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Marten Transport Announces First Quarter Results

MONDOVI, Wis., April 16, 2020 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 1.3% improvement in net income to $13.7 million, or 25 cents per diluted share, for the first quarter ended March 31, 2020, from $13.5 million, or 25 cents per diluted share, for the first quarter of 2019.

       
  Operating Results Comparison    
   

Net income used to calculate the percentage increase from 2017 to
2018 below excludes a $56.5 million deferred income tax benefit in
the fourth quarter of 2017.

 
   
      Percentage   Percentage   Percentage  
      Increase   Increase   Increase  
      Three Months   Year   Year  
      Ended   Ended   Ended  
      March 31,   December 31,   December 31,  
      2020 vs. 2019   2019 vs. 2018   2018 vs. 2017  
                       
  Operating revenue   9.9   7.1 %   12.8 %  
                       
  Operating income   1.7 %   8.7 %   23.7 %  
                       
  Net income   1.3 %   11.0 %   62.7 %  
     

Operating revenue improved 9.9% to a record $218.6 million for the first quarter of 2020 from $199.0 million for the first quarter of 2019. Excluding fuel surcharges, operating revenue improved 10.2% to $193.4 million for the 2020 quarter from $175.5 million for the 2019 quarter. Fuel surcharge revenue increased to $25.2 million for the 2020 quarter from $23.6 million for the 2019 quarter.

Operating income improved 1.7% to $18.0 million for the first quarter of 2020 from $17.7 million for the first quarter of 2019.

Operating expenses as a percentage of operating revenue were 91.8% for the first quarter of 2020 and 91.1% for the first quarter of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 90.7% for the 2020 quarter and 89.9% for the 2019 quarter.

Chairman and Chief Executive Officer Randolph L. Marten said, “I genuinely appreciate our talented drivers, maintenance personnel and our employees across all functions and regions whose bright, hard work consistently drives our strong operating results. Our disciplined execution of our unique multifaceted business model across our diverse and growing customer base, including our ability to quickly make data-driven decisions and adjustments utilizing our in-house operating technology, has and will continue to be one of our key strengths as we proactively navigate through these most volatile, disruptive times. We added 101 Dedicated and 73 Truckload tractors during the first quarter on top of our growth of 329 Dedicated and 101 Truckload tractors throughout 2019, all while further tightening our stringent hiring standards for experienced drivers. We embrace our responsibility to keep our valued employees safe and healthy as they each contribute to our transporting and distributing the food, beverages and other consumer goods essential to millions of people in North America.”

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of the Company’s prospects for future growth and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED BALANCE SHEETS

    March 31,     December 31,  
(In thousands, except share information)   2020     2019  
       (Unaudited)          
ASSETS                
Current assets:                
Cash and cash equivalents   $ 36,136     $ 31,461  
Receivables:                
Trade, net     94,276       90,712  
Other     10,077       11,055  
Prepaid expenses and other     19,058       20,938  
Total current assets     159,547       154,166  
                 
Property and equipment:                
Revenue equipment, buildings and land, office equipment and other     937,389       904,237  
Accumulated depreciation     (274,047 )     (263,843 )
Net property and equipment     663,342       640,394  
Other noncurrent assets     2,029       2,026  
   Total assets   $ 824,918     $ 796,586  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 34,821     $ 22,917  
Insurance and claims accruals     34,424       31,729  
Accrued and other current liabilities     21,881       21,680  
Total current liabilities     91,126       76,326  
Deferred income taxes     123,790       122,022  
Noncurrent operating lease liabilities     622       649  
Total liabilities     215,538       198,997  
                 
Stockholders’ equity:                
Preferred stock, $.01 par value per share; 2,000,000 shares authorized;
no shares issued and outstanding
    -       -  
Common stock, $.01 par value per share; 192,000,000 shares
authorized; 54,840,652 shares at March 31, 2020, and 54,703,466
shares at December 31, 2019, issued and outstanding
    548       547  
Additional paid-in capital     79,730       79,465  
Retained earnings     529,102       517,577  
Total stockholders’ equity     609,380       597,589  
Total liabilities and stockholders’ equity   $ 824,918     $ 796,586  
                 

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

    Three Months  
    Ended March 31,  
(In thousands, except per share information)     2020       2019  
                 
Operating revenue   $ 218,646     $ 199,023  
                 
Operating expenses (income):                
Salaries, wages and benefits     72,761       63,524  
Purchased transportation     40,445       38,249  
Fuel and fuel taxes     28,297       27,677  
Supplies and maintenance     12,228       11,121  
Depreciation     25,427       22,543  
Operating taxes and licenses     2,639       2,333  
Insurance and claims     12,284       9,875  
Communications and utilities     1,985       1,950  
Gain on disposition of revenue equipment     (1,555 )     (1,548 )
Other     6,103       5,566  
                 
Total operating expenses     200,614       181,290  
                 
Operating income     18,032       17,733  
                 
Other     (97 )     (278 )
                 
Income before income taxes     18,129       18,011  
                 
Income taxes expense     4,411       4,465  
                 
Net income   $ 13,718     $ 13,546  
                 
Basic earnings per common share   $ 0.25     $ 0.25  
                 
Diluted earnings per common share   $ 0.25     $ 0.25  
                 
Dividends declared per common share   $ 0.04     $ 0.03  
                 

                                                                                                                                                         

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
   

                    Dollar     Percentage  
                    Change     Change  
    Three Months     Three Months     Three Months  
    Ended     Ended     Ended  
    March 31,     March 31,     March 31,  
(Dollars in thousands)   2020     2019     2020 vs. 2019     2020 vs. 2019  
Operating revenue:                                
Truckload revenue, net of fuel surcharge revenue   $ 83,857     $ 80,167     $ 3,690       4.6 %
Truckload fuel surcharge revenue     11,275       11,555       (280 )     (2.4 )
Total Truckload revenue     95,132       91,722       3,410       3.7  
                                 
Dedicated revenue, net of fuel surcharge revenue     64,159       48,924       15,235       31.1  
Dedicated fuel surcharge revenue     10,878       8,801       2,077       23.6  
Total Dedicated revenue     75,037       57,725       17,312       30.0  
                                 
Intermodal revenue, net of fuel surcharge revenue     20,594       19,755       839       4.2  
Intermodal fuel surcharge revenue     3,086       3,216       (130 )     (4.0 )
Total Intermodal revenue     23,680       22,971       709       3.1  
                                 
Brokerage revenue     24,797       26,605       (1,808 )     (6.8 )
                                 
Total operating revenue   $ 218,646     $ 199,023     $ 19,623       9.9 %
                                 
Operating income:                                
Truckload   $ 6,785     $ 7,555     $ (770 )     (10.2 )%
Dedicated     8,533       5,515       3,018       54.7  
Intermodal     1,306       2,394       (1,088 )     (45.4 )
Brokerage     1,408       2,269       (861 )     (37.9 )
Total operating income   $ 18,032     $ 17,733     $ 299       1.7 %
                                 
Operating ratio:                                
Truckload     92.9 %     91.8 %                
Dedicated     88.6       90.4                  
Intermodal     94.5       89.6                  
Brokerage     94.3       91.5                  
Consolidated operating ratio     91.8 %     91.1 %                

                                                                                                                                           

MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)

    Three Months  
    Ended March 31,  
    2020     2019  
Truckload Segment:                
Revenue (in thousands)   $ 95,132     $ 91,722  
Average revenue, net of fuel surcharges, per tractor per week(1)   $ 3,814     $ 3,859  
Average tractors(1)     1,691       1,616  
Average miles per trip     559       562  
Non-revenue miles percentage(2)     11.2 %     11.3 %
Total miles (in thousands)     41,039       37,236  
                 
Dedicated Segment:                
Revenue (in thousands)   $ 75,037     $ 57,725  
Average revenue, net of fuel surcharges, per tractor per week(1)   $ 3,304     $ 3,382  
Average tractors(1)     1,494       1,125  
Average miles per trip     306       322  
Non-revenue miles percentage(2)     0.7 %     0.6 %
Total miles (in thousands)     31,536       23,643  
                 
Intermodal Segment:                
Revenue (in thousands)   $ 23,680     $ 22,971  
Loads     9,737       9,251  
Average tractors     100       87  
                 
Brokerage Segment:                
Revenue (in thousands)   $ 24,797     $ 26,605  
Loads     16,108       15,266  
                 
At March 31, 2020 and March 31, 2019:                
Total tractors(1)     3,377       2,867  
Average age of company tractors (in years)     1.8       1.8  
Total trailers     5,420       5,313  
Average age of company trailers (in years)     2.6       2.5  
Ratio of trailers to tractors(1)     1.6       1.9  


    Three Months  
    Ended March 31,  
(In thousands)   2020     2019  
                 
Net cash provided by operating activities   $ 43,480     $ 37,628  
Net cash (used for) investing activities     (36,632 )     (6,736 )
Net cash (used for) financing activities     (2,173     (2,129 )
                 
Weighted average shares outstanding:                
Basic     54,809       54,553  
Diluted     55,243       55,046  

       

(1 ) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 106 and 46 tractors as of March 31, 2020 and 2019, respectively. 
   
(2 ) Represents the percentage of miles for which the company is not compensated.

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