Marten is the latest trucking company to report earnings that reflect the weak trucking market. The post Bad news at Marten: Profits miss expectations, truckload OR plummets appeared first on FreightWaves.
Marten Transport reported net fourth-quarter income that was more than 50% lower than a year ago. The post Marten’s net income drops by more than half from a year earlier appeared first on FreightWaves.
Truckload carrier Marten saw its earnings fall from a year ago and detailed how much of that was caused by higher fuel prices. The post Marten’s earnings reflect weaker truckload market appeared first on FreightWaves.
With sequential comparisons as important as year on year, truckload carrier Marten held on in Q2 compared to Q1. The post Marten sees minor pullback from Q1, sharper drop from a year ago appeared first on FreightWaves.
Marten hit hard by weather, but bottom line is improved
Company retains its sub-90% operating ratio from fourth quarter Photo: Jim Allen/FreightWaves
Marten Transport (NASDAQ: MRTN) kicked off the truckload earnings season with a report that showed modest gains in revenue compared to the first quarter of last year, but a significant increase in operating and net income.
In a phone interview with FreightWaves, Tim Kohl, president, and Jim Hinnendael, executive vice president and chief financial officer, said the company had been hit hard by the snow and ice of the Texas/southeast U.S. storm of mid-February.
“We got hit more than anybody else by the snow,” Kohl said. In particular, three key Walmart distribution centers serviced by Marten were shut or restricted for days, resulting in the company seeing an impact on miles driven in a freight market that is otherwise roaring along.