Marten Transport(MRTN) GlobeNewswire News Room·2024-10-17 20:01Financial Performance - Marten Transport reported a net income of 13.6 million, or 17 cents per diluted share, in Q3 2023 [1] - For the nine-month period ended September 30, 2024, net income was 58.0 million, or 71 cents per diluted share, for the same period in 2023 [1] - Operating revenue for Q3 2024 was 279.5 million in Q3 2023 [1][2] - Excluding fuel surcharges, operating revenue was 239.1 million in Q3 2023 [1][2] - For the first nine months of 2024, operating revenue was 863.2 million for the same period in 2023 [2] Operating Income and Expenses - Operating income for Q3 2024 was 17.2 million in Q3 2023 [2] - Operating income for the first nine months of 2024 was 74.5 million in the same period of 2023 [2] - Operating expenses as a percentage of operating revenue were 98.2% for Q3 2024, compared to 93.8% for Q3 2023 [2][10] - For the first nine months of 2024, operating expenses as a percentage of operating revenue were 96.4%, up from 91.4% in the same period of 2023 [3] Segment Performance - Truckload revenue, net of fuel surcharge, was 96.5 million in Q3 2023 [9] - Dedicated revenue, net of fuel surcharge, decreased by 24.2% to 83.0 million in Q3 2023 [9] - Intermodal revenue, net of fuel surcharge, fell by 32.2% to 18.1 million in Q3 2023 [9] - Brokerage revenue decreased by 5.0% to 41.5 million in Q3 2023 [9] Business Strategy and Outlook - The Executive Chairman highlighted the impact of the freight market recession, inflationary operating costs, and freight rate reductions on earnings [3] - The company is seeing increased interest from customers for dedicated capacity and has added new multi-year dedicated programs for additional drivers [3] - Marten Transport aims to minimize the freight market's impact while positioning itself for profitable organic growth opportunities [3]