Marten Transport(US:MRTN) Globenewswireยท2025-01-27 21:05Core Viewpoint - Marten Transport, Ltd. reported a decline in net income and operating revenue for both the fourth quarter and the full year of 2024 compared to 2023, although there was a sequential improvement in net income and operating income from the third quarter of 2024 [1][4][3]. Financial Performance - For Q4 2024, net income was $5.6 million (7 cents per diluted share), down from $12.4 million (15 cents per diluted share) in Q4 2023, but up 50.1% sequentially from Q3 2024's net income of $3.8 million (5 cents per diluted share) [1]. - Total operating revenue for Q4 2024 was $230.4 million, a decrease from $268.2 million in Q4 2023, with fuel surcharge revenue dropping to $27.6 million from $38.8 million [2]. - For the full year 2024, net income was $26.9 million (33 cents per diluted share), compared to $70.4 million (86 cents per diluted share) in 2023 [1]. - Total operating revenue for 2024 was $963.7 million, down from $1.131 billion in 2023, with fuel surcharge revenue decreasing to $123.7 million from $159.4 million [3]. Operating Income and Expenses - Operating income for Q4 2024 was $6.7 million, down from $15.7 million in Q4 2023, but improved 57.6% from Q3 2024's operating income of $4.3 million [4]. - For the full year 2024, operating income was $33.2 million, compared to $90.1 million in 2023 [4]. - Operating expenses as a percentage of operating revenue were 97.1% for Q4 2024, compared to 94.2% for Q4 2023 [5]. Segment Performance - Truckload revenue for Q4 2024 was $107.3 million, down 5.5% from $113.5 million in Q4 2023 [16]. - Dedicated revenue for Q4 2024 was $76.4 million, a decrease of 19.6% from $95.0 million in Q4 2023 [16]. - Intermodal revenue for Q4 2024 was $13.2 million, down 30.8% from $19.1 million in Q4 2023 [16]. - Brokerage revenue for Q4 2024 was $33.5 million, a decline of 17.4% from $40.6 million in Q4 2023 [16]. Operational Metrics - The average revenue per tractor per week for the Truckload segment was $4,227 in Q4 2024, compared to $4,183 in Q4 2023 [19]. - The average number of tractors in the Truckload segment was 1,676 in Q4 2024, down from 1,737 in Q4 2023 [19]. - The total miles driven in the Truckload segment for Q4 2024 were 39,147 thousand, compared to 39,278 thousand in Q4 2023 [19]. Strategic Outlook - The Executive Chairman expressed optimism about sequential improvements in net income, operating income, and operating ratios, indicating a focus on minimizing market impacts and positioning for organic growth opportunities [7].