Marten Transport(US:MRTN)2024-10-17 20:03Financial 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].