MONDOVI, Wis., July 16, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $7.2 million, or 9 cents per diluted share, for the second quarter ended June 30, 2025, compared with $7.9 million, or 10 cents per diluted share, for the second quarter of 2024. For the six-month period ended June 30, 2025, net income was $11.5 million, or 14 cents per diluted share, compared with $17.5 million, or 22 cents per diluted share, for the 2024 six-month period.

Operating revenue was $229.9 million for the second quarter of 2025 compared with $246.2 million for the second quarter of 2024. Excluding fuel surcharges, operating revenue was $203.8 million for the 2025 quarter compared with $213.5 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.1 million for the 2025 quarter from $32.7 million for the 2024 quarter.

Operating revenue was $453.1 million for the first six months of 2025 compared with $495.9 million for the first six months of 2024. Excluding fuel surcharges, operating revenue was $399.6 million for the 2025 period compared with $429.3 million for the 2024 period. Fuel surcharge revenue decreased to $53.5 million for the 2025 period from $66.6 million for the 2024 period.

Operating income was $9.7 million for the second quarter of 2025 compared with $10.0 million for the second quarter of 2024.

Operating income was $15.6 million for the first six months of 2025 compared with $22.2 million for the first six months of 2024.

Operating expenses as a percentage of operating revenue were 95.8% for the 2025 quarter and 95.9% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 95.2% for the 2025 quarter and 95.3% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 96.6% for the first six months of 2025 and 95.5% for the first six months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.1% for the 2025 period and 94.8% for the 2024 period.

Executive Chairman Randolph L. Marten stated, "Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first six months of this year and throughout last year. Our earnings have continued to be heavily pressured by the considerable duration and depth of the freight market recession's oversupply and weak demand - and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions."

"We remain focused on minimizing the freight market's impact - and the impact of the U.S. and global economies with the current trade policy volatility - while investing in and positioning our operations to capitalize on profitable organic growth opportunities. We expect such growth opportunities to be positively impacted by anticipated additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations."

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten's six distinct business platforms – Temperature-Sensitive and Dry 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, Mexico and Canada, 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 Marten's prospects for future growth, including the impact of the freight market and U.S. and global economies with the current trade policy volatility along with the impact of additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations, 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, 2024. 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, Chief Executive Officer, Doug Petit, 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

	June 30,			December 31,
(In thousands, except share information)	2025			2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	35,052		$	17,267
Receivables:
Trade, net		91,432			89,992
Other		7,387			5,364
Prepaid expenses and other		21,942			25,888
Total current assets		155,813			138,511

Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,207,399			1,198,737
Accumulated depreciation		(373,131	)		(370,124	)
Net property and equipment		834,268			828,613
Other noncurrent assets		1,735			1,633
Total assets	$	991,816		$	968,757

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	44,894		$	25,781
Insurance and claims accruals		43,817			44,246
Accrued and other current liabilities		27,974			23,492
Total current liabilities		116,685			93,519
Deferred income taxes		104,098			107,034
Noncurrent operating lease liabilities		317			282
Total liabilities		221,100			200,835

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; 81,520,424 shares at June 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding		815			815
Additional paid-in capital		53,994			52,941
Retained earnings		715,907			714,166
Total stockholders' equity		770,716			767,922
Total liabilities and stockholders' equity	$	991,816		$	968,757


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

	Three Months						Six Months
	Ended June 30,						Ended June 30,
(In thousands, except per share information)	2025			2024			2025			2024

Operating revenue	$	229,922		$	246,238		$	453,074		$	495,910

Operating expenses (income):
Salaries, wages and benefits		78,570			86,519			157,370			175,281
Purchased transportation		43,123			43,235			80,779			85,049
Fuel and fuel taxes		32,591			38,809			65,708			78,370
Supplies and maintenance		15,606			16,472			31,119			32,542
Depreciation		27,307			28,206			54,777			56,733
Operating taxes and licenses		2,451			2,539			4,868			5,114
Insurance and claims		15,852			12,559			29,229			24,216
Communications and utilities		2,164			2,297			4,443			4,668
Gain on disposition of revenue equipment		(5,182	)		(2,532	)		(6,847	)		(3,703	)
Other		7,706			8,160			16,035			15,416

Total operating expenses		220,188			236,264			437,481			473,686

Operating income		9,734			9,974			15,593			22,224

Other		(436	)		(1,014	)		(785	)		(1,810	)

Income before income taxes		10,170			10,988			16,378			24,034

Income taxes expense		2,984			3,099			4,857			6,499

Net income	$	7,186		$	7,889		$	11,521		$	17,535

Basic earnings per common share	$	0.09		$	0.10		$	0.14		$	0.22

Diluted earnings per common share	$	0.09		$	0.10		$	0.14		$	0.22

Dividends declared per common share	$	0.06		$	0.06		$	0.12		$	0.12


MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	June 30,						June 30,			June 30,
(Dollars in thousands)	2025			2024			2025 vs. 2024			2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	92,484		$	96,046		$	(3,562	)		(3.7	)%
Truckload fuel surcharge revenue		14,002			16,477			(2,475	)		(15.0	)
Total Truckload revenue		106,486			112,523			(6,037	)		(5.4	)

Dedicated revenue, net of fuel surcharge revenue		61,338			67,444			(6,106	)		(9.1	)
Dedicated fuel surcharge revenue		10,536			13,822			(3,286	)		(23.8	)
Total Dedicated revenue		71,874			81,266			(9,392	)		(11.6	)

Intermodal revenue, net of fuel surcharge revenue		10,093			12,660			(2,567	)		(20.3	)
Intermodal fuel surcharge revenue		1,610			2,404			(794	)		(33.0	)
Total Intermodal revenue		11,703			15,064			(3,361	)		(22.3	)

Brokerage revenue		39,859			37,385			2,474			6.6

Total operating revenue	$	229,922		$	246,238		$	(16,316	)		(6.6	)%

Operating income/(loss):
Truckload	$	2,344		$	1,115		$	1,229			110.2	%
Dedicated		5,429			6,650			(1,221	)		(18.4	)
Intermodal		(735	)		(684	)		(51	)		(7.5	)
Brokerage		2,696			2,893			(197	)		(6.8	)
Total operating income	$	9,734		$	9,974		$	(240	)		(2.4	)%

Operating ratio:
Truckload		97.8	%		99.0	%
Dedicated		92.4			91.8
Intermodal		106.3			104.5
Brokerage		93.2			92.3
Consolidated operating ratio		95.8	%		95.9	%

Operating ratio, net of fuel surcharges:
Truckload		97.5	%		98.8	%
Dedicated		91.1			90.1
Intermodal		107.3			105.4
Brokerage		93.2			92.3
Consolidated operating ratio, net of fuel surcharges		95.2	%		95.3	%


MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)

							Dollar			Percentage
							Change			Change
	Six Months						Six Months			Six Months
	Ended						Ended			Ended
	June 30,						June 30,			June 30,
(Dollars in thousands)	2025			2024			2025 vs. 2024			2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	182,590		$	191,068		$	(8,478	)		(4.4	)%
Truckload fuel surcharge revenue		28,287			33,006			(4,719	)		(14.3	)
Total Truckload revenue		210,877			224,074			(13,197	)		(5.9	)

Dedicated revenue, net of fuel surcharge revenue		123,743			139,182			(15,439	)		(11.1	)
Dedicated fuel surcharge revenue		21,756			28,544			(6,788	)		(23.8	)
Total Dedicated revenue		145,499			167,726			(22,227	)		(13.3	)

Intermodal revenue, net of fuel surcharge revenue		20,361			25,941			(5,580	)		(21.5	)
Intermodal fuel surcharge revenue		3,459			5,095			(1,636	)		(32.1	)
Total Intermodal revenue		23,820			31,036			(7,216	)		(23.3	)

Brokerage revenue		72,878			73,074			(196	)		(0.3	)

Total operating revenue	$	453,074		$	495,910		$	(42,836	)		(8.6	)%

Operating income/(loss):
Truckload	$	2,044		$	1,604		$	440			27.4	%
Dedicated		10,283			15,908			(5,625	)		(35.4	)
Intermodal		(1,590	)		(878	)		(712	)		(81.1	)
Brokerage		4,856			5,590			(734	)		(13.1	)
Total operating income	$	15,593		$	22,224		$	(6,631	)		(29.8	)%

Operating ratio:
Truckload		99.0	%		99.3	%
Dedicated		92.9			90.5
Intermodal		106.7			102.8
Brokerage		93.3			92.4
Consolidated operating ratio		96.6	%		95.5	%

Operating ratio, net of fuel surcharges:
Truckload		98.9	%		99.2	%
Dedicated		91.7			88.6
Intermodal		107.8			103.4
Brokerage		93.3			92.4
Consolidated operating ratio, net of fuel surcharges		96.1	%		94.8	%


MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2025			2024			2025			2024
Truckload Segment:
Revenue (in thousands)	$	106,486		$	112,523		$	210,877		$	224,074
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	4,209		$	4,093		$	4,203		$	4,044
Average tractors⁽¹⁾		1,690			1,805			1,680			1,817
Average miles per trip		524			528			531			533
Non-revenue miles percentage⁽²⁾		11.0	%		11.6	%		11.1	%		12.1	%
Total miles (in thousands)		39,221			40,847			77,494			80,550

Dedicated Segment:
Revenue (in thousands)	$	71,874		$	81,266		$	145,499		$	167,726
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	3,807		$	3,754		$	3,827		$	3,768
Average tractors⁽¹⁾		1,239			1,382			1,251			1,421
Average miles per trip		301			323			305			326
Non-revenue miles percentage⁽²⁾		1.3	%		1.1	%		1.4	%		1.1	%
Total miles (in thousands)		25,132			28,231			50,368			57,311

Intermodal Segment:
Revenue (in thousands)	$	11,703		$	15,064		$	23,820		$	31,036
Loads		3,555			4,464			7,212			9,053
Average tractors		77			121			77			123

Brokerage Segment:
Revenue (in thousands)	$	39,859		$	37,385		$	72,878		$	73,074
Loads		24,094			22,700			44,510			42,761

At June 30, 2025 and June 30, 2024:
Total tractors⁽¹⁾		2,928			3,126
Average age of company tractors (in years)		2.1			1.8
Total trailers		5,164			5,539
Average age of company trailers (in years)		5.0			5.0
Ratio of trailers to tractors⁽¹⁾		1.8			1.8
Total refrigerated containers		786			787

	Three Months						Six Months
	Ended June 30,						Ended June 30,
(In thousands)	2025			2024			2025			2024

Net cash provided by operating activities	$	33,153		$	35,821		$	69,368		$	81,543
Net cash used for investing activities		(33,115	)		(27,776	)		(41,528	)		(48,025	)
Net cash used for financing activities		(4,891	)		(4,576	)		(10,055	)		(9,532	)

Weighted average shares outstanding:
Basic		81,510			81,381			81,502			81,365
Diluted		81,517			81,446			81,512			81,442

(1 )		Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 80 and 90 tractors as of June 30, 2025 and 2024, respectively.

(2)		Represents the percentage of miles for which the company is not compensated.