Marten Transport(US:MRTN)2025-10-23 20:06Financial Performance - Net income for Q3 2025 was $2.2 million, or $0.03 per diluted share, down from $3.8 million, or $0.05 per diluted share in Q3 2024[2][15] - Operating revenue for Q3 2025 was $220.5 million, a decrease from $237.4 million in Q3 2024; excluding fuel surcharges, it was $194.0 million compared to $207.9 million[3][15] - Operating income for Q3 2025 was $2.7 million, down from $4.3 million in Q3 2024[5][15] - For the first nine months of 2025, net income was $13.7 million, or $0.17 per diluted share, compared to $21.3 million, or $0.26 per diluted share in the same period of 2024[2][15] - Operating revenue for the first nine months of 2025 was $673.5 million, down from $733.3 million in 2024; excluding fuel surcharges, it was $593.5 million compared to $637.1 million[4][15] - Total operating revenue declined by 7.1% to $220,470,000 from $237,366,000 year-over-year[17] - Total operating revenue for the nine months ended September 30, 2025, was $673,544,000, down 8.1% from $733,276,000 in 2024[19] Operating Expenses - Operating expenses as a percentage of operating revenue increased to 98.8% in Q3 2025 from 98.2% in Q3 2024[6][15] - Operating expenses for the first nine months of 2025 were 97.3% of operating revenue, compared to 96.4% in 2024[7][15] - The consolidated operating ratio increased to 98.8% from the previous period[19] - The consolidated operating ratio, net of fuel surcharges, was 96.9% compared to 95.8% in the previous period[19] Revenue Breakdown - Truckload revenue, net of fuel surcharge revenue decreased by 3.4% to $90,138,000 compared to $93,278,000 in the previous period[17] - Total Dedicated revenue, net of fuel surcharge revenue fell by 10.7% to $67,010,000 compared to $75,021,000[17] - Intermodal revenue, net of fuel surcharge revenue decreased significantly by 31.9% to $8,369,000 from $12,289,000[17] - Truckload segment revenue for the three months ended September 30, 2025, was $104,829,000, a decrease of 2.2% compared to $108,424,000 in 2024[21] - Dedicated segment revenue for the three months ended September 30, 2025, was $67,010,000, down 10.7% from $75,021,000 in 2024[21] - Intermodal segment revenue for the three months ended September 30, 2025, was $9,851,000, a decline of 32.1% compared to $14,509,000 in 2024[21] - Brokerage segment revenue for the three months ended September 30, 2025, was $38,780,000, slightly down from $39,412,000 in 2024, representing a decrease of 1.6%[21] Cash Flow and Investments - Net cash provided by operating activities for the three months ended September 30, 2025, was $18,538,000, a decrease of 37.1% from $29,478,000 in 2024[21] - Net cash used for investing activities for the three months ended September 30, 2025, was $5,786,000, compared to a net cash used of $59,222,000 in 2024[21] Strategic Actions - The company sold intermodal business assets to Hub Group, Inc. for $51.8 million in cash, effective September 30, 2025[8] - The company maintains a debt-free balance sheet, allowing for continued investment in technology and fleet modernization[8] - The company expects future growth opportunities due to recent immigration enforcement efforts impacting the freight market[10][8] Operational Metrics - Average revenue per tractor per week in the Truckload segment for the three months ended September 30, 2025, was $4,129, a decrease from $4,187 in 2024[21] - Total miles driven in the Truckload segment for the three months ended September 30, 2025, was 38,081,000, down from 39,288,000 in 2024[21] - Average tractors in the Dedicated segment for the three months ended September 30, 2025, was 1,142, a decrease from 1,296 in 2024[21] - Total tractors as of September 30, 2025, was 2,823, down from 3,080 in 2024[21] - Operating income for the Truckload segment fell by 97.1% to $42,000 from $1,462,000[19]