Marten Transport(US:MRTN)2025-11-07 12:00Revenue Performance - Operating revenue decreased by $59.7 million, or 8.1%, in the first nine months of 2025 compared to the same period in 2024[62] - Truckload segment revenue, net of fuel surcharges, decreased by 4.1% primarily due to a decrease in average fleet size, despite an increase in average revenue per tractor[62] - Dedicated segment revenue, net of fuel surcharges, decreased by 10.7% from the first nine months of 2024, also due to a decrease in average fleet size[62] - Intermodal segment revenue, net of fuel surcharges, decreased by 24.8% from the first nine months of 2024, attributed to decreases in both the number of loads and revenue per load[62] - Operating revenue decreased by $16.9 million, or 7.1%, to $220.5 million in the 2025 period from $237.4 million in the 2024 period[69] - Truckload segment revenue decreased by $3.6 million, or 3.3%, to $104.8 million in the 2025 period from $108.4 million in the 2024 period[70] - Dedicated segment revenue decreased by $8.0 million, or 10.7%, to $67.0 million in the 2025 period from $75.0 million in the 2024 period[71] - Intermodal segment revenue decreased by $4.7 million, or 32.1%, to $9.9 million in the 2025 period from $14.5 million in the 2024 period[72] - Total operating revenue decreased by $59.7 million, or 8.1%, to $673.5 million in the 2025 period from $733.3 million in the 2024 period[87] - Truckload segment revenue decreased $16.8 million, or 5.1%, to $315.7 million in the 2025 period from $332.5 million in the 2024 period[88] - Dedicated segment revenue decreased $30.2 million, or 12.5%, to $212.5 million in the 2025 period from $242.7 million in the 2024 period[89] - Intermodal segment revenue decreased $11.9 million, or 26.1%, to $33.7 million in the 2025 period from $45.5 million in the 2024 period[90] - Brokerage segment revenue decreased $828,000, or 0.7%, to $111.7 million in the 2025 period from $112.5 million in the 2024 period[91] Income and Profitability - Operating income declined by 30.8% to $18.3 million in the first nine months of 2025 from $26.5 million in the same period of 2024[64] - Net income decreased by 35.4% to $13.7 million, or $0.17 per diluted share, in the first nine months of 2025 compared to $21.3 million, or $0.26 per diluted share, in the first nine months of 2024[64] - Total operating income decreased by $1.5 million, or 35.9%, to $2.7 million in the 2025 period from $4.3 million in the 2024 period[75] - Net income decreased by $1.5 million, or 40.7%, to $2.2 million in the 2025 period from $3.7 million in the 2024 period[75] - Operating income declined 35.9% to $2.7 million in the 2025 period from $4.3 million in the 2024 period[83] - Net income decreased 40.7% to $2.2 million, or $0.03 per diluted share, in the 2025 period from $3.8 million, or $0.05 per diluted share, in the 2024 period[86] Cash Flow and Capital Expenditures - Cash and cash equivalents increased by $37.2 million in the first nine months of 2025, with $54.5 million in cash and cash equivalents at September 30, 2025[65] - Capital expenditures for the remainder of 2025 are estimated to be approximately $28 million[65] - Net cash flows provided by operating activities were $87.9 million in the first nine months of 2025, down from $111.0 million in the same period of 2024[105] - Capital expenditures for the remainder of 2025 are estimated to be approximately $28 million, including commitments to purchase $32.9 million of new revenue equipment[106] Operating Ratios and Expenses - Operating ratio for Truckload increased to 101.9% in the 2025 period from 100.1% in the 2024 period[70] - Operating ratio for Dedicated improved to 94.9% in the 2025 period from 95.9% in the 2024 period[71] - Operating expenses decreased by $51.6 million, or 7.3%, in the 2025 period compared to the 2024 period[92] - Fuel and fuel taxes decreased by $2.3 million, or 6.3%, in the 2025 period from the 2024 period[78] - Fuel and fuel taxes decreased by $14.9 million, or 13.1%, in the 2025 period from the 2024 period[94] - The operating ratio for the Truckload segment was 100.0% in 2025, compared to 99.6% in 2024[98] Tax and Compliance - The effective income tax rate increased to 28.9% in 2025 from 27.2% in 2024[99] - The company was in compliance with all covenants of its credit agreement as of September 30, 2025[108] Shareholder Returns - The company has not repurchased any shares since the second quarter of 2022, with future repurchases of up to $33.2 million available[104] - The company expects to continue paying quarterly cash dividends of $0.06 per share, totaling $14.7 million in each of the first three quarters of 2025 and 2024[106] Equipment Disposition - Gain on disposition of revenue equipment increased to $1.9 million in the 2025 period from $881,000 in the 2024 period[82] - Gain on disposition of revenue equipment increased to $8.8 million in the 2025 period from $4.6 million in the 2024 period[97] Revenue per Tractor - Average revenue per tractor per week for the Truckload segment was $4,178 in the first nine months of 2025, compared to $4,090 in the same period of 2024[68] - Average revenue per tractor per week for the Dedicated segment increased to $3,811 in the first nine months of 2025 from $3,744 in the same period of 2024[68] Fuel Cost Impact - A 5% increase in the average cost of diesel fuel would have increased fuel expenses by $4.8 million in the first nine months of 2025[113]