Marten Transport Announces Third Quarter Results
October 19 2017 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income
of $7.9 million, or 14 cents per diluted share, for the third
quarter ended September 30, 2017, compared with $8.4 million, or 15
cents per diluted share, for the third quarter of 2016. Net
income was $25.2 million, or 46 cents per diluted share, for the
first nine months of both 2017 and 2016.
Operating revenue increased to $170.7 million
for the third quarter of 2017 from $170.5 million for the third
quarter of 2016, and increased to $515.3 million for the first nine
months of 2017 from $498.5 million for the 2016 nine-month
period. Operating revenue, net of fuel surcharges, was $155.0
million for the 2017 quarter compared with $155.8 million for the
2016 quarter, and improved 1.5% to $467.5 million for the 2017
nine-month period from $460.5 million for the 2016 nine-month
period. Fuel surcharge revenue increased to $15.6 million for
the 2017 quarter from $14.7 million for the 2016 quarter, and
increased to $47.8 million for the first nine months of 2017 from
$37.9 million for the 2016 nine-month period.
Operating expenses as a percentage of operating
revenue was 92.4% for the third quarter of 2017 and 91.3% for the
third quarter of 2016. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges, was
91.6% for the third quarter of 2017 and 90.5% for the third quarter
of 2016.
Operating expenses as a percentage of operating
revenue was 91.7% for the 2017 nine-month period and 91.2% for the
2016 nine-month period. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges, was
90.9% for the 2017 nine-month period and 90.5% for the 2016
nine-month period.
Chairman and Chief Executive Officer Randolph L.
Marten said, “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. In
October we have been awarded new dedicated business for over 200
additional tractors starting in this year’s fourth quarter.
We continue to believe that we are well-positioned to capitalize on
further profitable growth opportunities with our unique and
diversified transportation service solutions.”
On July 7, 2017, Marten effected a
five-for-three stock split of its common stock, $.01 par value, in
the form of a 66 ⅔% stock dividend. The consolidated
condensed financial statements have been adjusted to give
retroactive effect to the stock split for all periods
presented.
Marten Transport, with headquarters in Mondovi,
Wis., is one of the leading temperature-sensitive truckload
carriers in the United States, specializing in transporting and
distributing food and other consumer packaged goods that require a
temperature-controlled or insulated environment. Marten’s dry
freight services are expanding, with 936 dry trailers operating as
of September 30, 2017. Marten 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 our 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 Item 1A of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2016. The Company undertakes no obligation to correct or
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
|
|
MARTEN TRANSPORT, LTD. |
|
CONSOLIDATED CONDENSED BALANCE
SHEETS |
|
(Unaudited) |
|
|
|
|
|
September 30, |
|
|
December 31, |
|
(In thousands, except
share information) |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
1,159 |
|
|
$ |
488 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade,
net |
|
|
72,919 |
|
|
|
69,199 |
|
Other |
|
|
4,541 |
|
|
|
4,436 |
|
Prepaid
expenses and other |
|
|
16,263 |
|
|
|
19,307 |
|
Total
current assets |
|
|
94,882 |
|
|
|
93,430 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment: |
|
|
|
|
|
|
|
|
Revenue
equipment, buildings and land, office equipment and other |
|
|
781,451 |
|
|
|
759,553 |
|
Accumulated depreciation |
|
|
(201,882 |
) |
|
|
(201,728 |
) |
Net
property and equipment |
|
|
579,569 |
|
|
|
557,825 |
|
Other
assets |
|
|
1,856 |
|
|
|
2,493 |
|
Total
assets |
|
$ |
676,307 |
|
|
$ |
653,748 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
39,938 |
|
|
$ |
41,230 |
|
Insurance
and claims accruals |
|
|
25,197 |
|
|
|
19,440 |
|
Total
current liabilities |
|
|
65,135 |
|
|
|
60,670 |
|
Long-term
debt |
|
|
- |
|
|
|
7,886 |
|
Deferred
income taxes |
|
|
149,846 |
|
|
|
147,854 |
|
Total
liabilities |
|
|
214,981 |
|
|
|
216,410 |
|
|
|
|
|
|
|
|
|
|
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; 96,000,000 shares authorized;
54,521,790 shares at September 30, 2017, and 54,391,525 shares at
December 31, 2016, issued and outstanding |
|
|
545 |
|
|
|
544 |
|
Additional paid-in capital |
|
|
75,951 |
|
|
|
74,175 |
|
Retained
earnings |
|
|
384,830 |
|
|
|
362,619 |
|
Total
stockholders’ equity |
|
|
461,326 |
|
|
|
437,338 |
|
Total
liabilities and stockholders’ equity |
|
$ |
676,307 |
|
|
$ |
653,748 |
|
|
|
|
|
|
|
|
|
|
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) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
$ |
170,679 |
|
|
$ |
170,464 |
|
|
$ |
515,349 |
|
|
$ |
498,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
|
|
53,594 |
|
|
|
57,090 |
|
|
|
166,709 |
|
|
|
168,116 |
|
Purchased
transportation |
|
|
28,668 |
|
|
|
27,775 |
|
|
|
85,546 |
|
|
|
81,997 |
|
Fuel and
fuel taxes |
|
|
26,143 |
|
|
|
24,845 |
|
|
|
77,106 |
|
|
|
68,405 |
|
Supplies
and maintenance |
|
|
10,381 |
|
|
|
11,618 |
|
|
|
31,912 |
|
|
|
33,025 |
|
Depreciation |
|
|
21,186 |
|
|
|
20,790 |
|
|
|
63,875 |
|
|
|
61,205 |
|
Operating
taxes and licenses |
|
|
2,314 |
|
|
|
2,297 |
|
|
|
6,813 |
|
|
|
6,732 |
|
Insurance
and claims |
|
|
11,336 |
|
|
|
8,194 |
|
|
|
29,098 |
|
|
|
23,245 |
|
Communications and utilities |
|
|
1,463 |
|
|
|
1,584 |
|
|
|
4,531 |
|
|
|
4,701 |
|
Gain on
disposition of revenue equipment |
|
|
(1,908 |
) |
|
|
(3,325 |
) |
|
|
(4,882 |
) |
|
|
(7,462 |
) |
Other |
|
|
4,480 |
|
|
|
4,727 |
|
|
|
12,112 |
|
|
|
14,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
157,657 |
|
|
|
155,595 |
|
|
|
472,820 |
|
|
|
454,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
13,022 |
|
|
|
14,869 |
|
|
|
42,529 |
|
|
|
43,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
14 |
|
|
|
342 |
|
|
|
280 |
|
|
|
794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
13,008 |
|
|
|
14,527 |
|
|
|
42,249 |
|
|
|
42,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
5,153 |
|
|
|
6,090 |
|
|
|
17,039 |
|
|
|
17,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,855 |
|
|
$ |
8,437 |
|
|
$ |
25,210 |
|
|
$ |
25,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.14 |
|
|
$ |
0.16 |
|
|
$ |
0.46 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
|
$ |
0.46 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share |
|
$ |
0.025 |
|
|
$ |
0.015 |
|
|
$ |
0.055 |
|
|
$ |
0.045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2017 |
|
|
2016 |
|
|
2017 vs. 2016 |
|
|
2017 vs. 2016 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
$ |
81,836 |
|
|
$ |
85,469 |
|
|
$ |
(3,633 |
) |
|
|
(4.3 |
)% |
Truckload
fuel surcharge revenue |
|
|
10,172 |
|
|
|
9,726 |
|
|
|
446 |
|
|
|
4.6 |
|
Total
Truckload revenue |
|
|
92,008 |
|
|
|
95,195 |
|
|
|
(3,187 |
) |
|
|
(3.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
39,154 |
|
|
|
37,669 |
|
|
|
1,485 |
|
|
|
3.9 |
|
Dedicated
fuel surcharge revenue |
|
|
2,995 |
|
|
|
2,967 |
|
|
|
28 |
|
|
|
0.9 |
|
Total
Dedicated revenue |
|
|
42,149 |
|
|
|
40,636 |
|
|
|
1,513 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
17,423 |
|
|
|
16,381 |
|
|
|
1,042 |
|
|
|
6.4 |
|
Intermodal fuel surcharge revenue |
|
|
2,472 |
|
|
|
1,979 |
|
|
|
493 |
|
|
|
24.9 |
|
Total
Intermodal revenue |
|
|
19,895 |
|
|
|
18,360 |
|
|
|
1,535 |
|
|
|
8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
16,627 |
|
|
|
16,273 |
|
|
|
354 |
|
|
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
$ |
170,679 |
|
|
$ |
170,464 |
|
|
$ |
215 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
5,764 |
|
|
$ |
6,509 |
|
|
$ |
(745 |
) |
|
|
(11.4 |
)% |
Dedicated |
|
|
4,514 |
|
|
|
5,505 |
|
|
|
(991 |
) |
|
|
(18.0 |
) |
Intermodal |
|
|
1,588 |
|
|
|
1,645 |
|
|
|
(57 |
) |
|
|
(3.5 |
) |
Brokerage |
|
|
1,156 |
|
|
|
1,210 |
|
|
|
(54 |
) |
|
|
(4.5 |
) |
Total
operating income |
|
$ |
13,022 |
|
|
$ |
14,869 |
|
|
$ |
(1,847 |
) |
|
|
(12.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
93.7 |
% |
|
|
93.2 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
89.3 |
|
|
|
86.5 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
92.0 |
|
|
|
91.0 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
93.0 |
|
|
|
92.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
92.4 |
% |
|
|
91.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
2017 |
|
|
2016 |
|
|
2017 vs. 2016 |
|
|
2017 vs. 2016 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
$ |
251,127 |
|
|
$ |
253,514 |
|
|
$ |
(2,387 |
) |
|
|
(0.9 |
)% |
Truckload
fuel surcharge revenue |
|
|
31,453 |
|
|
|
25,771 |
|
|
|
5,682 |
|
|
|
22.0 |
|
Total
Truckload revenue |
|
|
282,580 |
|
|
|
279,285 |
|
|
|
3,295 |
|
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
114,654 |
|
|
|
109,833 |
|
|
|
4,821 |
|
|
|
4.4 |
|
Dedicated
fuel surcharge revenue |
|
|
9,274 |
|
|
|
7,175 |
|
|
|
2,099 |
|
|
|
29.3 |
|
Total
Dedicated revenue |
|
|
123,928 |
|
|
|
117,008 |
|
|
|
6,920 |
|
|
|
5.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
51,111 |
|
|
|
48,353 |
|
|
|
2,758 |
|
|
|
5.7 |
|
Intermodal fuel surcharge revenue |
|
|
7,085 |
|
|
|
4,990 |
|
|
|
2,095 |
|
|
|
42.0 |
|
Total
Intermodal revenue |
|
|
58,196 |
|
|
|
53,343 |
|
|
|
4,853 |
|
|
|
9.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
50,645 |
|
|
|
48,847 |
|
|
|
1,798 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
$ |
515,349 |
|
|
$ |
498,483 |
|
|
$ |
16,866 |
|
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
19,249 |
|
|
$ |
20,400 |
|
|
$ |
(1,151 |
) |
|
|
(5.6 |
)% |
Dedicated |
|
|
14,075 |
|
|
|
14,963 |
|
|
|
(888 |
) |
|
|
(5.9 |
) |
Intermodal |
|
|
5,777 |
|
|
|
5,396 |
|
|
|
381 |
|
|
|
7.1 |
|
Brokerage |
|
|
3,428 |
|
|
|
3,011 |
|
|
|
417 |
|
|
|
13.8 |
|
Total
operating income |
|
$ |
42,529 |
|
|
$ |
43,770 |
|
|
$ |
(1,241 |
) |
|
|
(2.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
93.2 |
% |
|
|
92.7 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
88.6 |
|
|
|
87.2 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
90.1 |
|
|
|
89.9 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
93.2 |
|
|
|
93.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
91.7 |
% |
|
|
91.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
OPERATING STATISTICS |
(Unaudited) |
|
|
|
|
Three Months |
|
|
Nine Months |
|
|
|
Ended September 30, |
|
|
Ended September 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
92,008 |
|
|
$ |
95,195 |
|
|
$ |
282,580 |
|
|
$ |
279,285 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,484 |
|
|
$ |
3,440 |
|
|
$ |
3,455 |
|
|
$ |
3,417 |
|
Average
tractors(1) |
|
|
1,787 |
|
|
|
1,890 |
|
|
|
1,863 |
|
|
|
1,896 |
|
Average
miles per trip |
|
|
592 |
|
|
|
617 |
|
|
|
598 |
|
|
|
628 |
|
Non-revenue miles percentage(2) |
|
|
8.1 |
% |
|
|
9.2 |
% |
|
|
8.9 |
% |
|
|
9.3 |
% |
Total
miles (in thousands) |
|
|
43,340 |
|
|
|
46,734 |
|
|
|
135,136 |
|
|
|
137,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
42,149 |
|
|
$ |
40,636 |
|
|
$ |
123,928 |
|
|
$ |
117,008 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,441 |
|
|
$ |
3,471 |
|
|
$ |
3,463 |
|
|
$ |
3,426 |
|
Average
tractors(1) |
|
|
866 |
|
|
|
826 |
|
|
|
849 |
|
|
|
819 |
|
Average
miles per trip |
|
|
299 |
|
|
|
295 |
|
|
|
297 |
|
|
|
304 |
|
Non-revenue miles percentage(2) |
|
|
0.6 |
% |
|
|
0.7 |
% |
|
|
0.7 |
% |
|
|
0.8 |
% |
Total
miles (in thousands) |
|
|
19,705 |
|
|
|
19,035 |
|
|
|
57,641 |
|
|
|
56,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
19,895 |
|
|
$ |
18,360 |
|
|
$ |
58,196 |
|
|
$ |
53,343 |
|
Loads |
|
|
10,265 |
|
|
|
9,223 |
|
|
|
29,642 |
|
|
|
26,674 |
|
Average
tractors |
|
|
78 |
|
|
|
75 |
|
|
|
79 |
|
|
|
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
16,627 |
|
|
$ |
16,273 |
|
|
$ |
50,645 |
|
|
$ |
48,847 |
|
Loads |
|
|
11,672 |
|
|
|
12,416 |
|
|
|
36,604 |
|
|
|
36,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, 2017
and September 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
tractors(1) |
|
|
2,649 |
|
|
|
2,770 |
|
|
|
|
|
|
|
|
|
Average
age of company tractors (in years) |
|
|
1.4 |
|
|
|
1.5 |
|
|
|
|
|
|
|
|
|
Total
trailers |
|
|
4,915 |
|
|
|
4,880 |
|
|
|
|
|
|
|
|
|
Average
age of company trailers (in years) |
|
|
2.8 |
|
|
|
2.7 |
|
|
|
|
|
|
|
|
|
Ratio of
trailers to tractors(1) |
|
|
1.9 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Nine Months |
|
|
|
Ended September 30, |
|
|
Ended September 30, |
|
(In thousands) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
29,490 |
|
|
$ |
24,119 |
|
|
$ |
94,710 |
|
|
$ |
104,270 |
|
Net cash (used for)
investing activities |
|
|
(37,050 |
) |
|
|
(29,164 |
) |
|
|
(84,015 |
) |
|
|
(68,842 |
) |
Net cash provided by
(used for) financing activities |
|
|
(1,339 |
) |
|
|
5,012 |
|
|
|
(10,024 |
) |
|
|
(35,687 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
54,517 |
|
|
|
54,218 |
|
|
|
54,479 |
|
|
|
54,126 |
|
Diluted |
|
|
54,890 |
|
|
|
54,526 |
|
|
|
54,803 |
|
|
|
54,422 |
|
|
|
(1) Includes tractors driven by both
company-employed drivers and independent contractors. Independent
contractors provided 63 and 72 tractors as of September 30, 2017
and 2016, respectively. |
|
|
|
|
(2) Represents the percentage of miles for which
the company is not compensated. |
CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
Marten Transport (NASDAQ:MRTN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Marten Transport (NASDAQ:MRTN)
Historical Stock Chart
From Apr 2023 to Apr 2024