William B. Cassidy | Jul 20, 2011 12:22PM EDT
Marten Transport improved its profitability for the fifth straight quarter, raising its profit 20.1 percent from a year ago to $6.2 million in the second quarter.
The Mondovi, Wis.-based refrigerated truckload carrier increased its profit compared with the first quarter as well, when it reported $4.1 million in net income.
Operating revenue net of fuel surcharges increased 14 percent to $121.8 million. The carrier’s total revenue increased 20 percent from a year ago to $151.1 million.
Marten Transport was one of several truckload carriers that increased revenue and profit during a quarter when the economy as a whole slowed down.
Heartland Express and J.B. Hunt Transport Services also reported strong second quarter results, as tight truck capacity increased road and intermodal demand.
Marten Transport’s operating ratio, net of fuel surcharges, dropped to 90.7 percent compared with 91.4 percent a year ago, its best ratio since the third quarter of 2006.
Marten is one of the few carriers adding capacity, raising its tractor count 9.2 percent from a year ago to 2,257 units. The carrier operates 4,026 trailers.
“Our continued profitability reflects the success of our transformation into a multi-faceted business,” said Randolph L. Marten, chairman and CEO of the company.
“We are pleased that we are increasing profits while investing in our future,” Marten said. His company increased its truck count in each of the last four quarters.
He cited Marten’s expansion into logistics, brokerage, intermodal and regional trucking. Regional trucking now accounts for 60.7 percent of its truckload business.
Excluding fuel surcharges, truckload revenue rose 11.3percent to $89.6 million, while logistics revenue net of surcharges rose 22.3 percent to $32.2 million.
Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter at @wbcassidy_joc