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Mar 31, 2022
Marten Transport Q1 2022 Earnings Report
Reported highest operating revenue and operating income for any quarter and the best operating ratio, net of fuel surcharges, since Marten became a public company in 1986.
Key Takeaways
Marten Transport reported a 52.9% increase in net income to $27.5 million, or 33 cents per diluted share, for the first quarter ended March 31, 2022. Operating revenue improved 28.8% to $287.3 million, and operating income improved 49.4% to $35.9 million.
Net income increased by 52.9% compared to Q1 2021.
Operating revenue increased by 28.8% compared to Q1 2021.
Operating income increased by 49.4% compared to Q1 2021.
The company repurchased and retired 1.3 million shares of common stock for $25 million and increased the regular quarterly cash dividend by 50%.
Marten Transport
Marten Transport
Forward Guidance
Marten provided momentum to the rest of this year to continue consistent, strong profitable growth.
Positive Outlook
- Began this year’s second quarter with 128 more of the industry’s top drivers than employed at the beginning of the year.
- Added 95 refrigerated containers during the first quarter, increasing the fleet to 729 containers as of March 31st.
- Repurchased and retired 1.3 million shares of common stock for $25 million.
- Increased regular quarterly cash dividend by 50% during the first quarter of 2022.
Challenges Ahead
- Unrelenting national shortage of qualified drivers.