Marten Transport(MRTN)2024-10-17 20:03Financial Performance - Marten Transport reported net income of 13.6 million, or 17 cents per diluted share, in Q3 2023[1]. - Operating revenue for Q3 2024 was 279.5 million in Q3 2023; excluding fuel surcharges, revenue was 239.1 million[1][2]. - For the first nine months of 2024, operating revenue was 863.2 million in the same period of 2023[2]. - Operating income for Q3 2024 was 17.2 million in Q3 2023; for the first nine months, it was 74.5 million in 2023[2][3]. - Total operating revenue decreased by 15.1% to 279,538,000 in 2023[11]. - Total operating income dropped by 75.2% to 17,230,000 in 2023[11]. Revenue Breakdown - Truckload revenue, net of fuel surcharge revenue, declined by 3.4% to 96,516,000 in 2023[11]. - Dedicated revenue, net of fuel surcharge revenue, fell by 24.2% to 82,963,000 in 2023[11]. - Intermodal revenue, net of fuel surcharge revenue, decreased by 32.2% to 18,122,000 in 2023[11]. - Brokerage revenue decreased by 5.0% to 41,467,000 in 2023[11]. - Truckload segment revenue for Q3 2024 was 114,227,000 in Q3 2023[15]. - Dedicated segment revenue for Q3 2024 was 101,797,000 in Q3 2023[15]. - Intermodal segment revenue for Q3 2024 was 22,047,000 in Q3 2023[15]. - Brokerage segment revenue for Q3 2024 was 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 2,738,000 in 2023[11]. - Dedicated operating income decreased by 72.9% to 11,286,000 in 2023[11]. - Intermodal operating loss widened to 1,074,000 in 2023[11]. Cash Flow and Assets - Net cash provided by operating activities was 28,132,000 in Q3 2023, reflecting a 4.8% increase[15]. - Net cash used for investing activities increased to (35,831,000) in Q3 2023[15]. - Total current assets decreased to 196.6 million at the end of 2023[7]. - Total assets increased 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].