Marten Transport reports record quarterly revenue
Oct 17, 2002 12:00 PM, Gary MacklinMarten Transport Ltd, Mondovi WI, reports record revenue of $74.7 million for its third quarter ended September 30, 2002, up from $70.8 million for the same period of 2001. Revenue, exclusive of fuel surcharges increased 7.1% for the third quarter 2002 compared to the third quarter 2001. Fuel surcharges were down $907,000 as a result of falling diesel prices. Net income for the third quarter increased 14.9% to $1.864 million, an earnings mark of 43 cents per share. Third quarter net income for 2001 was $1.622 million or 38 cents per share. Although revenue and net income were up, operating income fell slightly to $3.480 million for the third quarter 2002 compared to $3.673 million for the same period of 2001. Marten’s operating ratio increased to 95.3 for the third quarter 2002 from an operating ratio of 94.8 for the same period 2001.
For the first nine months of the fiscal year 2002, Marten generated revenue of $216.8 million, up from $212.4 million for the first nine months of 2001. Net income for the first three quarters of 2002 was $5.394 million, up from $5.192 for the same nine months of 2001. Earnings per share was $1.24 for the first three quarters of 2002, up from $1.23 per share for the same nine months of 2001. Marten operates a fleet of 2,087 tractors and 2,731 53-ft refrigerated trailers.