The Mondovi, Wis.-based temperature-sensitive truckload carrier reported a net income of $33.5 million on operating revenues of $671.1 million for the full year of 2016.
Marten Transport, Ltd.’s net income for 2016 slipped 6.4 percent from a year prior to $33.5 million, according to the company’s latest financial statements.
On a bright note, the temperature-sensitive truckload carrier’s operating revenues for the full year ticked up 0.9 percent from 2015 to $671.1 million, despite lower fuel surcharges due to decreased fuel prices in 2016.
For the fourth quarter alone, Marten Transport had a net income of $8.3 million, a 5.5 percent decline from the fourth quarter of 2015, while operating revenues totaled $172.7 million, a 2.3 percent increase. Earnings per share of $0.25 for the quarter, which were in line with Stifel estimates, declined from $0.26 per share for the fourth quarter of 2015.
Marten Transport closed out the fourth quarter of 2016 with $7.9 million of long-term debt on its balance sheet, compared to $37.9 million at the close of 2015’s fourth quarter, despite increasing its tractor and trailer count. The company reported it had 2,785 tractors (68 of which were provided by independent contractors) and 4,854 trailers at the close of 2016.
Looking ahead, Stifel said it expects Marten Transport’s earnings per share to total $1.05 for 2017 and $1.18 for 2018.
Founded in 1946, Marten Transport currently offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers.
Marten Transport reports Q4, full-year 2016 earnings
