- Net income for Marten Transport (MRTN, Financial) fell by 55% to $4.3 million in Q1 2025 compared to $9.6 million in Q1 2024.
- Operating revenue decreased by 10.6% year-over-year, totaling $223.2 million.
- Company recognized as a TCA Elite Fleet - 2025 Best Place to Drive.
Marten Transport (MRTN) announced a significant downturn in its financial performance for the first quarter of 2025. The company's net income dropped to $4.3 million, or $0.05 per diluted share, from $9.6 million, or $0.12 per diluted share, in the same period the previous year. This represents a year-over-year decline of 55% in net income.
The company's operating revenue fell by 10.6%, reaching $223.2 million, down from $249.7 million in Q1 2024. Excluding fuel surcharges, the operating revenue was $195.8 million compared to $215.7 million in the prior-year quarter. Fuel surcharge revenue itself saw a decrease to $27.4 million from $33.9 million over the same period.
Marten Transport's operating income also suffered a significant decline, falling 52.2% to $5.9 million from $12.3 million a year earlier. The operating expenses accounted for 97.4% of revenue, an increase from 95.1% in Q1 2024, indicating rising operating costs.
The company's struggle is attributed to a prolonged freight market recession marked by oversupply and weak demand, along with inflationary pressures on operating costs and reduced freight rates. Despite these challenges, Marten’s dedicated and brokerage operations exhibited resilience, earning the company recent certification as a TCA Elite Fleet - 2025 Best Place to Drive.
As of March 31, 2025, Marten Transport holds a cash position of $39.9 million, reflecting a strong balance sheet presence. However, the reduction in their fleet from 3,406 to 3,040 tractors year-over-year is indicative of strategic adaptation to the challenging market conditions faced by the company.
