MRTN News & Events

Reports Q4 revenue $210.11M, consensus $206.12M. Chairman of the board and CEO Randolph Marten stated, "We are encouraged by the sequential improvement in our profitability. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations."

Reports Q3 revenue $220.47M, consensus $225.29M. Chairman of the board and CEO Randolph Marten stated, "Our earnings have continued to be significantly pressured by the historic duration and depth of the freight market recession's oversupply and weak demand -- and the cumulative impact of inflationary operating costs, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first nine months of this year and throughout last year."

Marten Transport announced that Timothy Kohl, the company's CEO, has decided to retire from his role as CEO effective September 30. Randolph Marten, the company's executive chairman of the board of directors and previous CEO, has been named chairman of the board of directors and CEO, effective October 1. Marten has been a full-time employee of the company since 1974. Marten has been a director since October 1980 and executive chairman of the board since May 2021.

Hub Group (HUBG) entered into an agreement to acquire the intermodal assets of Marten Transport, Ltd. Intermodal, a division of Marten Transport (MRTN). Marten Intermodal provides temperature-controlled intermodal service to a diversified group of approximately 100 shippers in the food and beverage segments. Temperature-controlled intermodal transportation provides shippers the competitive advantages of reliable service and lower cost as compared to over the road temperature-controlled transportation. The transaction is structured as an asset purchase of certain intermodal equipment and contracts from Marten Transport Ltd. for $51.8M in cash and is expected to close by the end of the third quarter subject to certain customary closing conditions.