For all of 2010, net income increased 21.4% to $19.7 million, or 90 cents per diluted share, from $16.3 million, or 74 cents per diluted share, for 2009.
Operating revenue, consisting of revenue from truckload and logistics operations, increased to $136.6 million in the fourth quarter of 2010 from $128.7 million in the 2009 quarter. In 2010, operating revenue increased to $516.9 million from $505.9 million in 2009.
Operating revenue, net of fuel surcharges, increased 3.3% to $115.8 million in the 2010 quarter from $112.1 million in the 2009 quarter and decreased 2.0% to $441.0 million in 2010 from $450.1 million in 2009. Operating revenue included fuel surcharges of $20.8 million for the fourth quarter of 2010, compared with $16.6 million in the 2009 quarter, and $75.9 million for 2010, compared with $55.7 million for 2009.
Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 92.2% for the fourth quarter of 2010 from 92.8% for the fourth quarter of 2009, and improved to 92.0% for 2010 from 93.5% for 2009. The ratio for 2010 was the company's best since 2006.
"We are pleased to report increased profitability, in spite of rising fuel prices," said Chairman and CEO Randy Marten. "Our ongoing transformation into a multi-faceted business model continues to produce positive results through its focus on growth in our intermodal, brokerage, regional and international operations."
Both the brokerage and intermodal components of Marten's logistics segment contributed to improved revenue. Expanding regional operations contributed to a 5.9% fourth-quarter increase in average truckload revenue, net of fuel surcharges, per tractor per week over last year's fourth quarter, and a 5.2% increase in 2010 over 2009.
Marten has increased its regional operations to 51.8% of its truckload fleet as of December 31, 2010, up from 25.9% a year earlier.