Marten Transport profit jumped 52.8 percent to $4.1 million in the first quarter despite falling revenue in the stalled economy.
Revenue decreased 14.9 percent to $122 million in the quarter from $143.4 million in the 2008 quarter. The decrease was primarily due to a steep decline in fuel surcharge revenue -- from $28 million in first quarter 2008 to $10.8 million in the most recent quarter -- as pump prices plummeted since reaching a high point last July.
Year-over-year brokerage revenue in the refrigerated carrier’s logistics unit decreased slightly from $15.2 million to $14.5 million, while intermodal revenue increased from $7 million to $9.1 million.
Chairman and CEO Randolph L. Marten said in addition to having a strong quarter in the midst of a recession, cash from operating activities increased to $27.4 million for the first quarter of 2009 from $14.7 million in the same period a year ago.
“We are well-positioned for an economic recovery with our multi-faceted business model and our positive cash position with minimal debt,” Marten said.