MONDOVI, Wis., July 18, 2024 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (NASDAQ:MRTN) today reported net income of $7.9 million, or 10 cents per diluted share, for the second quarter ended June 30, 2024, compared with $21.9 million, or 27 cents per diluted share, for the second quarter of 2023. For the six-month period ended June 30, 2024, net income was $17.5 million, or 22 cents per diluted share, compared with $44.4 million, or 55 cents per diluted share, for the 2023 six-month period. Operating revenue was $246.2 million for the second quarter of 2024 compared with $285.7 million for the second quarter of 2023. Excluding fuel surcharges, operating revenue was $213.5 million for the 2024 quarter compared with $248.6 million for the 2023 quarter. Fuel surcharge revenue decreased to $32.7 million for the 2024 quarter from $37.0 million for the 2023 quarter. Operating revenue was $495.9 million for the first six months of 2024 compared with $583.7 million for the first six months of 2023. Excluding fuel surcharges, operating revenue was $429.3 million for the 2024 period compared with $503.6 million for the 2023 period. Fuel surcharge revenue decreased to $66.6 million for the 2024 period compared with $80.1 million for the 2023 period. Operating income was $10.0 million for the second quarter of 2024 compared with $28.2 million for the second quarter of 2023. Operating income was $22.2 million for the first six months of 2024 compared with $57.2 million for the first six months of 2023. Operating expenses as a percentage of operating revenue were 95.9% for the 2024 quarter and 90.1% for the 2023 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 95.3% for the 2024 quarter and 88.7% for the 2023 quarter. Operating expenses as a percentage of operating revenue were 95.5% for the first six months of 2024 and 90.2% for the first six months of 2023. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 94.8% for the 2024 period and 88.6% for the 2023 period. Executive Chairman Randolph L. Marten stated, "Our earnings were heavily pressured by the freight market recession's oversupply and weak demand, inflationary operating costs, and cumulative impact of freight rate reductions leading to freight network disruptions. Our unique multifaceted business model's value is highlighted by the operating results for our dedicated, brokerage and MRTN de Mexico operations through the first half of this year." "We are focused on minimizing the freight market's impact on our operations while investing in and positioning our operations to capitalize on profitable organic growth opportunities, with fair compensation for our premium services, across each of our business operations for what comes next in the freight cycle as the market moves toward equilibrium from its current recessionary late stages. Accordingly, we have not agreed to rate reductions since last August." "We are seeing increased interest by our customers to secure dedicated capacity and have recently added new multi-year dedicated programs for an additional 133 drivers starting in the third quarter." Current Investor Presentation Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across Marten'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, 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 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, 2023. 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)   2024   2023         (Unaudited)         ASSETS               Current assets:               Cash and cash equivalents   $ 77,199   $ 53,213   Receivables:               Trade, net     99,926     105,501   Other     11,450     10,356   Prepaid expenses and other     30,995     27,512   Total current assets     219,570     196,582                   Property and equipment:               Revenue equipment, buildings and land, office equipment and other     1,149,771     1,162,336   Accumulated depreciation     (360,974)     (370,103)   Net property and equipment     788,797     792,233   Other noncurrent assets     1,520     1,524   Total assets   $ 1,009,887   $ 990,339                   LIABILITIES AND STOCKHOLDERS' EQUITY               Current liabilities:               Accounts payable   $ 47,214   $ 36,516   Insurance and claims accruals     44,296     47,017   Accrued and other current liabilities     27,466     26,709   Total current liabilities     118,976     110,242   Deferred income taxes     123,938     122,462   Noncurrent operating lease liabilities     220     249   Total liabilities     243,134     232,953                   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; 81,414,959 shares at June 30, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding     814     813   Additional paid-in capital     51,385     49,789   Retained earnings     714,554     706,784   Total stockholders' equity     766,753     757,386   Total liabilities and stockholders' equity   $ 1,009,887   $ 990,339                   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)   2024     2023     2024     2023                                     Operating revenue   $ 246,238     $ 285,672     $ 495,910     $ 583,695                                     Operating expenses (income):                                 Salaries, wages and benefits     86,519       96,332       175,281       194,848   Purchased transportation     43,235       48,299       85,049       102,402   Fuel and fuel taxes     38,809       42,215       78,370       89,011   Supplies and maintenance     16,472       17,408       32,542       33,395   Depreciation     28,206       29,427       56,733       58,957   Operating taxes and licenses     2,539       2,756       5,114       5,524   Insurance and claims     12,559       12,481       24,216       27,551   Communications and utilities     2,297       2,510       4,668       5,041   Gain on disposition of revenue equipment     (2,532 )     (3,550 )     (3,703 )     (8,796 ) Other     8,160       9,581       15,416       18,539                                     Total operating expenses     236,264       257,459       473,686       526,472                                     Operating income     9,974       28,213       22,224       57,223                                     Other     (1,014 )     (1,077 )     (1,810 )     (1,921 )                                   Income before income taxes     10,988       29,290       24,034       59,144                                     Income taxes expense     3,099       7,416       6,499       14,768                                     Net income   $ 7,889     $ 21,874     $ 17,535     $ 44,376                                     Basic earnings per common share