Marten Transport says 2Q profit up 29%

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Marten Transport announced Tuesday, July 21, its financial and operating results for the quarter ended June 30. Net income increased 29.1 percent to $4.5 million compared with $3.5 million for the same quarter of 2008. For the six-month period of 2009, net income increased 39.3 percent to $8.5 million compared with $6.1 million for the same six-month period of 2008.

Operating revenue, consisting of revenue from truckload and logistics operations, decreased 21.4 percent to $125.8 million in the second quarter of 2009 from $160.0 million in the 2008 quarter and decreased 18.3 percent to $247.8 million in the six-month period of 2009 from $303.4 million in the 2008 six-month period. The company said the decreases primarily were due to fuel surcharge revenue decreasing to $12.6 million in the quarter from $40.1 million in the 2008 quarter and to $23.4 million in the 2009 six-month period from $68.1 million in the 2008 six-month period, caused by significantly lower fuel prices in the 2009 periods.

Operating revenue, net of fuel surcharge revenue, decreased 5.6 percent to $113.2 million in the 2009 quarter from $119.9 million in the 2008 quarter and decreased 4.6 percent to $224.4 million in the 2009 six-month period from $235.2 million in the 2008 six-month period, due to a decrease in average miles per tractor.

“Despite the ongoing difficult freight environment, our ability to continue to produce positive results was clearly demonstrated in the second quarter,” said Randolph L. Marten, chairman and chief executive officer of the Mondovi, Wis.-based company. “We continued our disciplined focus on superior customer service, profitable freight selection and aggressive cost controls.”

Marten said the company’s improved results were helped by its expansion of regional operations throughout the country, continued growth of its logistics business, and fuel efficiency initiatives. “I want to especially recognize the efforts of all our employees, who remain one of our key strategic strengths,” he said. “Their smart, hard work and dedication to Marten Transport has continued to show tangible results in our ability to control costs and remain profitable in this difficult economy without reducing our work force or cutting our employees’ pay or benefits. With our multifaceted business model, our positive cash position with minimal debt, and our ability to keep our Marten team intact, we believe that we are well-positioned for an economic recovery.”