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Marten Transport Announces Third Quarter Results

Operating income improves 21.8% and net income improves 8.8% over 2019 quarter

MONDOVI, Wis., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported an 8.8% improvement in net income to $18.0 million, or 22 cents per diluted share, for the third quarter ended September 30, 2020, from $16.6 million, or 20 cents per diluted share, for the third quarter of 2019. For the first nine months of 2020, net income improved 10.1% to $49.9 million, or 60 cents per diluted share, from $45.3 million, or 55 cents per diluted share, for the first nine months of 2019.

Results for the 2020 quarter include a gain of $1.7 million on the disposition of a facility as part of Marten’s program to expand and update its facilities. This gain increased earnings for the 2020 quarter by $1.3 million, while earnings for the 2019 quarter increased by $1.4 million due to an additional income tax benefit.

       
  Operating Results Comparison    
       
          Percentage   Percentage  
          Increase   Increase  
          Three Months   Nine Months  
          Ended   Ended  
          September 30,   September 30,  
          2020 vs. 2019   2020 vs. 2019  
                       
  Operating revenue         0.5 %   3.3 %  
                       
  Operating revenue, net of fuel surcharges         3.8 %   6.2 %  
                       
  Operating income         21.8 %   17.3 %  
                       
  Net income         8.8 %   10.1 %  
     

Operating revenue improved to $216.0 million for the third quarter of 2020 from $215.0 million for the third quarter of 2019, and improved 3.3% to $647.0 million for the first nine months of 2020 from $626.1 million for the first nine months of 2019. Excluding fuel surcharges, operating revenue improved 3.8% to $196.1 million for the 2020 quarter from $188.9 million for the 2019 quarter, and improved 6.2% to $583.6 million for the first nine months of 2020 from $549.7 million for the first nine months of 2019. Fuel surcharge revenue decreased to $19.9 million for the 2020 quarter from $26.1 million for the 2019 quarter and decreased to $63.5 million for the first nine months of 2020 from $76.4 million for the first nine months of 2019 due to significantly lower fuel prices.

Operating income improved 21.8% to $24.4 million for the third quarter of 2020 from $20.0 million for the third quarter of 2019. Operating income improved 17.3% to $67.7 million for the first nine months of 2020 from $57.7 million for the first nine months of 2019. The operating income for the first nine months of 2020 was the highest for the first nine months of any year in Marten’s history.

Operating expenses as a percentage of operating revenue improved to 88.7% for the third quarter of 2020 from 90.7% for the third quarter of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 87.6% from 89.4%.

Operating expenses as a percentage of operating revenue improved to 89.5% for the first nine months of 2020 from 90.8% for the first nine months of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 88.4% from 89.5%.

Chairman and Chief Executive Officer Randolph L. Marten said, “Our talented and hard-working people continue to drive consistent profitable growth, with our operating income for the first nine months of this year the highest in our history and up 17.3% over the same period of 2019, and our operating ratio, net of fuel surcharges, the best ratio for the first nine months of any year since we became a public company in 1986. The operating income improvement is on top of strong growth in 2019 of 8.7% and in 2018 of 23.7%.”

“We improved our Truckload miles per tractor by 8.5% over the third quarter of 2019 and by 6.2% over the first nine months of 2019, demonstrating our strength of quickly making data-driven decisions and adjustments utilizing our in-house operating technology. We also have been increasing and will continue to increase the compensation for our premium services within the tightening freight market. We expect to build on our success in expanding the capacity we provide within our unique multifaceted business model to support our diverse and growing customer base by offering the best jobs for the industry’s top, 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 Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. 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

    September 30,     December 31,  
(In thousands, except share information)   2020     2019  
       (Unaudited)          
ASSETS                
Current assets:                
Cash and cash equivalents   $ 88,279     $ 31,461  
Receivables:                
Trade, net     80,719       90,712  
Other     2,908       11,055  
Prepaid expenses and other     20,640       20,938  
Total current assets     192,546       154,166  
                 
Property and equipment:                
Revenue equipment, buildings and land, office equipment and other     943,058       904,237  
Accumulated depreciation     (278,488 )     (263,843 )
Net property and equipment     664,570       640,394  
Other noncurrent assets     1,950       2,026  
Total assets   $ 859,066     $ 796,586  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 24,563     $ 22,917  
Insurance and claims accruals     36,629       31,729  
Accrued and other current liabilities     26,755       21,680  
Total current liabilities     87,947       76,326  
Deferred income taxes     125,890       122,022  
Noncurrent operating lease liabilities     521       649  
Total liabilities     214,358       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; 82,680,849 shares at September 30, 2020, and
82,055,199 shares at December 31, 2019, issued and outstanding
    827       821  
Additional paid-in capital     84,389       79,465  
Retained earnings     559,492       517,303  
Total stockholders’ equity     644,708       597,589  
Total liabilities and stockholders’ equity   $ 859,066     $ 796,586  
                 


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

    Three Months     Nine Months  
    Ended September 30,     Ended September 30,  
(In thousands, except per share information)   2020     2019     2020     2019  
                                 
Operating revenue   $ 216,011     $ 214,973     $ 647,041     $ 626,086  
                                 
Operating expenses (income):                                
Salaries, wages and benefits     74,797       69,312       221,034       201,449  
Purchased transportation     37,066       40,435       113,676       117,352  
Fuel and fuel taxes     24,268       31,275       73,433       89,904  
Supplies and maintenance     12,440       12,116       36,501       34,739  
Depreciation     25,580       24,290       76,979       70,295  
Operating taxes and licenses     2,749       2,651       8,003       7,422  
Insurance and claims     11,243       9,618       35,160       29,355  
Communications and utilities     1,999       1,901       5,961       5,801  
Gain on disposition of revenue equipment     (2,128 )     (2,559 )     (5,899 )     (5,337 )
Gain on disposition of facility     (1,718 )     -       (1,718 )     -  
Other     5,315       5,900       16,223       17,395  
                                 
Total operating expenses     191,611       194,939       579,353       568,375  
                                 
Operating income     24,400       20,034       67,688       57,711  
                                 
Other     (17 )     (255 )     (127 )     (928 )
                                 
Income before income taxes     24,417       20,289       67,815       58,639  
                                 
Income taxes expense     6,373       3,702       17,919       13,316  
                                 
Net income   $ 18,044     $ 16,587     $ 49,896     $ 45,323  
                                 
Basic earnings per common share   $ 0.22     $ 0.20     $ 0.61     $ 0.55  
                                 
Diluted earnings per common share   $ 0.22     $ 0.20     $ 0.60     $ 0.55  
                                 
Dividends declared per common share   $ 0.04     $ 0.453     $ 0.093     $ 0.493  
                                 


MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

                    Dollar     Percentage  
                    Change     Change  
    Three Months     Three Months     Three Months  
    Ended     Ended     Ended  
    September 30,     September 30,     September 30,  
(Dollars in thousands)   2020     2019     2020 vs. 2019     2020 vs. 2019  
Operating revenue:                                
Truckload revenue, net of fuel surcharge revenue   $ 85,074     $ 82,931     $ 2,143       2.6 %
Truckload fuel surcharge revenue     8,549       12,056       (3,507 )     (29.1 )
Total Truckload revenue     93,623       94,987       (1,364 )     (1.4 )
                                 
Dedicated revenue, net of fuel surcharge revenue     69,002       59,281       9,721       16.4  
Dedicated fuel surcharge revenue     9,335       11,053       (1,718 )     (15.5 )
Total Dedicated revenue     78,337       70,334       8,003       11.4  
                                 
Intermodal revenue, net of fuel surcharge revenue     19,991       19,336       655       3.4  
Intermodal fuel surcharge revenue     1,985       2,961       (976 )     (33.0 )
Total Intermodal revenue     21,976       22,297       (321 )     (1.4 )
                                 
Brokerage revenue     22,075       27,355       (5,280 )     (19.3 )
                                 
Total operating revenue   $ 216,011     $ 214,973     $ 1,038       0.5 %
                                 
Operating income:                                
Truckload   $ 10,546     $ 6,956     $ 3,590       51.6 %
Dedicated     11,024       9,920       1,104       11.1  
Intermodal     1,304       1,210       94       7.8  
Brokerage     1,526       1,948       (422 )     (21.7 )
Total operating income   $ 24,400     $ 20,034     $ 4,366       21.8 %
                                 
Operating ratio:                                
Truckload     88.7 %     92.7 %                
Dedicated     85.9       85.9                  
Intermodal     94.1       94.6                  
Brokerage     93.1       92.9                  
Consolidated operating ratio     88.7 %     90.7 %                



MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

                    Dollar     Percentage  
                    Change     Change  
    Nine Months     Nine Months     Nine Months  
    Ended     Ended     Ended  
    September 30,     September 30,     September 30,  
(Dollars in thousands)   2020     2019     2020 vs. 2019     2020 vs. 2019  
Operating revenue:                                
Truckload revenue, net of fuel surcharge revenue   $ 254,897     $ 246,313     $ 8,584       3.5 %
Truckload fuel surcharge revenue     28,058       36,418       (8,360 )     (23.0 )
Total Truckload revenue     282,955       282,731       224       0.1  
                                 
Dedicated revenue, net of fuel surcharge revenue     200,237       164,365       35,872       21.8  
Dedicated fuel surcharge revenue     28,564       30,704       (2,140 )     (7.0 )
Total Dedicated revenue     228,801       195,069       33,732       17.3  
                                 
Intermodal revenue, net of fuel surcharge revenue     59,127       56,618       2,509       4.4  
Intermodal fuel surcharge revenue     6,830       9,253       (2,423 )     (26.2 )
Total Intermodal revenue     65,957       65,871       86       0.1  
                                 
Brokerage revenue     69,328       82,415       (13,087 )     (15.9 )
                                 
Total operating revenue   $ 647,041     $ 626,086     $ 20,955       3.3 %
                                 
Operating income:                                
Truckload   $ 28,367     $ 22,556     $ 5,811       25.8 %
Dedicated     31,009       23,135       7,874       34.0  
Intermodal     3,564       5,140       (1,576 )     (30.7 )
Brokerage     4,748       6,880       (2,132 )     (31.0 )
Total operating income   $ 67,688     $ 57,711     $ 9,977       17.3 %
                                 
Operating ratio:                                
Truckload     90.0 %     92.0 %                
Dedicated     86.4       88.1                  
Intermodal     94.6       92.2                  
Brokerage     93.2       91.7                  
Consolidated operating ratio     89.5 %     90.8 %                



MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)

    Three Months     Nine Months  
    Ended September 30,     Ended September 30,  
    2020     2019     2020     2019  
Truckload Segment:                                
Revenue (in thousands)   $ 93,623     $ 94,987     $ 282,955     $ 282,731  
Average revenue, net of fuel surcharges, per tractor per week(1)   $ 3,955     $ 3,723     $ 3,865     $ 3,818  
Average tractors(1)     1,637       1,695       1,685       1,654  
Average miles per trip     546       545       554       545  
Non-revenue miles percentage(2)     10.2 %     11.8 %     10.8 %     11.4 %
Total miles (in thousands)     41,210       39,326       125,082       115,639  
                                 
Dedicated Segment:                                
Revenue (in thousands)   $ 78,337     $ 70,334     $ 228,801     $ 195,069  
Average revenue, net of fuel surcharges, per tractor per week(1)   $ 3,295     $ 3,392     $ 3,304     $ 3,412  
Average tractors(1)     1,593       1,329       1,548       1,235  
Average miles per trip     304       312       306       316  
Non-revenue miles percentage(2)     0.7 %     0.7 %     0.7 %     0.7 %
Total miles (in thousands)     33,843       28,859       98,553       79,700  
                                 
Intermodal Segment:                                
Revenue (in thousands)   $ 21,976     $ 22,297     $ 65,957     $ 65,871  
Loads     9,306       8,897       27,736       26,578  
Average tractors     99       87       99       85  
                                 
Brokerage Segment:                                
Revenue (in thousands)   $ 22,075     $ 27,355     $ 69,328     $ 82,415  
Loads     13,670       16,059       45,058       47,510  
                                 
At September 30, 2020 and September 30, 2019:                                
Total tractors(1)     3,329       3,137                  
Average age of company tractors (in years)     1.7       1.8                  
Total trailers     5,368       5,562                  
Average age of company trailers (in years)     2.9       2.6                  
Ratio of trailers to tractors(1)     1.6       1.8                  



    Three Months     Nine Months  
    Ended September 30,     Ended September 30,  
(In thousands)   2020     2019     2020     2019  
                                 
Net cash provided by operating activities   $ 50,640     $ 46,920     $ 154,707     $ 122,021  
Net cash (used for) investing activities     (34,558 )     (52,719 )     (93,748 )     (98,489 )
Net cash (used for) financing activities     (3,126 )     (36,513 )     (4,141 )     (39,815 )
                                 
Weighted average shares outstanding:                                
Basic     82,672       81,982       82,472       81,912  
Diluted     83,279       82,701       83,098       82,618  


(1 ) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 132 and 75 tractors as of September 30, 2020 and 2019, respectively. 
   
(2 ) Represents the percentage of miles for which the company is not compensated.

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