compared to $239.1 million[1][2]. - For the first nine months of 2024, operating revenue was $733.3 million, down 15.1% from $863.2 million in the same period of 2023[2]. - Operating income for Q3 2024 was $4.3 million, significantly lower than $17.2 million in Q3 2023; for the first nine months, it was $26.5 million compared to $74.5 million in 2023[2][3]. - Total operating revenue decreased by 15.1% to $237,366,000 in 2024 from $279,538,000 in 2023[11]. - Total operating income dropped by 75.2% to $4,269,000 in 2024 from $17,230,000 in 2023[11]. Revenue Breakdown - Truckload revenue, net of fuel surcharge revenue, declined by 3.4% to $93,278,000 in 2024 compared to $96,516,000 in 2023[11]. - Dedicated revenue, net of fuel surcharge revenue, fell by 24.2% to $62,898,000 in 2024 from $82,963,000 in 2023[11]. - Intermodal revenue, net of fuel surcharge revenue, decreased by 32.2% to $12,289,000 in 2024 from $18,122,000 in 2023[11]. - Brokerage revenue decreased by 5.0% to $39,412,000 in 2024 from $41,467,000 in 2023[11]. - Truckload segment revenue for Q3 2024 was $108,424,000, a decrease of 5.5% from $114,227,000 in Q3 2023[15]. - Dedicated segment revenue for Q3 2024 was $75,021,000, down 26.4% from $101,797,000 in Q3 2023[15]. - Intermodal segment revenue for Q3 2024 was $14,509,000, a decline of 34.3% from $22,047,000 in Q3 2023[15]. - Brokerage segment revenue for Q3 2024 was $39,412,000, a decrease of 4.9% from $41,467,000 in Q3 2023[15]. Operating Metrics - Operating expenses as a percentage of operating revenue increased to 98.2% in Q3 2024 from 93.8% in Q3 2023[2]. - The consolidated operating ratio increased to 98.2% in 2024 from 93.8% in 2023[11]. - Truckload operating income turned to a loss of $142,000 in 2024 compared to a profit of $2,738,000 in 2023[11]. - Dedicated operating income decreased by 72.9% to $3,056,000 in 2024 from $11,286,000 in 2023[11]. - Intermodal operating loss widened to $1,542,000 in 2024 from a loss of $1,074,000 in 2023[11]. Cash Flow and Assets - Net cash provided by operating activities was $29,478,000 in Q3 2024, compared to $28,132,000 in Q3 2023, reflecting a 4.8% increase[15]. - Net cash used for investing activities increased to $(59,222,000) in Q3 2024 from $(35,831,000) in Q3 2023[15]. - Total current assets decreased to $170.3 million as of September 30, 2024, from $196.6 million at the end of 2023[7]. - Total assets increased to $1,000.0 million as of September 30, 2024, compared to $990.3 million at the end of 2023[7]. Operational Changes - The company added 149 drivers to its dedicated capacity programs, expected to be in service by the end of 2024, up from 133 drivers previously announced[3]. - Total tractors decreased to 3,080 as of September 30, 2024, from 3,454 as of September 30, 2023[15]. - Average age of company tractors remained stable at 1.8 years for both September 30, 2024, and September 30, 2023[15]. Dividends - The company declared dividends of $0.06 per common share for Q3 2024, consistent with Q3 2023[8].