Marten Transport today reported its net income in the second quarter of 2013 was $7.7 million, inching up 1.1 percent from $7.6 million in the second quarter of 2012.
It was the 13th consecutive year-over-year increase in quarterly net income, according to Randolph L. Marten, chairman and CEO of the North American temperature-sensitive truckload carrier, which was ranked as No. 37 in the JOC’s 2012 Top 50 Trucking Companies list.
Quarterly operating revenue, consisting of revenue from truckload and logistics operations, increased 2.8 percent to $161.4 million from $157.0 million in the same period a year ago. Of that total, truckload revenue was $126.9 million, rising 5.5 percent year-over-year from $120.3 million, while logistics revenue was $34.6 million, falling 5.8 percent from $36.7 million.
Year-to-date, net income was $14.9 million in the second quarter, increasing year-over-year from $13.0 million. Operating revenue in the first six months of 2013 was $325.9 million, compared with $308.4 million in the first half of last year.
“We continue to grow and expand our business despite continued slow economic growth and a challenging rate environment,” Marten said.
“Our total truckload, intermodal and broker loads were up 13.2 percent in the second quarter of 2013 over the prior year’s quarter,” he continued. “We believe the strong positioning of our truckload operations has continued to pay benefits, including a 2.8 percent increase in miles per tractor and a 2.6 percent increase in revenue per tractor over the second quarter of 2012.”
Furthermore, Stifel Transportation & Logistics Research Group has predicted that Marten Transport’s earnings in the second half of 2013 will increase, as refrigerated freight demand will continue to outperform general dry van freight demand, the company will lap its implementation of driver pay increases in the third quarter of 2012 and Marten’s tractor productivity and utilization metrics will continue to improve.