Marten reports 3Q net income up 15.5%

user-gravatar

Marten Transport

Marten Transport on Tuesday, Oct. 18, reported a 15.5 percent increase in net income to $6.3 million for the third quarter ended Sept. 30, from $5.5 million for the third quarter of 2010. The third-quarter earnings also improved sequentially from the second-quarter net income of $6.2 million. For the nine-month period of 2011, net income increased to $16.6 million from $14.5 million for the same nine-month period of 2010.

Quarterly operating revenue, consisting of revenue from truckload and logistics operations, increased 21.5 percent to $156.3 million from $128.7 million, while year-to-date operating revenue increased 17.1 percent to $445.3 million from $380.3 million. Quarterly operating revenue, net of fuel surcharges, increased 16.1 percent to $127.5 million from $109.8 million in the 2010 quarter and year-to-date increased 11.3 percent to $361.8 million from $325.2 million.

“We are pleased to mark our sixth consecutive quarter of year-over-year increased profitability,” said Randolph Marten, chairman and chief executive officer of the Mondovi, Wis.-based company. “We are encouraged by our continued profitability growth, which reflects the success of our long-term strategy to develop a diverse customer base that gains value from and expands all of our operating units. We have been successful in increasing profits while continuing to invest in the future and avoiding long-term debt.”