Cost pressures sink Marten Transport’s Q3

Shares of refrigerated carrier Marten Transport were down 7% in midday trading on Friday, following a disappointing third-quarter report. Despite improving supply-demand fundamentals, a runup in fuel and health insurance costs, among other items, were a drag in the period.

Mondovi, Wisconsin-based Marten (NASDAQ: MRTN) reported net income of $2.9 million, or 4 cents per share, for the third quarter. The result was a penny higher than the year-ago quarter but 2 cents light of the consensus estimate.

The company said higher fuel and payroll costs, including driver pay increases, were only partially offset by an increase in 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 was 1% higher year over year. The 2025 sale of its intermodal unit to Hub Group (NASDAQ: HUBG) presented a $9.9-million revenue headwind during the quarter.

This story was originally published by FreightWaves. Read the full story at FreightWaves →