Marten Transport Announces Fourth Quarter and Year End Results
January 25 2018 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income
of $65.1 million, or $1.18 per diluted share, for the fourth
quarter ended December 31, 2017 – results that include a deferred
income taxes benefit of $56.5 million related to the federal Tax
Cuts and Jobs Act of 2017. Excluding that benefit, net income
improved 3.7% to $8.6 million, or 16 cents per diluted share, for
the fourth quarter of 2017 from $8.3 million, or 15 cents per
diluted share, for the fourth quarter of 2016. Net income was
$90.3 million, or $1.65 per diluted share, for the year ended
December 31, 2017. Excluding the deferred income taxes
benefit, 2017 net income improved 1.1% to $33.8 million, or 62
cents per diluted share, from $33.5 million, or 61 cents per
diluted share, for 2016.
|
|
|
|
|
|
|
|
|
|
|
Earnings Impact of Deferred Income Taxes
Benefit |
|
|
|
|
|
|
|
Three Months |
|
|
Year |
|
|
|
|
|
Ended |
|
|
Ended |
|
|
|
(In thousands, except share information) |
|
Dec. 31, 2017 |
|
|
Dec. 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income: |
|
|
|
|
|
|
|
|
|
|
Excluding deferred income taxes benefit |
|
$ |
8,609 |
|
|
$ |
33,819 |
|
|
|
Deferred income taxes benefit |
|
|
56,465 |
|
|
|
56,465 |
|
|
|
Net income |
|
$ |
65,074 |
|
|
$ |
90,284 |
|
|
|
Diluted earnings per common share*: |
|
|
|
|
|
|
|
|
|
|
Excluding deferred income taxes benefit |
|
$ |
0.16 |
|
|
$ |
0.62 |
|
|
|
Deferred income taxes benefit |
|
|
1.03 |
|
|
|
1.03 |
|
|
|
Diluted earnings per common share |
|
$ |
1.18 |
|
|
$ |
1.65 |
|
|
|
|
|
|
*Differences in rounding exist for the diluted
earnings per common share amounts for the three months ended Dec.
31, 2017. |
|
|
|
|
|
|
|
Operating revenue improved 5.9% to $182.8 million for
the fourth quarter of 2017 from $172.7 million for the fourth
quarter of 2016, and improved 4.0% to $698.1 million for 2017 from
$671.1 million for 2016. Excluding fuel surcharges, operating
revenue improved 3.9% to $163.4 million for the 2017 quarter from
$157.4 million for the 2016 quarter, and improved 2.1% to $631.0
million for 2017 from $617.9 million for 2016. Fuel surcharge
revenue increased to $19.3 million for the fourth quarter of 2017
from $15.3 million for the 2016 quarter, and increased to $67.1
million for 2017 from $53.2 million for 2016.
Operating expenses as a percentage of operating revenue was
92.2% for the fourth quarter of 2017 and 91.6% for the fourth
quarter of 2016. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges, was
91.2% for the fourth quarter of 2017 compared to 90.8% for the
fourth quarter of 2016.
Operating expenses as a percentage of operating revenue was
91.9% for 2017 and 91.3% for 2016. Operating expenses as a
percentage of operating revenue, with both amounts net of fuel
surcharges, was 91.0% for 2017 compared to 90.6% for 2016.
Chairman and Chief Executive Officer Randolph L.
Marten said, “We are pleased to report improvements in both our
top- and bottom-line results for the quarter and year, results our
people achieved while overcoming significantly less gain on
disposition of our revenue equipment in 2017. We fully
capitalized on the strengthening freight environment to better our
average revenue per tractor by 7.1% in our Truckload operations and
by 2.5% in our Dedicated operations from the 2016 to the 2017
quarter, along with revenue increases in both our Intermodal and
Brokerage operations. We continue to earn awards of new
Dedicated business and expect our number of Dedicated tractors to
increase to over 1,150 by June 2018. We also improved our
balance sheet position with $15.8 million in cash at the end of
2017 from $7.9 million in debt at the beginning of the year.
We expect to further capitalize on profitable growth opportunities
with our diversified platform, cost control emphasis, modern fleet,
strong balance sheet and the smart, hard work of our people.”
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 966 dry trailers operating as
of December 31, 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.
CONTACTS: Tim Kohl, 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 |
(Unaudited) |
|
|
|
December 31, |
|
|
|
December 31, |
|
(In thousands, except
share information) |
2017 |
|
|
|
2016 |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
15,791 |
|
|
|
$ |
488 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade,
net |
|
74,886 |
|
|
|
|
69,199 |
|
Other |
|
6,131 |
|
|
|
|
4,436 |
|
Prepaid
expenses and other |
|
19,810 |
|
|
|
|
19,307 |
|
Total
current assets |
|
116,618 |
|
|
|
|
93,430 |
|
Property
and equipment: |
|
|
|
|
|
|
|
|
Revenue
equipment, buildings and land, office equipment and other |
|
783,648 |
|
|
|
|
759,553 |
|
Accumulated depreciation |
|
(211,728 |
) |
|
|
|
(201,728 |
) |
Net
property and equipment |
|
571,920 |
|
|
|
|
557,825 |
|
Other
assets |
|
1,865 |
|
|
|
|
2,493 |
|
Total
assets |
$ |
690,403 |
|
|
|
$ |
653,748 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
38,100 |
|
|
|
$ |
41,230 |
|
Insurance
and claims accruals |
|
26,177 |
|
|
|
|
19,440 |
|
Total
current liabilities |
|
64,277 |
|
|
|
|
60,670 |
|
Long-term
debt |
|
- |
|
|
|
|
7,886 |
|
Deferred
income taxes |
|
100,626 |
|
|
|
|
147,854 |
|
Total
liabilities |
|
164,903 |
|
|
|
|
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;
54,533,455 shares at December 31, 2017, and 54,391,525 shares
at December 31, 2016, issued and outstanding |
|
545 |
|
|
|
|
544 |
|
Additional paid-in capital |
|
76,413 |
|
|
|
|
74,175 |
|
Retained
earnings |
|
448,542 |
|
|
|
|
362,619 |
|
Total
stockholders’ equity |
|
525,500 |
|
|
|
|
437,338 |
|
Total
liabilities and stockholders’ equity |
$ |
690,403 |
|
|
|
$ |
653,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
|
|
Three Months |
|
|
Year |
|
|
|
|
Ended December 31, |
|
|
Ended December 31, |
|
(In
thousands, except per share information) |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
|
$ |
182,771 |
|
|
$ |
172,661 |
|
|
$ |
698,120 |
|
|
$ |
671,144 |
|
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
|
|
|
59,382 |
|
|
|
56,711 |
|
|
|
226,091 |
|
|
|
224,827 |
|
Purchased
transportation |
|
|
|
32,803 |
|
|
|
28,722 |
|
|
|
118,349 |
|
|
|
110,719 |
|
Fuel and
fuel taxes |
|
|
|
28,284 |
|
|
|
25,670 |
|
|
|
105,390 |
|
|
|
94,075 |
|
Supplies
and maintenance |
|
|
|
9,701 |
|
|
|
10,887 |
|
|
|
41,613 |
|
|
|
43,912 |
|
Depreciation |
|
|
|
21,245 |
|
|
|
21,240 |
|
|
|
85,120 |
|
|
|
82,445 |
|
Operating
taxes and licenses |
|
|
|
2,180 |
|
|
|
2,367 |
|
|
|
8,993 |
|
|
|
9,099 |
|
Insurance
and claims |
|
|
|
9,487 |
|
|
|
8,978 |
|
|
|
38,585 |
|
|
|
32,223 |
|
Communications and utilities |
|
|
|
1,516 |
|
|
|
1,586 |
|
|
|
6,047 |
|
|
|
6,287 |
|
Gain on
disposition of revenue equipment |
|
|
|
(617 |
) |
|
|
(3,040 |
) |
|
|
(5,499 |
) |
|
|
(10,502 |
) |
Other |
|
|
|
4,457 |
|
|
|
5,007 |
|
|
|
16,569 |
|
|
|
19,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
|
168,438 |
|
|
|
158,128 |
|
|
|
641,258 |
|
|
|
612,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
14,333 |
|
|
|
14,533 |
|
|
|
56,862 |
|
|
|
58,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
109 |
|
|
|
443 |
|
|
|
389 |
|
|
|
1,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
|
14,224 |
|
|
|
14,090 |
|
|
|
56,473 |
|
|
|
57,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes (benefit) expense |
|
|
|
(50,850 |
) |
|
|
5,787 |
|
|
|
(33,811 |
) |
|
|
23,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
$ |
65,074 |
|
|
$ |
8,303 |
|
|
$ |
90,284 |
|
|
$ |
33,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
|
$ |
1.19 |
|
|
$ |
0.15 |
|
|
$ |
1.66 |
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
|
|
$ |
1.18 |
|
|
$ |
0.15 |
|
|
$ |
1.65 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
|
$ |
0.025 |
|
|
$ |
0.015 |
|
|
$ |
0.08 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
SEGMENT INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
Three Months |
|
|
Three Months |
|
|
Three Months |
|
Ended |
|
|
Ended |
|
|
Ended |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
(Dollars
in thousands) |
2017 |
|
|
|
|
2016 |
|
|
2017 vs. 2016 |
|
|
2017 vs. 2016 |
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
$ |
85,469 |
|
|
|
|
$ |
86,453 |
|
|
$ |
(984 |
) |
|
(1.1 |
)% |
Truckload
fuel surcharge revenue |
|
12,161 |
|
|
|
|
|
10,113 |
|
|
|
2,048 |
|
|
20.3 |
|
Total
Truckload revenue |
|
97,630 |
|
|
|
|
|
96,566 |
|
|
|
1,064 |
|
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
39,037 |
|
|
|
|
|
37,174 |
|
|
|
1,863 |
|
|
5.0 |
|
Dedicated
fuel surcharge revenue |
|
3,916 |
|
|
|
|
|
3,188 |
|
|
|
728 |
|
|
22.8 |
|
Total
Dedicated revenue |
|
42,953 |
|
|
|
|
|
40,362 |
|
|
|
2,591 |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
19,171 |
|
|
|
|
|
16,155 |
|
|
|
3,016 |
|
|
18.7 |
|
Intermodal fuel surcharge revenue |
|
3,254 |
|
|
|
|
|
1,992 |
|
|
|
1,262 |
|
|
63.4 |
|
Total
Intermodal revenue |
|
22,425 |
|
|
|
|
|
18,147 |
|
|
|
4,278 |
|
|
23.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
19,763 |
|
|
|
|
|
17,586 |
|
|
|
2,177 |
|
|
12.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
$ |
182,771 |
|
|
|
|
$ |
172,661 |
|
|
$ |
10,110 |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
$ |
7,077 |
|
|
|
|
$ |
7,038 |
|
|
$ |
39 |
|
|
0.6 |
% |
Dedicated |
|
2,999 |
|
|
|
|
|
4,587 |
|
|
|
(1,588 |
) |
|
(34.6 |
) |
Intermodal |
|
2,526 |
|
|
|
|
|
1,735 |
|
|
|
791 |
|
|
45.6 |
|
Brokerage |
|
1,731 |
|
|
|
|
|
1,173 |
|
|
|
558 |
|
|
47.6 |
|
Total
operating income |
$ |
14,333 |
|
|
|
|
$ |
14,533 |
|
|
$ |
(200 |
) |
|
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
92.8 |
% |
|
|
|
|
92.7 |
% |
|
|
|
|
|
|
|
Dedicated |
|
93.0 |
|
|
|
|
|
88.6 |
|
|
|
|
|
|
|
|
Intermodal |
|
88.7 |
|
|
|
|
|
90.4 |
|
|
|
|
|
|
|
|
Brokerage |
|
91.2 |
|
|
|
|
|
93.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
92.2 |
% |
|
|
|
|
91.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
SEGMENT INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
|
Year |
|
Year |
|
|
Year |
|
|
|
Ended |
|
Ended |
|
|
Ended |
|
|
|
December 31, |
|
December 31, |
|
|
December 31, |
(Dollars in
thousands) |
|
|
|
2017 |
|
|
2016 |
|
2017 vs. 2016 |
|
|
2017 vs. 2016 |
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
|
$ |
336,596 |
|
$ |
339,967 |
|
$ |
(3,371 |
) |
|
(1.0 |
)% |
Truckload
fuel surcharge revenue |
|
|
|
43,614 |
|
|
35,884 |
|
|
7,730 |
|
|
21.5 |
|
Total
Truckload revenue |
|
|
|
380,210 |
|
|
375,851 |
|
|
4,359 |
|
|
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
|
153,691 |
|
|
147,007 |
|
|
6,684 |
|
|
4.5 |
|
Dedicated
fuel surcharge revenue |
|
|
|
13,190 |
|
|
10,363 |
|
|
2,827 |
|
|
27.3 |
|
Total
Dedicated revenue |
|
|
|
166,881 |
|
|
157,370 |
|
|
9,511 |
|
|
6.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
|
70,282 |
|
|
64,508 |
|
|
5,774 |
|
|
9.0 |
|
Intermodal fuel surcharge revenue |
|
|
|
10,339 |
|
|
6,982 |
|
|
3,357 |
|
|
48.1 |
|
Total
Intermodal revenue |
|
|
|
80,621 |
|
|
71,490 |
|
|
9,131 |
|
|
12.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
|
70,408 |
|
|
66,433 |
|
|
3,975 |
|
|
6.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
|
$ |
698,120 |
|
$ |
671,144 |
|
$ |
26,976 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
$ |
26,326 |
|
$ |
27,438 |
|
$ |
(1,112 |
) |
|
(4.1 |
)% |
Dedicated |
|
|
|
17,074 |
|
|
19,550 |
|
|
(2,476 |
) |
|
(12.7 |
) |
Intermodal |
|
|
|
8,303 |
|
|
7,131 |
|
|
1,172 |
|
|
16.4 |
|
Brokerage |
|
|
|
5,159 |
|
|
4,184 |
|
|
975 |
|
|
23.3 |
|
Total
operating income |
|
|
$ |
56,862 |
|
$ |
58,303 |
|
$ |
(1,441 |
) |
|
(2.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
|
93.1 |
% |
|
92.7 |
% |
|
|
|
|
|
|
Dedicated |
|
|
|
89.8 |
|
|
87.6 |
|
|
|
|
|
|
|
Intermodal |
|
|
|
89.7 |
|
|
90.0 |
|
|
|
|
|
|
|
Brokerage |
|
|
|
92.7 |
|
|
93.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
|
91.9 |
% |
|
91.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
OPERATING STATISTICS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Year |
|
|
Ended December 31, |
|
Ended December 31, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
97,630 |
|
|
$ |
96,566 |
|
|
$ |
380,210 |
|
|
$ |
375,851 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,700 |
|
|
$ |
3,456 |
|
|
$ |
3,514 |
|
|
$ |
3,427 |
|
Average
tractors(1) |
|
|
1,758 |
|
|
|
1,903 |
|
|
|
1,837 |
|
|
|
1,898 |
|
Average
miles per trip |
|
|
601 |
|
|
|
608 |
|
|
|
599 |
|
|
|
623 |
|
Non-revenue miles percentage(2) |
|
|
6.2 |
% |
|
|
9.1 |
% |
|
|
8.3 |
% |
|
|
9.2 |
% |
Total
miles (in thousands) |
|
|
43,624 |
|
|
|
46,786 |
|
|
|
178,760 |
|
|
|
184,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
42,953 |
|
|
$ |
40,362 |
|
|
$ |
166,881 |
|
|
$ |
157,370 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,535 |
|
|
$ |
3,448 |
|
|
$ |
3,481 |
|
|
$ |
3,432 |
|
Average
tractors(1) |
|
|
840 |
|
|
|
820 |
|
|
|
847 |
|
|
|
819 |
|
Average
miles per trip |
|
|
296 |
|
|
|
295 |
|
|
|
297 |
|
|
|
301 |
|
Non-revenue miles percentage(2) |
|
|
1.1 |
% |
|
|
0.8 |
% |
|
|
0.8 |
% |
|
|
0.8 |
% |
Total
miles (in thousands) |
|
|
19,461 |
|
|
|
18,826 |
|
|
|
77,102 |
|
|
|
75,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
22,425 |
|
|
$ |
18,147 |
|
|
$ |
80,621 |
|
|
$ |
71,490 |
|
Loads |
|
|
10,554 |
|
|
|
9,273 |
|
|
|
40,196 |
|
|
|
35,947 |
|
Average
tractors |
|
|
78 |
|
|
|
76 |
|
|
|
79 |
|
|
|
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
19,763 |
|
|
$ |
17,586 |
|
|
$ |
70,408 |
|
|
$ |
66,433 |
|
Loads |
|
|
11,667 |
|
|
|
12,926 |
|
|
|
48,271 |
|
|
|
49,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
December 31, 2017 and December 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
tractors(1) |
|
|
2,738 |
|
|
|
2,785 |
|
|
|
|
|
|
|
|
|
Average
age of company tractors (in years) |
|
|
1.5 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
Total
trailers |
|
|
4,909 |
|
|
|
4,854 |
|
|
|
|
|
|
|
|
|
Average
age of company trailers (in years) |
|
|
2.8 |
|
|
|
2.7 |
|
|
|
|
|
|
|
|
|
Ratio of
trailers to tractors(1) |
|
|
1.8 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Year |
|
|
|
Ended December 31, |
|
|
Ended December 31, |
|
(In
thousands) |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
27,169 |
|
|
$ |
29,531 |
|
|
$ |
121,879 |
|
|
$ |
133,801 |
|
Net cash
(used for) investing activities |
|
|
(11,303 |
) |
|
|
(28,448 |
) |
|
|
(95,318 |
) |
|
|
(97,290 |
) |
Net cash
(used for) financing activities |
|
|
(1,234 |
) |
|
|
(770 |
) |
|
|
(11,258 |
) |
|
|
(36,457 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
54,529 |
|
|
|
54,329 |
|
|
|
54,492 |
|
|
|
54,177 |
|
Diluted |
|
|
54,979 |
|
|
|
54,616 |
|
|
|
54,850 |
|
|
|
54,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes tractors driven by both company-employed drivers
and independent contractors. Independent contractors provided
60 and 68 tractors as of December 31, 2017 and 2016,
respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Represents the percentage of miles for which the company
is not compensated. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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