The temperature-sensitive truckload carrier posted earnings per share of $0.26 per share, exceeding the street consensus and Stifel’s estimate of $0.25 per share.
Temperature-sensitive truckload carrier Marten Transport’s net income for the second quarter of 2016 reached $8.5 million, a 2.1 percent increase from the corresponding period in 2015, based off the company’s most recent unaudited financial statements.
Marten’s earnings per share (EPS) for the quarter reached $0.26 per share, exceeding the street consensus and Stifel’s estimate of $0.25 per share. In the second quarter of 2015, the company’s EPS stood at $0.25 per share.
Operating revenues for Q2 2016 inched up 1.5 percent year-over-year to $166.1 million.
For the first half of 2016, Marten’s net income fell 9.7 percent from the corresponding period in 2015 to $16.7 million.
Operating revenues inched up 1 percent year-over-year to $328 million, despite substantially lower fuel charges, which were driven down by decreased fuel prices in 2016.
“We have continued to demonstrate the strength of our multifaceted and diverse business model which drove growth in our top line revenue and profitability despite pricing pressures and a soft freight market,” Marten Chairman and CEO Randolph L. Marten said. “We successfully grew our average number of truckload and dedicated tractors by 362 tractors, or 15.4 percent, in the first half of this year over the first half of 2015.”
Looking ahead, Stifel is leaving its 2016 EPS estimate for Marten unchanged at $1.00, while slightly lowering its 2017 EPS estimate from $1.13 to $1.10. In addition, Stifel introduced its 2018 EPS estimate of $1.25.
“With temperature controlled freight market conditions remaining challenging, Marten continues to buck the tide with good fundamental operations-based blocking and tackling, alignment with collaborative customers, disciplined/cost-based pricing, offering a suite of complementary services,” Stifel said.
Headquartered in Mondovi, Wis., Marten provides service throughout the United States, Canada and Mexico, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment.
Marten Transport’s Q2 EPS surpass’s expectations
