Marten Transport reported its profit in the first quarter of 2013 was $7.2 million, a jump of 32.2 percent compared with $5.4 million in the first quarter of 2012 and the 12th consecutive year-over-year increase in quarterly net income.
Quarterly revenue, consisting of revenue from truckload and logistics operations, rose 8.6 percent from $151.5 million in 2012 to $164.5 million in 2013. Operating revenue, net of fuel surcharges, improved by 8.2 percent to $132.7 million in the first quarter of this year, versus $122.6 million in the first quarter of last year. Fuel surcharge revenue increased to $31.7 million from $28.8 million.
Truckload revenue, net of fuel surcharges, increased 6.5 percent year-over-year, driven by a 2.2 percent increase in average truck count, a favorable reduction in the empty mile percentage from 11.0 percent in the first quarter of 2012 to 10.7 percent in the first quarter of 2013, and a 4.0 percent increase in utilization, according to Stifel Transportation & Logistics Research Group.
The Stifel report also said that Wisconsin-based Marten’s logistics revenue growth was mainly fueled by increased intermodal and brokerage revenue. Intermodal segment revenue was up 43 percent year-over-year on a 47 percent increase in loads handled, and the company’s in-house brokerage segment revenue rose 5.6 percent year-over-year, mainly driven by a 16.6 percent increase in the number of loads brokered during the quarter.
Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 90.6 percent for the first quarter of 2013, compared with 92.2 percent for the first quarter of 2012.
The gains came about largely because of the temperature-sensitive truckload carrier’s focus on customer solutions, cost efficiencies and improvements in equipment utilization, said Randolph L. Marten, chairman and CEO, in a written statement.