Marten Transport, Ltd (NASDAQ:MRTN) stock rallies 15.74% (As on July 19, 11:53:24 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 22. The company reported a 47.8% improvement in net income to $31.7 million for the second quarter ended June 30, 2022, from $21.4 million, for the second quarter of 2021. The 2022 second-quarter earnings also improved 15.0% sequentially. Fuel surcharge revenue increased to $60.4 million for the 2022 quarter from $28.8 million for the 2021 quarter due to significantly higher fuel prices. Operating income for the second quarter of 2022 was also the highest amount for any quarter in Marten’s history. Operating income improved 43.5% to $40.9 million for the second quarter of 2022 from $28.5 million for the second quarter of 2021 – and improved 14.2% from $35.9 million for the 2022 first quarter, which was up 16.9% from $30.7 million for the 2021 fourth quarter.

MRTN in the second quarter of FY 22 has reported the adjusted earnings per share of 39 cents, beating the analysts’ estimates for the adjusted earnings per share of 32 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 41.8 percent to $329.57 million in the second quarter of FY 22, beating the analysts’ estimates for revenue by 12.96%. Operating expenses as a percentage of operating revenue improved to 87.6% for the second quarter of 2022 from 87.7% for the second quarter of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 84.8% for the 2022 quarter, the best ratio for any quarter since Marten became a public company in 1986, from 86.0% for the 2021 quarter.

Additionally, the company repurchased and retired 963,000 shares of our common stock for $16.8 million in the second quarter of 2022, in addition to the 1.3 million shares of our common stock for $25.0 million repurchased in the first quarter.

Meanwhile, the company continues to build on the success in expanding the capacity the company provides as they began this year’s third quarter with 123 more of the industry’s top drivers than the company employed at the beginning of the second quarter. The company has now increased the number of drivers by 422, or 15.4%, since June 30, 2021