Marten Transport and Overnite Transportation are bucking trucking industry trends when it comes to fourth quarter and year-end 2001 financials.
Marten Transport, Mondovi, Wis., reported record revenue of $282.8 million for the year, an increase of 8% over revenue of $260.8 million in 2000. Net income for 2001 was $6.5 million, or $1.54 per diluted share, compared with $7.9 million, or $1.88 per diluted share, in 2000.
Operating income for 2001 was $15.1 million, compared with $18.7 million in 2000. Marten's operating ratio increased to 94.7% in 2001 from 92.8% in 2000.
For the fourth quarter, Marten's revenue was $70.4 million, the same as in the fourth quarter of 2000. Fourth quarter net income was $1.3 million, compared with $2.1 million in 2000. Operating income for the fourth quarter of 2001 was $3 million vs. $5.1 million for the same period of the previous year. The fourth quarter 2001 operating ratio increased to 95.7% from 92.7% for the fourth quarter of 2000.
"We were pleased to be able to continue our annual revenue growth despite this past year's challenging economic climate, though the downturn prevented us from achieving the freight rate increases necessary to cover the cost increases we incurred -- such as the increase in the cost of insurance," said Randolph L. Marten, president and chairman of the board.
"This combination of higher costs and pressure on rates is reflected in the continued rise in our operating ratio and decline in earnings for the year and fourth quarter. "On the plus-side, our equipment utilization levels remained strong throughout the year. We showed improvement in a majority of our key productivity measures, including trips per week, revenue per tractor per week, miles per tractor per week and empty mile percentage," he said.
Overnite Transportation, Richmond, Va., announced it completed its best year since 1994. The less-than-truckload company reported net income of $45.5 million on revenue of $1.133 billion in 2001, compared to $43.2 million and $1.114 billion, respectively, in 2000.
The company reported operating income of $53.8 million in 2001, as compared to $53.5 million in the previous year. Operating ratio stood at 95.2% for a second, consecutive 12-month period.
Thanks to the effects of a global recession and the aftermath of the terrorist attacks on the United States on Sept. 11, Overnite reported fourth quarter revenue was down 1.1 percent to $271 million compared to the last quarter in 2000; net income for the quarter fell from $13.3 million to $10.5 million.
"Our ability over the year to overcome the hardships and adversity that hindered the American economy in 2001 is testament to the continued strength of Overnite's work force and its resolve to continue to provide the highest quality service in the trucking industry," said Overnite Chairman and CEO Leo Suggs.
Overnite also reported it significantly improved billing, rating and collection processes, and reduced its accounts receivable by more than $30 million.
Marten Transport, Mondovi, Wis., reported record revenue of $282.8 million for the year, an increase of 8% over revenue of $260.8 million in 2000. Net income for 2001 was $6.5 million, or $1.54 per diluted share, compared with $7.9 million, or $1.88 per diluted share, in 2000.
Operating income for 2001 was $15.1 million, compared with $18.7 million in 2000. Marten's operating ratio increased to 94.7% in 2001 from 92.8% in 2000.
For the fourth quarter, Marten's revenue was $70.4 million, the same as in the fourth quarter of 2000. Fourth quarter net income was $1.3 million, compared with $2.1 million in 2000. Operating income for the fourth quarter of 2001 was $3 million vs. $5.1 million for the same period of the previous year. The fourth quarter 2001 operating ratio increased to 95.7% from 92.7% for the fourth quarter of 2000.
"We were pleased to be able to continue our annual revenue growth despite this past year's challenging economic climate, though the downturn prevented us from achieving the freight rate increases necessary to cover the cost increases we incurred -- such as the increase in the cost of insurance," said Randolph L. Marten, president and chairman of the board.
"This combination of higher costs and pressure on rates is reflected in the continued rise in our operating ratio and decline in earnings for the year and fourth quarter. "On the plus-side, our equipment utilization levels remained strong throughout the year. We showed improvement in a majority of our key productivity measures, including trips per week, revenue per tractor per week, miles per tractor per week and empty mile percentage," he said.
Overnite Transportation, Richmond, Va., announced it completed its best year since 1994. The less-than-truckload company reported net income of $45.5 million on revenue of $1.133 billion in 2001, compared to $43.2 million and $1.114 billion, respectively, in 2000.
The company reported operating income of $53.8 million in 2001, as compared to $53.5 million in the previous year. Operating ratio stood at 95.2% for a second, consecutive 12-month period.
Thanks to the effects of a global recession and the aftermath of the terrorist attacks on the United States on Sept. 11, Overnite reported fourth quarter revenue was down 1.1 percent to $271 million compared to the last quarter in 2000; net income for the quarter fell from $13.3 million to $10.5 million.
"Our ability over the year to overcome the hardships and adversity that hindered the American economy in 2001 is testament to the continued strength of Overnite's work force and its resolve to continue to provide the highest quality service in the trucking industry," said Overnite Chairman and CEO Leo Suggs.
Overnite also reported it significantly improved billing, rating and collection processes, and reduced its accounts receivable by more than $30 million.
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