Marten Transport Ltd. reported a significant decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Operating revenue for the third quarter of 2024 was $237.4 million, down 15.1% from $279.5 million in Q3 2023. For the nine-month period, revenue decreased to $733.3 million from $863.2 million, reflecting a 15.1% decline. The decrease in revenue was attributed to lower demand across all segments, particularly in Dedicated and Intermodal services, which saw declines of 21.4% and 36.6%, respectively.

Total operating expenses also decreased, amounting to $233.1 million for Q3 2024, down from $262.3 million in Q3 2023. For the nine months, expenses fell to $706.8 million from $788.8 million. Despite the reduction in expenses, operating income for Q3 2024 plummeted to $4.3 million, a 75.2% decrease from $17.2 million in the prior year. For the nine-month period, operating income fell 64.4% to $26.5 million from $74.5 million.

Net income for Q3 2024 was $3.8 million, down 72.4% from $13.6 million in Q3 2023. For the nine months, net income decreased to $21.3 million from $58.0 million, a decline of 63.3%. Basic earnings per share for Q3 2024 were $0.05, compared to $0.17 in Q3 2023, while for the nine months, earnings per share dropped to $0.26 from $0.71.

The company’s operating ratio worsened, reaching 98.2% in Q3 2024 compared to 93.8% in Q3 2023, indicating increased costs relative to revenue. The Truckload segment reported an operating ratio of 100.1%, up from 97.6% in the previous year, while the Dedicated segment's ratio increased to 95.9% from 88.9%.

Marten Transport's cash and cash equivalents decreased to $43.0 million as of September 30, 2024, down from $68.1 million a year earlier. The company maintained a share repurchase program with $33.2 million available for future repurchases, although no shares were repurchased in the first nine months of 2024 or 2023. Quarterly cash dividends remained consistent at $0.06 per share, totaling $14.7 million for the first three quarters of 2024.

The company continues to focus on strategic initiatives, including transitioning to a multifaceted business model encompassing Truckload, Dedicated, Intermodal, Brokerage, and MRTN de Mexico services. Additionally, Marten Transport is implementing environmentally sustainable solutions to reduce its carbon footprint.