MONDOVI, Wis., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $2.2 million, or 3 cents per diluted share, for the third quarter ended September 30, 2025, compared with $3.8 million, or 5 cents per diluted share, for the third quarter of 2024. For the nine-month period ended September 30, 2025, net income was $13.7 million, or 17 cents per diluted share, compared with $21.3 million, or 26 cents per diluted share, for the 2024 nine-month period.

Operating revenue was $220.5 million for the third quarter of 2025 compared with $237.4 million for the third quarter of 2024. Excluding fuel surcharges, operating revenue was $194.0 million for the 2025 quarter compared with $207.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.5 million for the 2025 quarter from $29.5 million for the 2024 quarter.

Operating revenue was $673.5 million for the first nine months of 2025 compared with $733.3 million for the first nine months of 2024. Excluding fuel surcharges, operating revenue was $593.5 million for the 2025 period compared with $637.1 million for the 2024 period. Fuel surcharge revenue decreased to $80.0 million for the 2025 period from $96.1 million for the 2024 period.

Operating income was $2.7 million for the third quarter of 2025 compared with $4.3 million for the third quarter of 2024.

Operating income was $18.3 million for the first nine months of 2025 compared with $26.5 million for the first nine months of 2024.

Operating expenses as a percentage of operating revenue were 98.8% for the 2025 quarter and 98.2% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 98.6% for the 2025 quarter and 97.9% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 97.3% for the first nine months of 2025 and 96.4% for the first nine months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.9% for the 2025 period and 95.8% for the 2024 period.

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

"We remain focused on minimizing the freight market's impact with our emphasis on safe, premium service, data-driven operating efficiencies and cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on future profitable organic growth opportunities. We expect the current administration's recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver's licenses and increased enforcement of English Language Proficiency and B-1 visa regulations to positively impact such opportunities."

"We also closed on the previously announced agreement to sell assets related to our intermodal business to Hub Group, Inc. (NASDAQ:HUBG), effective September 30, 2025. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash. This transaction clarifies our focus on investing in and positioning our core operations for future expansion."

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 five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten's Intermodal operations were sold effective September 30, 2025. 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 on the freight market of the current administration's recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver's licenses and increased enforcement of 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: Randy Marten, Chairman of the Board and 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
	September 30,			December 31,
(In thousands, except share information)	2025			2024
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	49,485		$	17,267
Receivables:
Trade, net		92,011			89,992
Other		9,201			5,364
Prepaid expenses and other		25,296			25,888
Total current assets		175,993			138,511

Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,148,269			1,198,737
Accumulated depreciation		(355,266	)		(370,124	)
Net property and equipment		793,003			828,613
Escrow deposit		5,000			-
Other noncurrent assets		1,655			1,633
Total assets	$	975,651		$	968,757

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	39,744		$	25,781
Insurance and claims accruals		41,313			44,246
Accrued and other current liabilities		34,527			23,492
Total current liabilities		115,584			93,519
Deferred income taxes		91,617			107,034
Noncurrent operating lease liabilities		250			282
Total liabilities		207,451			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 September 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding		815			815
Additional paid-in capital		54,143			52,941
Retained earnings		713,242			714,166
Total stockholders' equity		768,200			767,922
Total liabilities and stockholders' equity	$	975,651		$	968,757

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)	2025			2024			2025			2024

Operating revenue	$	220,470		$	237,366		$	673,544		$	733,276

Operating expenses (income):
Salaries, wages and benefits		78,972			83,442			236,342			258,723
Purchased transportation		42,284			44,862			123,063			129,911
Fuel and fuel taxes		33,526			35,781			99,234			114,151
Supplies and maintenance		15,585			16,464			46,704			49,006
Depreciation		25,447			27,392			80,224			84,125
Operating taxes and licenses		2,423			2,505			7,291			7,619
Insurance and claims		11,382			13,759			40,611			37,975
Communications and utilities		2,093			2,166			6,536			6,834
Gain on disposition of revenue equipment		(1,903	)		(881	)		(8,750	)		(4,584	)
Other		7,923			7,607			23,958			23,023

Total operating expenses		217,732			233,097			655,213			706,783

Operating income		2,738			4,269			18,331			26,493

Other		(213	)		(922	)		(998	)		(2,732	)

Income before income taxes		2,951			5,191			19,329			29,225

Income taxes expense		725			1,437			5,582			7,936

Net income	$	2,226		$	3,754		$	13,747		$	21,289

Basic earnings per common share	$	0.03		$	0.05		$	0.17		$	0.26

Diluted earnings per common share	$	0.03		$	0.05		$	0.17		$	0.26

Dividends declared per common share	$	0.06		$	0.06		$	0.18		$	0.18

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)	2025			2024			2025 vs. 2024			2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	90,138		$	93,278		$	(3,140	)		(3.4	)%
Truckload fuel surcharge revenue		14,691			15,146			(455	)		(3.0	)
Total Truckload revenue		104,829			108,424			(3,595	)		(3.3	)

Dedicated revenue, net of fuel surcharge revenue		56,675			62,898			(6,223	)		(9.9	)
Dedicated fuel surcharge revenue		10,335			12,123			(1,788	)		(14.7	)
Total Dedicated revenue		67,010			75,021			(8,011	)		(10.7	)

Intermodal revenue, net of fuel surcharge revenue		8,369			12,289			(3,920	)		(31.9	)
Intermodal fuel surcharge revenue		1,482			2,220			(738	)		(33.2	)
Total Intermodal revenue		9,851			14,509			(4,658	)		(32.1	)

Brokerage revenue		38,780			39,412			(632	)		(1.6	)

Total operating revenue	$	220,470		$	237,366		$	(16,896	)		(7.1	)%

Operating income/(loss):
Truckload	$	(2,002	)	$	(142	)	$	(1,860	)		(1,309.9	)%
Dedicated		3,426			3,056			370			12.1
Intermodal		(293	)		(1,542	)		1,249			81.0
Brokerage		1,607			2,897			(1,290	)		(44.5	)
Total operating income	$	2,738		$	4,269		$	(1,531	)		(35.9	)%

Operating ratio:
Truckload		101.9	%		100.1	%
Dedicated		94.9			95.9
Intermodal		103.0			110.6
Brokerage		95.9			92.6
Consolidated operating ratio		98.8	%		98.2	%

Operating ratio, net of fuel surcharges:
Truckload		102.2	%		100.2	%
Dedicated		94.0			95.1
Intermodal		103.5			112.5
Brokerage		95.9			92.6
Consolidated operating ratio, net of fuel surcharges		98.6	%		97.9	%

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)	2025			2024			2025 vs. 2024			2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	272,728		$	284,346		$	(11,618	)		(4.1	)%
Truckload fuel surcharge revenue		42,978			48,152			(5,174	)		(10.7	)
Total Truckload revenue		315,706			332,498			(16,792	)		(5.1	)

Dedicated revenue, net of fuel surcharge revenue		180,418			202,080			(21,662	)		(10.7	)
Dedicated fuel surcharge revenue		32,091			40,667			(8,576	)		(21.1	)
Total Dedicated revenue		212,509			242,747			(30,238	)		(12.5	)

Intermodal revenue, net of fuel surcharge revenue		28,730			38,230			(9,500	)		(24.8	)
Intermodal fuel surcharge revenue		4,941			7,315			(2,374	)		(32.5	)
Total Intermodal revenue		33,671			45,545			(11,874	)		(26.1	)

Brokerage revenue		111,658			112,486			(828	)		(0.7	)

Total operating revenue	$	673,544		$	733,276		$	(59,732	)		(8.1	)%

Operating income/(loss):
Truckload	$	42		$	1,462		$	(1,420	)		(97.1	)%
Dedicated		13,709			18,964			(5,255	)		(27.7	)
Intermodal		(1,883	)		(2,420	)		537			22.2
Brokerage		6,463			8,487			(2,024	)		(23.8	)
Total operating income	$	18,331		$	26,493		$	(8,162	)		(30.8	)%

Operating ratio:
Truckload		100.0	%		99.6	%
Dedicated		93.5			92.2
Intermodal		105.6			105.3
Brokerage		94.2			92.5
Consolidated operating ratio		97.3	%		96.4	%

Operating ratio, net of fuel surcharges:
Truckload		100.0	%		99.5	%
Dedicated		92.4			90.6
Intermodal		106.6			106.3
Brokerage		94.2			92.5
Consolidated operating ratio, net of fuel surcharges		96.9	%		95.8	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2025			2024			2025			2024
Truckload Segment:
Revenue (in thousands)	$	104,829		$	108,424		$	315,706		$	332,498
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	4,129		$	4,187		$	4,178		$	4,090
Average tractors⁽¹⁾		1,661			1,695			1,674			1,776
Average miles per trip		508			533			523			533
Non-revenue miles percentage⁽²⁾		11.0	%		12.2	%		11.1	%		12.1	%
Total miles (in thousands)		38,081			39,288			115,575			119,838

Dedicated Segment:
Revenue (in thousands)	$	67,010		$	75,021		$	212,509		$	242,747
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	3,776		$	3,693		$	3,811		$	3,744
Average tractors⁽¹⁾		1,142			1,296			1,214			1,379
Average miles per trip		292			311			300			321
Non-revenue miles percentage⁽²⁾		1.1	%		1.3	%		1.3	%		1.2	%
Total miles (in thousands)		23,206			26,571			73,574			83,882

Intermodal Segment:
Revenue (in thousands)	$	9,851		$	14,509		$	33,671		$	45,545
Loads		2,956			4,119			10,168			13,172
Average tractors		61			104			72			117

Brokerage Segment:
Revenue (in thousands)	$	38,780		$	39,412		$	111,658		$	112,486
Loads		25,940			24,628			70,450			67,389

At September 30, 2025 and September 30, 2024:
Total tractors⁽¹⁾		2,823			3,080
Average age of company tractors (in years)		2.2			1.8
Total trailers		5,165			5,456
Average age of company trailers (in years)		4.9			5.2
Ratio of trailers to tractors⁽¹⁾		1.8			1.8
Total refrigerated containers		-			786


	Three Months						Nine Months
	Ended September 30,						Ended September 30,
(In thousands)	2025			2024			2025			2024

Net cash provided by operating activities	$	18,538		$	29,478		$	87,906		$	111,021
Net cash provided by/(used for) investing activities		5,786			(59,222	)		(35,742	)		(107,247	)
Net cash (used for) financing activities		(4,891	)		(4,465	)		(14,946	)		(13,997	)

Weighted average shares outstanding:
Basic		81,520			81,437			81,508			81,389
Diluted		81,527			81,492			81,516			81,460

(1	)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 83 and 94 tractors as of September 30, 2025 and 2024, respectively.

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

Marten Transport Announces Third Quarter Results