Trucking

Marten Transport Posts Mixed Q3 Results as Rate Gains Offset by Fuel and Benefit Costs

Marten Transport's third-quarter earnings were pressured by surging diesel expenses and elevated health insurance costs, despite a 14% jump in truckload rates per mile. The refrigerated carrier's shares declined 7% following the earnings announcement Friday as investors weighed improving rate fundamentals against persistent cost headwinds. Industry-wide, less-than-truckload rates reached record levels in the third quarter and are expected to climb further through year-end, signaling sustained strength in freight demand. Reefer spot rates averaged $2.76 per mile last week, up marginally as shipper activity remained measured. The divergence between rising revenue per mile and compressed margins underscores carrier challenges in translating rate gains into bottom-line profitability amid inflationary pressures in fuel and benefit costs.