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Secures multi-year dedicated contracts
Marten Transport has reported a 5.4% increase in net income to US$8.4 million for Q2 ended June 30, 2015. For the six-month period ended June 30, 2015, net income increased 40.4% to US$18.5 million. Results for H1, 2015 included a gain on the disposition of a facility of US$3.7 million which occurred as part of the Company’s ongoing programme to expand and update the footprint of its facilities throughout the US.
Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the US. Marten specialises in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment.
Operating revenue, net of fuel surcharges, improved 6.1% to us$143.9 million for Q2, 2015 and improved 8.1% to US$284.6 million for H1, 2015. These improvements were primarily due to the continued growth of Marten’s dedicated operations. Operating revenue was US$163.6 million for the 2015 quarter compared with US$168.4 million for the 2014 quarter, and was US$324.9 million for the 2015 six-month period compared with US$327.8 million for the 2014 six-month period. Fuel surcharge revenue decreased to US$19.7 million for Q2, 2015 from US$32.7 million for the 2014 quarter, and decreased to US$40.2 million for the 2015 six-month period from US$64.6 million for the 2014 six-month period.
Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 90.2% for Q2, 2015 from 90.5% for Q2, 2014. The ratio improved to 88.9% for the 2015 six-month period from 91.8% for the 2014 six-month period. The operating ratio, net of both fuel surcharges and the gain on the facility disposition, improved to 90.2% for the six-month period ended June 30, 2015.
The Company is encouraged by its continued growth in both profitability and tractor fleet size, with its average truckload and dedicated tractor count up 201 tractors, or 9.2%, over last year’s second quarter. Looking forward to the third quarter and beyond, it has secured multi-year dedicated contracts for an additional 279 tractors in this year’s second quarter.