Marten’s profits slip in Q3 2017

The temperature-sensitive truckload carrier recorded a net income of $7.9 million for the quarter, falling 6.9 percent from the same 2016 period, according to Marten Transport’s most recent financial statements.    Marten Transport, Ltd. recorded a net income of $7.9 million for the third quarter of 2017, falling 6.9 percent year-over-year, according to the company’s most recent financial statements.
   The Mondovi, Wis.-based temperature-sensitive truckload carrier’s earnings per share (EPS) for the quarter stood at $0.14, beating investment bank Stifel’s expectations of $0.13 per share.
   Meanwhile, Marten’s operating revenues remained relatively stable at $170.7 million for the quarter, inching up 0.1 percent year-over-year.
   “The improvement in our revenue per tractor for the third quarter did not offset the increase in our operating expenses related to insurance and claims and fuel, the decrease in our gain on disposition of revenue equipment and the negative impact of the recent hurricanes on our Texas and Southeast operations,” Marten Chairman and CEO Randolph Marten said.
   Looking past the third quarter, in October, Marten was awarded new dedicated business for over 200 additional tractors starting in the fourth quarter of this year, he said.
   “The company remains debt free and still has one of the youngest fleets out of the public companies -giving it ample financial flexibility to grow,” Stifel said. The investment bank reiterated its full-year EPS estimates of $0.62 per share for 2017, $0.72 per share for 2018 and $0.85 per share for 2019.