Marten Transport, Ltd. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total operating revenue decreasing by 14.8% to $963.7 million, down from $1.13 billion in 2023. The company's net income also fell sharply, dropping 61.7% to $26.9 million, or $0.33 per diluted share, compared to $70.4 million, or $0.86 per diluted share, in the previous year. This downturn was attributed to a combination of reduced freight demand and increased operational costs, particularly in the Truckload and Dedicated segments, which saw revenue declines of 5.5% and 21.8%, respectively.
In terms of operational metrics, Marten's Truckload segment generated $439.8 million in revenue, while the Dedicated segment brought in $319.1 million. The Intermodal segment experienced a more pronounced decline, with revenue falling 36.2% to $58.8 million, primarily due to a decrease in both the number of loads and revenue per load. The Brokerage segment also reported a revenue decrease of 11.8%, totaling $146 million. The overall operating ratio worsened to 96.6% in 2024 from 92.0% in 2023, indicating increased operational inefficiencies.
Marten Transport has been actively pursuing strategic developments to enhance its service offerings and operational efficiency. The company operates across six distinct business platforms, including Temperature-Sensitive and Dry Truckload, Dedicated, Intermodal, Brokerage, and MRTN de Mexico. The company has emphasized organic growth by targeting shippers with consistent freight volumes and high service expectations. As of December 31, 2024, Marten's fleet consisted of 3,006 tractors and 5,440 trailers, with an average tractor age of 1.9 years, reflecting the company's commitment to maintaining a modern and efficient fleet.
The company also reported a workforce of 3,776 employees, including 2,915 drivers, and noted that it has been focusing on improving employee retention and recruitment amid a competitive labor market. Marten's largest customer, Walmart, accounted for approximately 20% of its revenue in 2024, highlighting the company's reliance on key customer relationships. Looking ahead, Marten Transport anticipates capital expenditures of approximately $150 million in 2025, primarily for new revenue equipment, and expects to continue paying quarterly dividends of $0.06 per share, reflecting its commitment to returning value to shareholders despite recent financial challenges.
About MARTEN TRANSPORT LTD
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