Marten Transport on Tuesday, April 19, reported a 5.2 percent increase in net income to $4.1 million for the first quarter ended March 31, up from $3.9 million for the first quarter of 2010. Operating revenue, consisting of revenue from truckload and logistics operations, increased to $137.9 million from $125.8 million.
Operating revenue, net of fuel surcharges, increased 3.7 percent to $112.5 million from $108.5 million. Fuel surcharge revenue increased to $25.4 million from $17.3 million due to significantly higher fuel prices. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, improved to 93.2 percent from 93.5 percent.
“We are encouraged by our continued solid results,” said Randolph Marten, chairman and chief executive officer of the Mondovi, Wis.-based company. “This quarter marks our fourth consecutive quarter of year-over-year increased profitability. Our transformation into a multifaceted business model focused on growing our logistics business and expanding our regional operations throughout the country, along with our fuel efficiency and cost control measures, continue to drive our profitability.”
Marten said the company’s logistics revenue, net of intermodal fuel surcharges, grew by $2.9 million. “Our regional operations continue to thrive, contributing to an 8.6 percent increase in our average truckload revenue, net of fuel surcharges, per tractor per week, over last year’s first quarter,” he said. “We have increased our regional operations to 57.1 percent of our truckload fleet as of March 31, 2011, from 30.4 percent as of a year earlier.”
Marten said the company has achieved increased profits while investing in its future and paying down debt. “This quarter-end marks the third consecutive quarter where we have increased our total number of tractors in service,” he said. “It also marks the first quarter-end without long-term debt since we became a public company in 1986.”
