Long-Term Plans Benefit Marten Transport
Investing in the future is one of the routes that many carriers take when times get tough in the trucking industry. Even if an organization can’t increase their profits in the present, making changes to boost revenue in upcoming quarters can prove beneficial. Marten Transport has proven this – their long-term investment in dedicated trucking has helped boost revenue and compensate for losses in previous quarters.
While the temperature-controlled freight company knew that it was a bit risky to invest in different aspects of their business, the risk paid off. Revenues leaped over 54 percent year-over-year totaling at nearly $40 million. After an 8.5 percent decline in total truckload revenue in the past, this change was welcomed by the carrier.
Dedicated trucking now accounts for nearly a quarter of the company’s total revenue, with operating revenue and net profit both rising by 1.5 percent and 2.1 percent respectively. Dedicated trucking has been a reliable source of business for Marten Transport for some time now, and their willingness to invest in this growing sector of the business has clearly paid off.
Foresight of this kind can be hard to come by, especially in the trucking industry where time is money and short-term profits can mean the difference between sticking around until the next year. But even though the economy may be tumultuous, Marten Transport’s chairmen CEO, Randolph L. Marten, remains confident.
He said: “We successfully grew our average number of truckload and dedicated tractors by 362 tractors, or 15.4 percent, in the first half of this year. We are confident in our ability to capitalize on further profitable growth opportunities.”