Truckload carrier Marten Transport of Mondovi, WI, posted record revenues in 2001 but saw its income drop from 2000 levels.
The carrier generated revenue of $282.8 million in 2001, an increase of 8% over 2000 revenues of $260.8 million. However, net income for 2001 slipped to $6.5 million, compared with $7.9 million in 2000.
For the fourth quarter of 2001, Marten's revenue reached $70.4 million, the same as in the fourth quarter of 2000. Fourth quarter net income totaled $1.3 million, down from $2.1 million in the same quarter in 2000. At the end of 2001, the carrier said it operated a fleet of 1,956 tractors and 2,713 trailers, all 53-footers.
"We were pleased to be able to continue our annual revenue growth despite this past year's challenging economic climate," said Randolph L. Marten, the carrier's president & chairman. "The combination of higher costs and pressure on rates is reflected in the continued rise in our operating ratio and decline in earnings for the year and fourth quarter."
On the plus side, Marten said his company's equipment utilization levels remained strong throughout the year. "We showed improvement in a majority of our key productivity measures, including trips per week, revenue per tractor per week, miles per tractor per week and empty mile percentage," he said. "We also further strengthened our balance sheet by reducing long-term debt by $14.8 million during 2001."