Refrigerated trucker Marten Transport increased its net profit 15.5 percent to $6.3 million in the third quarter on higher operating revenue, volume and surcharges.
The carrier is expanding its regional operations and trucking capacity while shifting more long-haul over-the-highway freight to intermodal rail service.
Operating revenue jumped 21.5 percent from a year ago to $156.3 million, while truckload revenue without fuel surcharges rose 13.1 percent to $92 million. Those were gains from the second quarter, when Marten reported $151.1 million in operating revenue, and $89.6 million in truckload revenue net of fuel surcharges.
Intermodal rail revenue jumped 44.9 percent year-over-year, rising to $18.2 million, as Marten’s intermodal load volume rose 22.1 percent in the quarter. Logistics revenue, net of intermodal fuel surcharges, rose 24.8 percent to $35.5 million, the company said in a Securities and Exchange Commission filing.
The Mondovi, Wis.-based refrigerated carrier’s yield, measured by average revenue per tractor per week net of fuel surcharges, rose 2.7 percent year-over-year. The trucking operator’s profitability reflects success in developing a diverse customer base, chairman and CEO Randolph L. Marten said in a statement.
Marten also is expanding regional trucking operations. The carrier employed 64.8 percent of its fleet in regional business, compared with 48.2 percent a year ago.
In the second quarter, 60.7 percent of Marten’s fleet hauled regional freight.
Marten expanded its tractor fleet 7.2 percent year-over-year, or by 161 tractors, to 2,302 Class 8 tractors at the end of the quarter. “This quarter marks the fifth consecutive quarter where we have increased our total number of tractors in service,” said Marten.