Shares of Marten Transport fall over 6% after Q1 revenue misses estimates

Shares of temperature-sensitive truckload carrier Marten Transport (MRTN) are dropping over 6% in after-hours trading on Tuesday evening after reporting revenue of $298M for the first quarter from $287.3M for the first quarter of 2022. Analysts were expecting revenue 309.89M. The company beat analyst estimates by a penny on the bottom line with 28c against 27c consensus estimates. Executive Chairman Randolph L. Marten stated, "Our bright and determined people executing our unique business model produced solid operating results despite the impact of widespread severe winter weather and a freight market which has considerably softened from the exceptionally tight conditions during the first half of last year. The market has become unsustainable for the smaller carriers who comprise a significant portion of total capacity, and who are expected to continue the recent increased industry exit rate." "We believe that we are well-positioned to capitalize on profitable organic growth opportunities across our five distinct but complementary business platforms with our emphasis on premium service, data-driven operating efficiencies and cost controls – and, as a result, to expand the total capacity we provide transporting and distributing the essential food, beverages and other consumer goods to support at a fair price our diverse and growing customer base." Other publicly traded companies in the space include: Landstar System (LSTR), J.B. Hunt Transport (JBHT), Old Dominion Freight Line (ODFL),Knight-Swift Transportation (KNX) , and Covenant Logistics Group (CVLG).