Marten chalks up a new first-quarter high
Apr 17, 2003 12:00 PM, from staff and wire reportsMarten Transport Ltd, a Mondovi WI-based supplier of time- and temperature-sensitive truckload motor carrier services, reported record first-quarter revenue of $79.3 million, compared with $68 million in the same period of 2002.
Revenue, net of fuel surcharges to customers, climbed 10.8% from the first quarter a year ago. The $4 million fuel surcharge increase in the first quarter resulted from an rise in the price of diesel fuel. Net income for the quarter ended March 31, 2003, was $1,397,000, or 32 cents per diluted share, versus $689,000, or 16 cents per diluted share, in first-quarter 2002.
Operating income for first-quarter 2003 was $2,656,000, compared with $1,836,000 in the first quarter of 2002. Marten’s operating ratio (operating costs as a percentage of revenue) improved to 96.7% from 97.3% in the first quarter a year earlier.