Marten reports record revenue for 2002

Jan. 23, 2003
Marten Transport Ltd, Mondovi WI, reports revenue of $293.1 million for 2002, a record for the truckload carrier of temperature-controlled freight. Revenue
Marten Transport Ltd, Mondovi WI, reports revenue of $293.1 million for 2002, a record for the truckload carrier of temperature-controlled freight. Revenue for 2002, net of fuel surcharges, increased 5.5% from $282.8 million in 2001. Fuel surcharges were $4.5 million lower in 2002 than in 2001. Net income for the year 2002 was $6 million or $1.37 per share, down slightly from $6.5 million or $1.54 per share for 2001.

Operating income for 2002 dropped to $11.9 million, down from $15.1 million in 2001. A reflection of rising costs for motor carriers is shown by a rise in the operating ratio to 96, up from 94.7 in 2001.

Revenue in the fourth quarter 2002, ended December 31, 2002, was $76.3 million, up from $70.4 million for the same period of 2001. Net of fuel surcharges, revenue rose 6.8%. Income for the quarter was $579,000 or 13 cents per share, down from $1.3 million or 31 cents per share in the fourth quarter 2001. However, earnings still exceeded Marten’s previous guidance, which predicted earnings per share in the five to 10 cents per share range. Operating ratio for the fourth quarter 2002 was high at 98.2, up from 95.7 for the same period of 2001.

Marten Transport has continued to add to its fleet and to reduce debt. The company cut its long-term debt by $11.5 million in 2002. At year end, the fleet totaled 2,078 tractors and 2,676 refrigerated trailers.

Sponsored Recommendations

Heavy-Duty Maintenance Checklist

A maintenance checklist can help ensure you hit everything necessary during an inspection. Check out our free downloadable checklist to help streamline your repairs.

Five Ways a Little Data Can Save Your Company Millions

While most trucking and logistics companies rely on cellular to keep their work fleet connected, satellite has the ability to connect anywhere and through small data transmission...

Fleet Case Study: 15% YOY Growth for ITDS

Learn how this small trucking company scaled significantly and maintained outstanding customer service without adding additional people. Sylectus TMS can automate operations and...

Unlocking Fleet Safety & Efficiency: The Managed Service Advantage

Want to boost your fleet's safety and efficiency? Tune in now to discover the power of Managed Services in optimizing your safety program, streamlining operations, and making ...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!