Marten Transport reported its net income in the third quarter of 2013 was a record $8.0 million, jumping 22.4 percent year-over-year from $6.5 million.
“We are pleased to announce our highest net income for any quarter in our history, as well as our 14th consecutive year-over-year increase in quarterly profitability,” said Randolph L. Marten, chairman and CEO of the Mondovi, Wis.-based company, in a written statement. “We believe our continued growth and profitability are directly related to the strong positioning of our truckload operations, as well as the diversification of our service offerings in intermodal and brokerage.”
Quarterly revenue for the motor carrier, No. 37 on JOC’s ranking of the Top 50 Trucking Companies, totaled $167.1 million, up from $163.6 million in the third quarter of 2012. Of that total, truckload revenue was $130.3 million, rising 6.0 percent from $122.9 million, while logistics revenue was $36.8 million, declining 9.6 percent from $40.7 million.
Total truckload, intermodal and broker loads increased 11.9 percent in the third quarter over the prior year’s quarter, and tractor utilization and revenue per tractor increased 3.3 percent, Marten said.
“These continued improvements helped us achieve an operating ratio excluding fuel surcharge of 89.9 percent for the third quarter of 2013, our second best ratio over the past 28 quarters,” he added.
In the first nine months of 2013, profit rose 16.9 percent to $22.8 million, from $19.5 million in the same period last year, and revenue was $493.0 million, increasing from $472.0 million.
According to Stifel Transportation & Logistics Research Group, Marten Transport’s year-over-year gains in the third quarter are exceptional, saying they expect “few, if any” carriers to post such large earnings increases, given the “challenging” economic landscape, worsening driver shortage, the “adverse impact” of the new hours of service rules on productivity and shippers’ “general unwillingness” to give in to rate increases.