Marten Transport, Ltd. · NASDAQ:MRTN
Marten Transport — Q1 2025 Earnings Presentation
22 slides from Marten Transport's earnings presentation, April 2025
Slide 1: Marten Transport, Ltd. Q1 2025
MARTEN TRANSPORT, LTD. S IN CE 1 9 4 6 Q 1 2 0 2 5
Slide 2: Marten Transport: International Transportation Leader Since 1946
2 MARTEN TRANSPORT INTERNATIONAL TRANSPORTATION LEADER SINCE 1946 Marten Transport is a multifaceted business offering a network of refrigerated and dry truck-based transportation and distribution capabilities across the company’s six distinct business platforms DRY TRUCKLOAD REFRIGERATED TRUCKLOAD
Slide 3: Our Mission
3 OUR MISSION At Marten Transport, our mission is to be an international leader in transportation and logistics. Through the development of our people, innovation, and commitment to excellence, we will exceed our customers' expectations and provide superior returns to our shareholders. We are commit
Slide 4: Operating Results
OPERATING RESULTS 4 Our unique multifaceted business model’s value is highlighted by the operating results of our dedicated and brokerage operations for this quarter and throughout last year. Our earnings have continued to be heavily pressured by the considerable duration and depth of the freight ma
Slide 5: Significant Decrease in Our Freight Rates and Revenue per Tractor Since Q4 '22
5 SIGNIFICANT DECREASE IN OUR FREIGHT RATES AND REVENUE PER TRACTOR SINCE Q4 ’22 Truckload Rate per Total Mile, Utilization & Revenue per Tractor • Our freight rates and revenue per tractor significantly decreased from the beginning of ’23 - at a time with significant cost inflation that would norma
Slide 6: The Foundation of Marten's Growing Business
6 THE FOUNDATION OF MARTEN’S GROWING BUSINESS Each of our business platforms is young and positioned to capitalize on growth opportunities as the market moves out of the freight market recession REGIONAL IN STRUCTURE Truckload Business (47% of revenue) Regional temp, dry, and OTR operating from 15 r
Slide 7: Marten's Dedicated Growth
7 MARTEN’S DEDICATED GROWTH Our dedicated operations significantly contributed to our total operating income in 2024 and Q1 ’25 Dedicated Operating Revenue (excluding fuel surcharges) Dedicated Operating Income In millions In thousands $350 $16,000 22% (1)% 364% $325 267% 49% $14,000 $300 21% 2% (20
Slide 8: Marten's Brokerage Growth
8 MARTEN’S BROKERAGE GROWTH Our brokerage operations significantly contributed to our total operating income in 2024 and Q1 ’25 Brokerage Operating Revenue Brokerage Operating Income In millions In thousands $220 $7,000 41% $200 377% 319% 235% $6,000 $180 (19)% 229% $160 50% (12)% $5,000 $140 26% $4
Slide 9: Brokerage Shippers and Loads Growth
9 BROKERAGE SHIPPERS AND LOADS GROWTH Since 2022 we have focused on increasing our volume of non-dedicated and dry customer brokerage loads to minimize the impact in 2023 through Q1 ’25 of a number of our dedicated customers shifting brokerage loads due to the freight market recession To protect our
Slide 10: MRTN de Mexico Growth
10 MRTN de MEXICO MRTN de Mexico Dry TL and Brokerage Operating Revenue GROWTH $3,100 (excluding fuel surcharges) In thousands $2,600 $2,100 $1,600 $1,100 $600 Minimizing the impact of the freight market recession - $62.9 million operating revenue for 2024 vs. $79.2 million for 2023 $100 and $13.7 m
Slide 11: Investing for Future Growth and Safety
11 INVESTING FOR FUTURE GROWTH AND SAFETY 17% Cost of tractors up 17% in 2025 over 2021 INVESTMENTS ❑ Added Equipment Safety ❑ ❑ Collision Avoidance System Blind Spot Detection System 30% Cost of refrigerated trailers up 30% in 2025 over ❑ Lane Departure System 2021 Net Capital Expenditures ❑ Platfo
Slide 12: Marten's Solar Advantage
12 MARTEN’S SOLAR ADVANTAGE Nationwide Terminal and Office Installments at Each of Our Facilities + 3 million kWh of generation and offset each year = 2,125 metric tons* of CO2 offset each year 400 Homes* = This kWh is equivalent to enough energy to power over 400 homes with electricity for each yea
Slide 13: Recent Safety Technology Enhancements
13 RECENT SAFETY TECHNOLOGY ENHANCEMENTS PLATFORM SCIENCE SmartDrive telematics + fleet management Video based safety system ✓ All Fleet Apps in ONE Place On ONE Device ✓ SAFETY: Forward-facing camera technology Safer for driver focused on driver behavior ✓ Compliance ✓ COACHING/TERMINATING DRIVERS:
Slide 14: Marten's Operating Revenue
14 MARTEN’S OPERATING REVENUE 12 th 2022 12th straight year of highest operating Operating Revenue (excluding fuel surcharge) revenue In millions (excluding fuel surcharges) $1,100 23% (8)% $1,000 223 Customer diversity increased by 223 shipper $900 $800 9% 7% 8% (14)% 8% codes and 107 new customers
Slide 15: Marten's Operating Income
15 MARTEN’S OPERATING INCOME In each of the five years from 2018 through 2018-2022 2022 we had the then-best operating income in our history Operating Income In millions $150 28% $140 $130 $120 20% $110 $100 22% (37)% $90 9% $80 24% $70 20% (5)% (2)% $60 7% 13% (2)% $50 22% $40 20% (63)% $30 $20 (52
Slide 16: Marten's Operating Ratio Net of Fuel S/C
16 MARTEN’S OPERATING RATIO Net of Fuel S/C Operating Ratio 98% Net of Fuel S/C 2020-2022 97.0% 97% 96.0% 96% 95% 94.3% In each of 2020 through 94% 93.5% 93% 92% 92.0% 91.2% 91.1% 90.7% 2022 we achieved our 90.6% 91.0% 90.7% 91% 89.7% 90.2% 89.7% 89.7% 90% 89% then-best ratio for any 88.2% 88% 87% 8
Slide 17: Marten's Earnings per Diluted Share, Dividend, No Debt
17 MARTEN’S EARNINGS PER DILUTED SHARE (1) $1.40 31% $1.30 $1.20 $1.10 23% $1.00 (36)% $0.90 13% $0.80 11% 62%(2) $0.70 $0.60 $0.50 20% (3)% -%(2) 10% $0.40 (2)% (62)% 12% 23% $0.30 21% $0.20 (55)% $0.10 $0.00 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Q1 Q1 '24 '25 (1) Restated
Slide 18: Commitment to Excellence
18 COMMITMENT TO EXCELLENCE EXCELLENCE isn't just a goal; it's a standard We are pleased to recently be certified by the Truckload Carriers Association, or TCA, as a TCA Elite Fleet – 2025 Best Place to Drive The TCA partnered with the University of Denver’s Transportation and Supply Chain Institute
Slide 19: Marten People and Culture as We Approach Our 80th Year
19 MARTEN PEOPLE AND CULTURE AS WE APPROACH OUR 80TH YEAR ” Financially Stable & Debt Free North American Network If you can’t measure it, you can’t manage it. – Peter Drucker Invested in our People Great things in business are never done by one person. Disciplined, Data-Driven Culture They’re done
Slide 20: Organic Operating Results
20 ORGANIC OPERATING RESULTS Our unique multifaceted business model’s value is highlighted by the operating results of our dedicated and brokerage operations for this quarter and throughout last year. Our earnings have continued to be heavily pressured by the considerable duration and depth of the f
Slide 21: Embracing a Positive Outlook in Challenging Times
21 EMBRACING A POSITIVE OUTLOOK IN CHALLENGING TIMES We are seeing Increased Interest By Our Customers To Secure Dedicated Capacity The Brokerage division has Effectively Capitalized On The Dry Van Market Space, contributing to its overall volume, and will continue to do so. The future is promising
Slide 22: Thank You
THANK YOU Expect the Best!