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Marten Transport reports firmer reefer truckload fundamentals in Q2
CEO Randy Marten attributed improving pricing and selection to tighter capacity after a regulatory crackdown removed noncompliant drivers, while non-dedicated revenue rose 9% year over year.
Marten Transport posted second-quarter results after the market closed Thursday, pointing to a sharp tightening in truckload fundamentals and a more favorable capacity backdrop for reefer hauling. CEO Randy Marten said the company is securing higher rates as freight demand and capacity move together, adding that regulators are contracting meaningful freight capacity by removing noncompliant and unqualified drivers.
In the non-dedicated truckload fleet, revenue increased 9% year over year to $116 million, though it was flat at $93 million when excluding fuel surcharges. Revenue per loaded mile rose 6% year over year to $2.81, and Marten reported a 97.4% operating ratio (ex-fuel), 10 basis points better than a year earlier.
Consolidated revenue totaled $224 million, down 3% year over year and $4 million below consensus, with revenue excluding fuel surcharges down 9% year over year. The quarter also included an $11.7 million revenue headwind tied to Marten’s 2025 sale of its intermodal unit to Hub Group.
Marten reported earnings per share of 7 cents, with net income of $5.3 million, and said EPS was 2 cents lower than the prior year and a penny below consensus. The company’s dedicated segment saw non-fuel revenue fall 14% year over year, driven by a 17% drop in truck count partially offset by a 3% increase in revenue per tractor.