Marten Transport, Ltd (NASDAQ:MRTN), with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms, stock fell 6.95% (As on October 18, 11:53:09 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 22. The company has reported a 20.6% improvement in net income to $25.6 million, for the third quarter ended September 30, 2022, from $21.3 million for the third quarter of 2021. The result overcame significantly less gain on disposition of the revenue equipment, the negative effect of Hurricane Ian on the sizable Southeast truckload and dedicated operations, and a decrease in the intermodal volumes and margins resulting from weakness in rail service aggravated by the threat of a rail labor strike in mid-September. The company continues to drive strong fleet growth with the approach to overcoming the national shortage of qualified drivers of applying a heightened emphasis on structurally improving the drivers’ jobs and work-life balance by collaborating with our customers, while also increasing the driver compensation. This growth provides momentum to the coming quarters as we began this year’s fourth quarter with 199 more of the industry’s top drivers than the company had employed at the beginning of the third quarter, and have now increased our number of drivers by 621, or 22.6%, since June 30, 2021.

MRTN in the third quarter of FY 22 has reported the adjusted earnings per share of 32 cents, missing the analysts’ estimates for the adjusted earnings per share of 34 cents. The company had reported the adjusted revenue growth of 29.1 percent to $324.45 million in the third quarter of FY 22, beating the analysts’ estimates for revenue by 0.96%. Fuel surcharge revenue increased to $55.1 million for the 2022 quarter from $30.1 million for the 2021 quarter due to significantly higher fuel prices. Operating income improved 18.5% to $33.8 million for the third quarter of 2022 from $28.5 million for the third quarter of 2021. Operating expenses as a percentage of operating revenue were 89.6% for the third quarter of 2022 and 88.7% for the third quarter of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 87.5% for the 2022 quarter and 87.1% for the 2021 quarter.