Marten Transport Ltd. Said for the first quarter ended March 31, 2006, net income increased 4.9 percent, to $5.1 million or 23 cents per diluted share, from $4.8 million or 22 cents per diluted share, for the same
quarter of 2005.
Net income per diluted share of 23 cents exceeded the company's estimated range of 19 to 22 cents announced during March 2006. Earnings per share give retroactive effect in all periods to the company's three-for-two stock split in Dec. 2005.
Operating revenue for the first quarter increased 16.2 percent, to $119.6 million from $102.9 million for the 2005 quarter. Operating revenue included fuel surcharges of $15.8 million, compared with $9.7 million for the same quarter of 2005. Operating revenue also included non-freight revenue, principally from Marten's logistics operations, of $6.7 million for the 2006 quarter, compared with $2.9 million for the first quarter of 2005.
Freight revenue, which excludes fuel surcharge and non-freight revenue, increased 7.4 percent, to $97.1 million for the first quarter of 2005, compared with $90.4 million for the 2005 quarter.
Chairman and President Randolph L. Marten said, "The strength of our operating model and customer relationships were demonstrated by first quarter earnings that improved over an unusually strong first quarter of 2005. The key contributor to the increase in earnings was higher freight rates, which more than overcame a decrease in average miles per tractor.
"Freight demand for the quarter was not as robust as in the first quarter of 2005, but our customers continue to be concerned about obtaining enough capacity for the remainder of the year and beyond. The desire for quality capacity was reflected in our average freight revenue per total mile, which increased a solid 9.4 cents per mile, or 6.9 percent, compared with the first quarter of 2005. Average freight revenue per tractor per week – our main measure of asset productivity – increased 1.5 percent, to $2,959 in the 2006 quarter from $2,915 in the 2005 quarter.”