Wisconsin-based Marten Transport Ltd. said operating revenue for the fourth quarter of 2006 increased 5 percent to $131.7 million from $125.4 million for the same quarter of 2005.
For 2006, operating revenue increased 12.8 percent to $518.9 million from $460.2 million for 2005. Operating revenue included fuel surcharges of $17.8 million and $77.3 million for the quarter and year ended Dec. 31, 2006, compared with $19.1 million and $57.2 million for the quarter and year ended Dec. 31, 2005. Operating revenue also included non-freight revenue principally from Marten's logistics and intermodal operations. Non-freight revenue increased 143.4 percent to $12.4 million for the quarter and 132.9 percent to $39.3 million for the year ended Dec. 31, 2006, compared with $5.1 million and $16.9 million for the quarter and year ended Dec. 31, 2005, respectively.
For the fourth quarter, net income decreased 27.0 percent to $5.2 million, or 24 cents per diluted share, from $7.1 million, or 32 cents per diluted share, for the same quarter of 2005. For the year ended Dec. 31, 2006, net income decreased 2.2 percent to $24.5 million, or $1.12 per diluted share, from $25.1 million, or $1.14 per diluted share, for 2005.
Chairman, President and Chief Executive Officer Randolph L. Marten said, "We continued to grow with our customers during the fourth quarter, though a more challenging freight environment and an increase in driver-related expenses impacted our profitability for the period. Operating revenue increased 5.0 percent in the last quarter of 2006, despite a 7.0 percent decrease in fuel surcharges. Non-freight revenue, consisting of our intermodal, brokerage and MW Logistics operations, increased 143.4 percent to $12.4 million over the fourth quarter of 2005. Combining these business units with our trucking operations shows revenue growth, before fuel surcharges, of $7.6 million, or 7.1 percent, over the fourth quarter of 2005.
"We believe the freight market in the fourth quarter was characterized by less robust shipping demand and greater truck capacity than in the fourth quarter of 2005, with the amount of 'surge' freight significantly lower than in the last two years. This freight is highly profitable and the lack of it made a difference.”
For 2006, operating revenue increased 12.8 percent to $518.9 million from $460.2 million for 2005. Operating revenue included fuel surcharges of $17.8 million and $77.3 million for the quarter and year ended Dec. 31, 2006, compared with $19.1 million and $57.2 million for the quarter and year ended Dec. 31, 2005. Operating revenue also included non-freight revenue principally from Marten's logistics and intermodal operations. Non-freight revenue increased 143.4 percent to $12.4 million for the quarter and 132.9 percent to $39.3 million for the year ended Dec. 31, 2006, compared with $5.1 million and $16.9 million for the quarter and year ended Dec. 31, 2005, respectively.
For the fourth quarter, net income decreased 27.0 percent to $5.2 million, or 24 cents per diluted share, from $7.1 million, or 32 cents per diluted share, for the same quarter of 2005. For the year ended Dec. 31, 2006, net income decreased 2.2 percent to $24.5 million, or $1.12 per diluted share, from $25.1 million, or $1.14 per diluted share, for 2005.
Chairman, President and Chief Executive Officer Randolph L. Marten said, "We continued to grow with our customers during the fourth quarter, though a more challenging freight environment and an increase in driver-related expenses impacted our profitability for the period. Operating revenue increased 5.0 percent in the last quarter of 2006, despite a 7.0 percent decrease in fuel surcharges. Non-freight revenue, consisting of our intermodal, brokerage and MW Logistics operations, increased 143.4 percent to $12.4 million over the fourth quarter of 2005. Combining these business units with our trucking operations shows revenue growth, before fuel surcharges, of $7.6 million, or 7.1 percent, over the fourth quarter of 2005.
"We believe the freight market in the fourth quarter was characterized by less robust shipping demand and greater truck capacity than in the fourth quarter of 2005, with the amount of 'surge' freight significantly lower than in the last two years. This freight is highly profitable and the lack of it made a difference.”
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