Marten Transport on Tuesday, July 19, reported a 20.1 percent increase in net income to $6.2 million for the second quarter ended June 30 from $5.2 million for the second quarter of 2010. The second-quarter earnings also improved sequentially from 2011 first-quarter net income of $4.1 million. For the six-month period of 2011, net income increased to $10.3 million from $9.1 million.
Operating revenue, consisting of revenue from truckload and logistics operations, increased to $151.1 million in the second quarter from $125.9 million in the 2010 quarter and increased to $289.0 million in the six-month period of 2011 from $251.7 million in the 2010 six-month period. Marten said the increases were due to improved truckload and logistics revenue along with increased fuel surcharge revenue, which reflects significantly higher fuel prices.
Operating revenue, net of fuel surcharges, increased 14.0 percent to $121.8 million in the 2011 quarter from $106.9 million in the 2010 quarter and increased 8.8 percent to $234.3 million in the 2011 six-month period from $215.4 million in the 2010 six-month period. Operating revenue included fuel surcharges of $29.3 million for the second quarter of 2011 compared with $19.0 million in the 2010 quarter, and $54.7 million for the 2011 six-month period compared with $36.3 million for the 2010 six-month period.
“We are encouraged by our continued progress,” said Randolph Marten, chairman and chief executive officer of the Mondovi, Wis.-based company. “This quarter marks our fifth consecutive quarter of year-over-year increased profitability. Our continued profitability reflects the success of our transformation into a multifaceted business through our focus on our logistics business and expansion of our regional operations, along with the impact of our disciplined fuel efficiency and other cost control measures. Both the brokerage and intermodal components of our logistics segment contributed to the improved revenue.”