Marten Transport, Mondovi, Wis., reported record revenue of $74.7 million for the third quarter ended Sept. 30, compared with $70.8 million in the same period last year.
Revenue net of fuel surcharges to customers increased 7.1% from the third quarter of last year. Fuel surcharges declined $907,000 in the third quarter due to a significant decrease in the price of diesel fuel. Third-quarter net income increased 14.9% to $1,864,000, or 43 cents per diluted share, from $1,622,000, or 38 cents per diluted share, in the third quarter of 2001.
Operating income for the third quarter was $3,480,000, compared with $3,673,000 last year. Marten's operating ratio, which compares operating costs to revenue, increased to 95.3% from 94.8% in last year's third quarter.
Randolph L. Marten, president and chairman of the board, said the year-to-year earnings comparison reflects the company's efforts to hold operating expenses in line with revenue, despite continuing pressure on freight rates, increased insurance and claims expense and intensified competition for qualified drivers.
"The operating environment was clearly less favorable in the third quarter than in the second quarter of this year, though we were encouraged by the resilience of freight demand during the period and generally pleased with the effectiveness of our expense and fleet management," he said. "Most of our key productivity measures compare favorably with those of last year's third quarter, with slight improvements in revenue per tractor and revenue per mile."
For the nine months ended Sept. 30, 2002, revenue was $216.8 million, compared with $212.4 million in last year's comparable nine-month period. Net income for the nine months was $5,394,000, or $1.24 per diluted share, up from $5,192,000, or $1.23 per diluted share, in the comparable period of 2001.
Marten Transport is a supplier of time- and temperature-sensitive truckload motor carrier services to customers nationwide. At the end of the third quarter, Marten operated a fleet of 2,087 tractors and 2,731 trailers, all 53-foot trailers.