Marten Transport reported third-quarter net income of $2.9 million, or 4 cents per share, a penny higher than the year-ago quarter and 2 cents below the consensus estimate. Shares of the Mondovi, Wisconsin-based refrigerated carrier fell 7% in midday trading on Friday, Oct. 23.
Higher fuel and payroll costs, including driver pay increases, were partially offset by gains on equipment sales. The net impact was a $3.7 million hit to net income, or 4.5 cents per share. Consolidated revenue of $223 million rose 1% year over year, with the 2025 sale of its intermodal unit to Hub Group creating a $9.9 million revenue headwind.
One-way truckload revenue increased 12% to $117 million. Excluding fuel surcharges, revenue rose 4%, while revenue per tractor per week excluding fuel increased 15% on a 9% smaller fleet. Revenue per loaded mile excluding fuel rose 14% to $3.02 and deadhead fell 30 basis points to 10.7%. The unit posted a 100.2% operating ratio excluding fuel.
Dedicated revenue excluding fuel declined 9% as the truck count fell 11%, and its operating ratio was 97.6%. Brokerage revenue held flat at $39 million as shipments dropped 15% and revenue per load climbed 17%. The brokerage operating ratio improved 110 basis points to 94.8%.
Chairman and CEO Randy Marten said in the company's news release that the truckload market has tightened sharply this year as enforcement of federal and state law removes noncompliant and unqualified driver capacity. Marten carries no debt and generated $83 million in operating cash flow over the first nine months of 2026, down 5%. Its tractor fleet averaged 2.5 years old.
Source: FreightWaves - https://www.freightwaves.com/news/cost-pressures-sink-marten-transports-q3