Marten Transport Announces Second Quarter Results
July 17 2018 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 49.9%
improvement in net income to $13.7 million, or 25 cents per diluted
share, for the second quarter ended June 30, 2018, from $9.1
million, or 17 cents per diluted share, for the second quarter of
2017. The second quarter earnings improved 32.6% sequentially from
2018 first quarter net income of $10.3 million, or 19 cents per
diluted share. Net income improved 38.5% to $24.0 million, or 44
cents per diluted share, for the first six months of 2018, from
$17.4 million, or 32 cents per diluted share, for the first half of
2017.
Operating revenue improved 14.9% to $197.0
million for the second quarter of 2018 from $171.5 million for the
second quarter of 2017, and improved 11.4% to $384.0 million for
the first six months of 2018 from $344.7 million for the 2017
six-month period. Excluding fuel surcharges, operating revenue
improved 8.5% to $169.2 million for the 2018 quarter from $155.9
million for the 2017 quarter, and improved 6.6% to $333.1 million
for the first six months of 2018 from $312.5 million for the 2017
six-month period. Fuel surcharge revenue increased to $27.8 million
for the 2018 quarter from $15.6 million for the 2017 quarter, and
increased to $50.9 million for the first six months of 2018 from
$32.2 million for the 2017 six-month period.
Operating expenses for the second quarter of
2018 were 90.8% of operating revenue, compared with 90.9% for the
second quarter of 2017. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges,
improved to 89.2% for the second quarter of 2018 from 90.0% for the
second quarter of 2017.
Operating expenses for the first six months of
2018 were 91.7% of operating revenue, compared with 91.4% for the
2017 six-month period. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges,
improved to 90.4% for the first six months of 2018 from 90.6% for
the 2017 six-month period.
Chairman and Chief Executive Officer Randolph L.
Marten said, “Our improved top- and bottom-line results demonstrate
the balanced strength of Marten’s unique multifaceted business
model, with significant increases in the operating income produced
across our four distinct operating platforms – Truckload,
Dedicated, Intermodal and Brokerage. With our talented people
continuing to position our operations to capitalize on the
strengthening freight environment, we expect to deliver continued
growth with increasing compensation for our premium services,
additional freight with existing and new customers, and our
emphasis on operating efficiencies and cost controls.”
“Our agreements with a number of customers
included a shift beginning in this year’s first quarter from line
haul to fuel surcharge revenue, which reduced our Dedicated and
Truckload revenue, net of fuel surcharges, by $200 and $43 per
tractor per week in the second quarter, and by $155 and $28 per
tractor per week in the first half of this year. The change reduced
our revenue excluding fuel surcharges by $3.8 million for the
second quarter and by $5.4 million for this year’s first six
months, while increasing our fuel surcharge revenue by the same
amounts.”
Marten Transport, with headquarters in Mondovi,
Wis., is one of the leading temperature-sensitive truckload
carriers in the United States, specializing in transporting and
distributing food and other consumer packaged goods that require a
temperature-controlled or insulated environment. Marten’s dry
freight services are expanding, with 1,523 dry trailers operating
as of June 30, 2018. Marten offers service in the United States,
Canada and Mexico, concentrating on expedited movements for
high-volume customers. Marten’s common stock is traded on the
Nasdaq Global Select Market under the symbol MRTN.
This press release contains certain statements
that may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements include a discussion of the Company’s prospects
for future growth and by their nature involve substantial risks and
uncertainties, and actual results may differ materially from those
expressed in such forward-looking statements. Important factors
known to the Company that could cause actual results to differ
materially from those discussed in the forward-looking statements
are discussed in Item 1A of the Company’s Annual Report on Form
10-K for the year ended December 31, 2017. The Company undertakes
no obligation to correct or update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACTS: Tim Kohl, President, and Jim
Hinnendael, Executive Vice President and Chief Financial Officer,
of Marten Transport, Ltd.,
715-926-4216.
|
MARTEN TRANSPORT, LTD. |
CONSOLIDATED CONDENSED BALANCE
SHEETS |
(Unaudited) |
|
|
|
June 30, |
|
|
December 31, |
|
(In
thousands, except share information) |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
22,003 |
|
|
$ |
15,791 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade,
net |
|
|
80,492 |
|
|
|
74,886 |
|
Other |
|
|
12,247 |
|
|
|
6,131 |
|
Prepaid
expenses and other |
|
|
19,876 |
|
|
|
19,810 |
|
Total
current assets |
|
|
134,618 |
|
|
|
116,618 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment: |
|
|
|
|
|
|
|
|
Revenue
equipment, buildings and land, office equipment and other |
|
|
805,723 |
|
|
|
783,648 |
|
Accumulated depreciation |
|
|
(218,071 |
) |
|
|
(211,728 |
) |
Net
property and equipment |
|
|
587,652 |
|
|
|
571,920 |
|
Other
assets |
|
|
2,169 |
|
|
|
1,865 |
|
Total
assets |
|
$ |
724,439 |
|
|
$ |
690,403 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
45,782 |
|
|
$ |
38,100 |
|
Insurance
and claims accruals |
|
|
25,574 |
|
|
|
26,177 |
|
Total
current liabilities |
|
|
71,356 |
|
|
|
64,277 |
|
Deferred
income taxes |
|
|
103,841 |
|
|
|
100,626 |
|
Total
liabilities |
|
|
175,197 |
|
|
|
164,903 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred
stock, $.01 par value per share; 2,000,000 shares authorized; no
shares issued and outstanding |
|
|
- |
|
|
|
- |
|
Common
stock, $.01 par value per share; 192,000,000 shares authorized;
54,659,074 shares at June 30, 2018, and 54,533,455 shares at
December 31, 2017, issued and outstanding |
|
|
547 |
|
|
|
545 |
|
Additional paid-in capital |
|
|
78,366 |
|
|
|
76,413 |
|
Retained
earnings |
|
|
470,329 |
|
|
|
448,542 |
|
Total
stockholders’ equity |
|
|
549,242 |
|
|
|
525,500 |
|
Total
liabilities and stockholders’ equity |
|
$ |
724,439 |
|
|
$ |
690,403 |
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
Three Months |
|
|
Six Months |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
(In
thousands, except per share information) |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
$ |
197,024 |
|
|
$ |
171,511 |
|
|
$ |
383,984 |
|
|
$ |
344,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
|
|
63,250 |
|
|
|
56,715 |
|
|
|
122,072 |
|
|
|
113,115 |
|
Purchased
transportation |
|
|
35,048 |
|
|
|
27,516 |
|
|
|
70,074 |
|
|
|
56,878 |
|
Fuel and
fuel taxes |
|
|
31,742 |
|
|
|
25,007 |
|
|
|
60,786 |
|
|
|
50,963 |
|
Supplies
and maintenance |
|
|
10,251 |
|
|
|
10,541 |
|
|
|
20,687 |
|
|
|
21,531 |
|
Depreciation |
|
|
22,193 |
|
|
|
21,306 |
|
|
|
44,008 |
|
|
|
42,689 |
|
Operating
taxes and licenses |
|
|
2,364 |
|
|
|
2,252 |
|
|
|
4,651 |
|
|
|
4,499 |
|
Insurance
and claims |
|
|
8,941 |
|
|
|
8,848 |
|
|
|
19,231 |
|
|
|
17,762 |
|
Communications and utilities |
|
|
1,647 |
|
|
|
1,487 |
|
|
|
3,330 |
|
|
|
3,068 |
|
Gain on
disposition of revenue equipment |
|
|
(2,160 |
) |
|
|
(1,871 |
) |
|
|
(3,371 |
) |
|
|
(2,974 |
) |
Other |
|
|
5,525 |
|
|
|
4,141 |
|
|
|
10,699 |
|
|
|
7,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses |
|
|
178,801 |
|
|
|
155,942 |
|
|
|
352,167 |
|
|
|
315,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
18,223 |
|
|
|
15,569 |
|
|
|
31,817 |
|
|
|
29,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
(138 |
) |
|
|
125 |
|
|
|
(327 |
) |
|
|
266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
18,361 |
|
|
|
15,444 |
|
|
|
32,144 |
|
|
|
29,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes expense |
|
|
4,659 |
|
|
|
6,303 |
|
|
|
8,111 |
|
|
|
11,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
13,702 |
|
|
$ |
9,141 |
|
|
$ |
24,033 |
|
|
$ |
17,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.25 |
|
|
$ |
0.17 |
|
|
$ |
0.44 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
|
$ |
0.25 |
|
|
$ |
0.17 |
|
|
$ |
0.44 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
$ |
0.025 |
|
|
$ |
0.015 |
|
|
$ |
0.05 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
SEGMENT INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
|
Three Months |
|
|
Three Months |
|
|
Three Months |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
(Dollars
in thousands) |
|
2018 |
|
|
2017 |
|
|
2018 vs. 2017 |
|
|
2018 vs. 2017 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
$ |
80,525 |
|
|
$ |
84,480 |
|
|
$ |
(3,955 |
) |
|
|
(4.7 |
)% |
Truckload
fuel surcharge revenue |
|
|
13,879 |
|
|
|
10,434 |
|
|
|
3,445 |
|
|
|
33.0 |
|
Total
Truckload revenue |
|
|
94,404 |
|
|
|
94,914 |
|
|
|
(510 |
) |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
47,232 |
|
|
|
38,601 |
|
|
|
8,631 |
|
|
|
22.4 |
|
Dedicated
fuel surcharge revenue |
|
|
9,739 |
|
|
|
2,901 |
|
|
|
6,838 |
|
|
|
235.7 |
|
Total
Dedicated revenue |
|
|
56,971 |
|
|
|
41,502 |
|
|
|
15,469 |
|
|
|
37.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
21,291 |
|
|
|
16,877 |
|
|
|
4,414 |
|
|
|
26.2 |
|
Intermodal fuel surcharge revenue |
|
|
4,179 |
|
|
|
2,238 |
|
|
|
1,941 |
|
|
|
86.7 |
|
Total
Intermodal revenue |
|
|
25,470 |
|
|
|
19,115 |
|
|
|
6,355 |
|
|
|
33.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
20,179 |
|
|
|
15,980 |
|
|
|
4,199 |
|
|
|
26.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
$ |
197,024 |
|
|
$ |
171,511 |
|
|
$ |
25,513 |
|
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
8,689 |
|
|
$ |
7,511 |
|
|
$ |
1,178 |
|
|
|
15.7 |
% |
Dedicated |
|
|
5,584 |
|
|
|
5,074 |
|
|
|
510 |
|
|
|
10.1 |
|
Intermodal |
|
|
2,512 |
|
|
|
2,040 |
|
|
|
472 |
|
|
|
23.1 |
|
Brokerage |
|
|
1,438 |
|
|
|
944 |
|
|
|
494 |
|
|
|
52.3 |
|
Total
operating income |
|
$ |
18,223 |
|
|
$ |
15,569 |
|
|
$ |
2,654 |
|
|
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
90.8 |
% |
|
|
92.1 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
90.2 |
|
|
|
87.8 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
90.1 |
|
|
|
89.3 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
92.9 |
|
|
|
94.1 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
90.8 |
% |
|
|
90.9 |
% |
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
SEGMENT INFORMATION |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
|
Six Months |
|
|
Six Months |
|
|
Six Months |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
(Dollars
in thousands) |
|
2018 |
|
|
2017 |
|
|
2018 vs. 2017 |
|
|
2018 vs. 2017 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
revenue, net of fuel surcharge revenue |
|
$ |
160,741 |
|
|
$ |
169,291 |
|
|
$ |
(8,550 |
) |
|
|
(5.1 |
)% |
Truckload
fuel surcharge revenue |
|
|
26,680 |
|
|
|
21,281 |
|
|
|
5,399 |
|
|
|
25.4 |
|
Total
Truckload revenue |
|
|
187,421 |
|
|
|
190,572 |
|
|
|
(3,151 |
) |
|
|
(1.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
revenue, net of fuel surcharge revenue |
|
|
89,596 |
|
|
|
75,500 |
|
|
|
14,096 |
|
|
|
18.7 |
|
Dedicated
fuel surcharge revenue |
|
|
16,208 |
|
|
|
6,279 |
|
|
|
9,929 |
|
|
|
158.1 |
|
Total
Dedicated revenue |
|
|
105,804 |
|
|
|
81,779 |
|
|
|
24,025 |
|
|
|
29.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
42,099 |
|
|
|
33,688 |
|
|
|
8,411 |
|
|
|
25.0 |
|
Intermodal fuel surcharge revenue |
|
|
8,023 |
|
|
|
4,613 |
|
|
|
3,410 |
|
|
|
73.9 |
|
Total
Intermodal revenue |
|
|
50,122 |
|
|
|
38,301 |
|
|
|
11,821 |
|
|
|
30.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
revenue |
|
|
40,637 |
|
|
|
34,018 |
|
|
|
6,619 |
|
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating revenue |
|
$ |
383,984 |
|
|
$ |
344,670 |
|
|
$ |
39,314 |
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
15,504 |
|
|
$ |
13,485 |
|
|
$ |
2,019 |
|
|
|
15.0 |
% |
Dedicated |
|
|
8,072 |
|
|
|
9,561 |
|
|
|
(1,489 |
) |
|
|
(15.6 |
) |
Intermodal |
|
|
5,490 |
|
|
|
4,189 |
|
|
|
1,301 |
|
|
|
31.1 |
|
Brokerage |
|
|
2,751 |
|
|
|
2,272 |
|
|
|
479 |
|
|
|
21.1 |
|
Total
operating income |
|
$ |
31,817 |
|
|
$ |
29,507 |
|
|
$ |
2,310 |
|
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
91.7 |
% |
|
|
92.9 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
92.4 |
|
|
|
88.3 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
89.0 |
|
|
|
89.1 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
93.2 |
|
|
|
93.3 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
91.7 |
% |
|
|
91.4 |
% |
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD. |
OPERATING STATISTICS |
(Unaudited) |
|
|
|
Three Months |
|
|
Six Months |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
94,404 |
|
|
$ |
94,914 |
|
|
$ |
187,421 |
|
|
$ |
190,572 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,795 |
|
|
$ |
3,467 |
|
|
$ |
3,736 |
|
|
$ |
3,441 |
|
Average
tractors(1) |
|
|
1,632 |
|
|
|
1,875 |
|
|
|
1,664 |
|
|
|
1,903 |
|
Average
miles per trip |
|
|
568 |
|
|
|
589 |
|
|
|
585 |
|
|
|
602 |
|
Non-revenue miles percentage(2) |
|
|
9.6 |
% |
|
|
9.0 |
% |
|
|
8.2 |
% |
|
|
9.3 |
% |
Total
miles (in thousands) |
|
|
39,502 |
|
|
|
45,736 |
|
|
|
80,084 |
|
|
|
91,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
56,971 |
|
|
$ |
41,502 |
|
|
$ |
105,804 |
|
|
$ |
81,779 |
|
Average
revenue, net of fuel surcharges, per tractor per week(1) |
|
$ |
3,282 |
|
|
$ |
3,488 |
|
|
$ |
3,275 |
|
|
$ |
3,475 |
|
Average
tractors(1) |
|
|
1,107 |
|
|
|
851 |
|
|
|
1,058 |
|
|
|
840 |
|
Average
miles per trip |
|
|
300 |
|
|
|
292 |
|
|
|
299 |
|
|
|
296 |
|
Non-revenue miles percentage(2) |
|
|
0.7 |
% |
|
|
0.7 |
% |
|
|
0.9 |
% |
|
|
0.7 |
% |
Total
miles (in thousands) |
|
|
23,747 |
|
|
|
19,357 |
|
|
|
44,882 |
|
|
|
37,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
25,470 |
|
|
$ |
19,115 |
|
|
$ |
50,122 |
|
|
$ |
38,301 |
|
Loads |
|
|
10,622 |
|
|
|
9,793 |
|
|
|
21,359 |
|
|
|
19,377 |
|
Average
tractors |
|
|
91 |
|
|
|
81 |
|
|
|
86 |
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(in thousands) |
|
$ |
20,179 |
|
|
$ |
15,980 |
|
|
$ |
40,637 |
|
|
$ |
34,018 |
|
Loads |
|
|
12,120 |
|
|
|
11,578 |
|
|
|
24,009 |
|
|
|
24,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At June
30, 2018 and June 30, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
tractors(1) |
|
|
2,761 |
|
|
|
2,711 |
|
|
|
|
|
|
|
|
|
Average
age of company tractors (in years) |
|
|
1.6 |
|
|
|
1.5 |
|
|
|
|
|
|
|
|
|
Total
trailers |
|
|
5,402 |
|
|
|
4,925 |
|
|
|
|
|
|
|
|
|
Average
age of company trailers (in years) |
|
|
2.6 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
Ratio of
trailers to tractors(1) |
|
|
2.0 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Six Months |
|
|
|
Ended June 30, |
|
|
Ended June 30, |
|
(In
thousands) |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
44,193 |
|
|
$ |
27,546 |
|
|
$ |
67,375 |
|
|
$ |
65,220 |
|
Net cash
(used for) investing activities |
|
|
(31,785 |
) |
|
|
(26,003 |
) |
|
|
(59,177 |
) |
|
|
(46,965 |
) |
Net cash
(used for) financing activities |
|
|
(803 |
) |
|
|
(550 |
) |
|
|
(1,986 |
) |
|
|
(8,685 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
54,613 |
|
|
|
54,493 |
|
|
|
54,592 |
|
|
|
54,459 |
|
Diluted |
|
|
55,126 |
|
|
|
54,802 |
|
|
|
55,115 |
|
|
|
54,772 |
|
(1) |
|
Includes
tractors driven by both company-employed drivers and independent
contractors. Independent contractors provided 52 and 63 tractors as
of June 30, 2018 and 2017, respectively. |
|
|
(2) |
|
Represents
the percentage of miles for which the company is not
compensated. |
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