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Marten Transport published a consolidated operating ratio, excluding fuel surcharges, 93.2% in the last quarterabove 92.8% in Q3according to earnings reports.
That meant the carrier’s operating ratio for 2023 was more similar to what it had been for the past decade — and a marked departure from 89.7% to 86.4% operating ratio recorded in the previous five years.
“Earnings this quarter were heavily weighed down by weak demand and oversupply from the freight market downturn, inflationary operating costs and the cumulative impact of reduced fares that led to freight network disruptions,” said executive chairman Randy Marten. a press release.
Operating income was $15.7 million in the fourth quarter. For the year, that totaled $90.1 million — less than the annual totals Marten achieved in 2022, 2021 and 2020.
Marten Transport operating index increases sharply in 2023
Annual operating ratios, net fuel charters, starting in 2010.
Despite the blow, the Wisconsin-based carrier avoided rate cuts in the fourth quarter, making its latest drop in August.
The carrier did not immediately respond to a message seeking comment on its earnings and outlook.
Marten said in his statement that the company remains focused on minimizing the market’s impact on the business and is working on organic growth opportunities “with fair compensation for our premium services.”
He suggested that the market is moving “toward equilibrium from the current late stages of the recession.”