Marten Transport Q3 net income $3.8M ($0.05 EPS), down 72% YoY; revenue down 15%

MARTEN TRANSPORT LTD

2024-Q3 EPS reported $0.26 revenue$733,276,000

Net income $3.8M, EPS $0.05, vs $13.6M ($0.17) in Q3 2023; nine-month net income $21.3M ($0.26) vs $58.0M ($0.71).
Operating revenue $237.4M (-15% YoY); ex-fuel surcharge $207.9M (-13%).
Operating income $4.3M vs $17.2M; operating expense ratio worsened to 98.2% (GAAP) or 97.9% (ex-fuel surcharge) from 93.8%/92.8%.
Executive Chairman cites freight recession, weak demand, inflationary costs; notes sequential improvement in truckload/dedicated rates.
New multi-year dedicated programs for 149 drivers (up from 133); contracts extended for 337 drivers.

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