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Marten Transport, Ltd (NASDAQ:MRTN) posted its best-ever third-quarter operating revenue and operating income in the company's 74-year history in the third quarter of 2019, the company said in its Oct. 17 earnings release.
The Mondovi, Wisconsin-based truckload carrier earned $16.6 million, or 30 cents per share, in the three months ending Sept. 30, compared with $15.3 million, or 28 cents per share, in the same period a year ago.
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Operating revenue climbed 7.7% to $215 million in the third quarter. Marten, which hauls temperature-sensitive goods, generated revenue of $199.6 million in the third quarter of 2018. The company's operating revenue climbed 7.3% to $626.1 million for the first nine months of 2019, compared to $583.6 million for the same time period in 2018.
"We earned the highest operating revenue and operating income for any quarter in our history, exceeding the previous record for each we produced in this year's second quarter," said Randolph Marten, chief executive of Marten, in a release.
Operating income improved 5.5% to a record $20 million for the third quarter of 2019, up from $19 million in the same period a year ago. The company's operating income jumped 13.6% to $55.7 million for the first nine months of 2019, compared to $50.8 million for the same time period in 2018.
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"Our talented people consistently deliver this profitable growth through the disciplined execution of our unique multifaceted business model across our diverse customer base — and overcame the negative impact of the recent hurricane and flooding on our Southeast and Texas operations during the third quarter," Marten said.
The company's fuel surcharge revenue dropped to $26.1 million in the third quarter, down from $27.9 million for the same quarter in 2018. However, its fuel surcharge jumped 13.6% to $55.7 million for the first nine months of 2019, compared with $50.8 million for the same nine months in 2018.
The company added 43 truckload and 41 dedicated tractors in the third quarter, increasing its combined year-to-date growth to 14.2% since the beginning of 2019.
"We expect to continue expanding our capacity to service our customers by offering the best jobs for the industry's best drivers," Marten said in the release.
Marten has five business platforms: truckload, dedicated, intermodal, brokerage and MRTN de Mexico.
Image Sourced from Pixabay
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.