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Truckload carrier Marten Transport, Ltd. (NASDAQ: MRTN) recorded record net income and revenue in the third quarter, with its comparisons to the third quarter of last year coming in strong.
The comparisons to last year are significant, because companies started to warn last quarter that the comparisons they posted between the second quarter of 2018 and the second quarter of 2017 would start to narrow this quarter, given that the third quarter of 2017 was the start of the freight market's bull run. But Marten's numbers still showed strong "comps."
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The net income for the mostly refrigerated carrier was up 94.2 percent to $15.3 million, a record for any quarter, the company said in its earnings statement. Operating revenue was up 17 percent to just under $200 million. Excluding fuel surcharges, operating revenue was up 10.8 percent to $171.8 million.
However, higher expenses helped push down Marten's operating ratio. The truckload OR declined to 89.3 percent from 93.7 percent; dedicated rose to 91.1 percent; intermodal slide to 90.3 percent from 92 percent; and the brokerage business rose to 94.2 percent from 93 percent. The company's total consolidated OR was 90.5 percent, down from 92.4 percent, but in a prepared statement, chairman and CEO Randolph Marten said the company's OR for the last 14 months, which was not disclosed, was a company record.
Expenses rose to $180.6 million for the quarter from $157.6 million, with compensation costs going to $64 million from $53.5 million in the third quarter of 2017.
The balance sheet at Marten held cash of $35.7 million at the end of the third quarter. At the start of the year, it was $15.8 million.
Marten does not hold an earnings call with investors.
According to SeekingAlpha, the company's earnings per share based on GAAP parameters, at 28 cts per share, beat estimates by 3 cts. The revenue figure just under $200 million was a 17 percent "beat" against consensus projections.
Marten's stock on Tuesday rose more than the broader market gains. Its stock closed at $20.06, up 59 cts for a gain of 3.03 percent. The broader S&P 500 was up 2.15 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.