Marten Transport Ltd reported a 33.0% increase in net income to $5.4 million for the first quarter ended March 31, 2012, from $4.1 million for the first quarter of 2011. It was the Mondovi WI-based motor carrier’s eighth consecutive year-over-year increase in quarterly profitability.
Operating revenue, consisting of revenue from truckload and logistics operations, rose to $151.5 million in the first quarter of 2012 from $137.9 million in the 2011 quarter. Operating revenue, net of fuel surcharges, climbed 9.0% to $122.6 million in the 2012 quarter from $112.5 million in the 2011 quarter. Fuel surcharge revenue advanced to $28.8 million for the first quarter of 2012 from $25.4 million in the 2011 quarter, due to higher fuel prices.
Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 92.2% for the first quarter of 2012 from 93.2% for the first quarter of 2011.
Randolph L Marten, chairman and chief executive officer, said, “We are encouraged by our continued profitable growth. Despite increasing fuel prices and a tight driver market, our focus on building a multi-faceted business model and attention to developing a diverse customer base have expanded our logistics business and our regional operations throughout the country. Our logistics revenue, net of intermodal fuel surcharges, grew by 9.6% to $33.4 million in this year’s first quarter from $30.5 million in the 2011 quarter. We have increased our regional operations to 67.8% of our truckload fleet as of March 31, 2012, from 57.1% as of a year earlier. Our regional operations contributed to a 4.5% increase in our average truckload revenue, net of fuel surcharges, per tractor per week, over last year’s first quarter.
“We are also pleased to have again been named one of America’s 100 Most Trustworthy Companies in the annual survey recently commissioned by Forbes magazine. We are one of only three companies to be named to the list for the fourth consecutive year,” he said.
Marten Transport specializes in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. It offers service in the United States, Canada, and Mexico, concentrating on expedited movements for high-volume customers.
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