Higher truckload rates lift Marten's Q3 earnings, but diesel pulls it back
Truckload rates per mile jumped 14% at Marten Transport, but surging diesel prices and higher health insurance costs put pressure...
Marten Transport (CCJ Top 250, No. 40) grew third-quarter net income by 30.7% year over year, but soaring diesel prices and rising health insurance costs offset a sharp rise in truckload rates.
Randolph L. Marten, chairman of the board and chief executive officer, said the freight market is in the early stages of an upcycle.
“The truckload freight market has sharply tightened since earlier this year as renewed and enhanced enforcement of federal and state law is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace,” Marten said.
He said the carrier is winning higher pricing for its premium service while improving freight quality across its network. Truckload average rate per total mile, net of fuel surcharges, rose 14.1% over the same period last year.
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