Marten Transport Posts $2.91M Third-Quarter Profit
MRTN sits 32% above its 52-week low of $9.35.
Summary
Marten Transport reported third-quarter net income of $2.91 million, or 4 cents a share. That follows a rough second quarter, when profit fell 26% as the freight recession deepened, Dedicated segment income halved and fuel costs jumped. The headline gives only the bottom line, with no revenue or year-over-year comparison, so it is unclear whether the quarter marked a stabilization or a further decline from Q2's weakened base. The company carried a $104 million cash balance at last report, which cushions the downturn but does not fix weak freight demand. Full results and any management commentary on freight trends will determine whether this is a bottom or another leg down.
At the time of this announcement, MRTN was trading at $12.30 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1B. The 52-week trading range was $9.35 to $18.48. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.