Marten Transport Ltd., a Wisconsin-based carrier, reported record first-quarter revenue of $79.3 million, compared with $68 million in the same period last year.
Revenue, net of fuel surcharges to customers, increased 10.8% from the first quarter of last year. The $4 million fuel surcharge increase in the first quarter resulted from a significant increase in the price of diesel fuel.
Net income for the quarter ended March 31, 2003, was $1,397,000, or 32 cents per share, compared to $689,000, or 16 cents per share, in the first quarter of 2002.
Operating income for the first quarter of 2003 was $2,656,000, compared with $1,836,000 in the first quarter of last year. Marten Transport's operating ratio, which compares operating costs to revenue, improved to 96.7% from 97.3% in the first quarter last year.
"Our first-quarter results reflect an increase in business with existing and new customers and our larger fleet, coupled with improved control of expenses in spite of higher fuel prices," said Randolph L. Marten, president and chairman of the board. "Despite continuing economic weakness generally, we benefited from continued demand for high-capacity time- and temperature- sensitive transportation services."
Marten Transport, Ltd., with headquarters in Mondovi, Wis., is a supplier of time- and temperature-sensitive truckload motor carrier services to customers nationwide. At the end of the first quarter, Marten operated a fleet of 2,116 tractors and 2,769 trailers -- all 53-foot trailers.
Revenue, net of fuel surcharges to customers, increased 10.8% from the first quarter of last year. The $4 million fuel surcharge increase in the first quarter resulted from a significant increase in the price of diesel fuel.
Net income for the quarter ended March 31, 2003, was $1,397,000, or 32 cents per share, compared to $689,000, or 16 cents per share, in the first quarter of 2002.
Operating income for the first quarter of 2003 was $2,656,000, compared with $1,836,000 in the first quarter of last year. Marten Transport's operating ratio, which compares operating costs to revenue, improved to 96.7% from 97.3% in the first quarter last year.
"Our first-quarter results reflect an increase in business with existing and new customers and our larger fleet, coupled with improved control of expenses in spite of higher fuel prices," said Randolph L. Marten, president and chairman of the board. "Despite continuing economic weakness generally, we benefited from continued demand for high-capacity time- and temperature- sensitive transportation services."
Marten Transport, Ltd., with headquarters in Mondovi, Wis., is a supplier of time- and temperature-sensitive truckload motor carrier services to customers nationwide. At the end of the first quarter, Marten operated a fleet of 2,116 tractors and 2,769 trailers -- all 53-foot trailers.
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