Marten Transport Q3 profit rises on higher truckload pricing
MRTN•Marten Transport’s third-quarter net income rose 31% to $2.91 million, while revenue increased 1.3% to $223.23 million and missed analyst expectations. Truckload rates per mile rose 14.1% year over year, while higher fuel and health insurance costs reduced earnings.
1. Quarterly results
Marten Transport reported third-quarter net income of $2.91 million, up 31%, and diluted earnings per share of $0.04. Revenue rose 1.3% to $223.23 million, below the $230.03 million analyst consensus.
2. Pricing and costs
The company said truckload rates per mile increased 14.1% year over year as it secured higher pricing for premium services. It said reduced capacity from noncompliant drivers tightened the freight market, while unusually high net fuel and health insurance costs reduced earnings.
3. Market outlook
Marten said it secured higher customer pricing in the early stages of a freight market upcycle and is focused on managing the impact of rising diesel prices through expense management.
