Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

MONDOVI, Wis., January 25, 2024 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $12.4 million, or 15 cents per diluted share, for the fourth quarter ended December 31, 2023, compared with $25.5 million, or 31 cents per diluted share, for the fourth quarter of 2022. For the year ended December 31, 2023, net income was $70.4 million, or 86 cents per diluted share, compared with $110.4 million, or $1.35 per diluted share, for 2022.

Operating revenue was $268.2 million for the fourth quarter of 2023 compared with $322.6 million for the fourth quarter of 2022. Excluding fuel surcharges, operating revenue was $229.4 million for the 2023 quarter compared with $269.7 million for the 2022 quarter. Fuel surcharge revenue decreased to $38.8 million for the 2023 quarter from $52.9 million for the 2022 quarter.

Operating revenue was $1.131 billion for 2023 compared with $1.264 billion for 2022. Excluding fuel surcharges, operating revenue was $972.0 million for 2023 compared with $1.053 billion for 2022. Fuel surcharge revenue decreased to $159.4 million for 2023 from $210.4 million for 2022.

Operating income was $15.7 million for the fourth quarter of 2023 compared with $32.8 million for the fourth quarter of 2022. Operating income was $90.1 million for 2023 compared with $143.3 million for 2022.

Operating expenses as a percentage of operating revenue were 94.2% for the 2023 quarter and 89.8% for the 2022 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 93.2% for the 2023 quarter and 87.8% for the 2022 quarter.

Operating expenses as a percentage of operating revenue were 92.0% for 2023 and 88.7% for 2022. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 90.7% for 2023 and 86.4% for 2022.

Executive Chairman Randolph L. Marten stated, “This quarter’s earnings were heavily pressured by the freight market recession’s weak demand and oversupply, inflationary operating costs, and cumulative impact of decreased freight rates leading to freight network disruptions. Additionally, our higher insurance and claims and health insurance expense and less revenue equipment gains reduced our operating income by $4.8 million, or 4.4 cents per diluted share, from this year’s third quarter.”

“We remain focused on both minimizing the freight market’s impact on our operations, and investing in and positioning our operations to capitalize on profitable organic growth opportunities as the market moves toward equilibrium from its current recessionary late stages - with fair compensation for our premium services. Accordingly, we have not agreed to any rate reductions since last August.”

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across Marten’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, 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 Marten’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 Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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, Chief Executive Officer, Doug Petit, 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

	December 31,			December 31,
(In thousands, except share information)	2023			2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	53,213		$	80,600
Receivables:
Trade, net		105,501			120,702
Other		10,356			7,218
Prepaid expenses and other		27,512			27,320
Total current assets		196,582			235,840
Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,162,336			1,074,832
Accumulated depreciation		(370,103	)		(346,665	)
Net property and equipment		792,233			728,167
Other noncurrent assets		1,524			1,672
Total assets	$	990,339		$	965,679
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	36,516		$	37,299
Insurance and claims accruals		47,017			45,747
Accrued and other current liabilities		26,709			41,264
Total current liabilities		110,242			124,310
Deferred income taxes		122,462			137,041
Noncurrent operating lease liabilities		249			409
Total liabilities		232,953			261,760
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; 81,312,168 shares at December 31, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding		813			811
Additional paid-in capital		49,789			47,188
Retained earnings		706,784			655,920
Total stockholders’ equity		757,386			703,919
Total liabilities and stockholders’ equity	$	990,339		$	965,679

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months						Year
	Ended December 31,						Ended December 31,
(In thousands, except per share information)	2023			2022			2023			2022
Operating revenue	$	268,222		$	322,584		$	1,131,455		$	1,263,878
Operating expenses (income):
Salaries, wages and benefits		91,350			104,722			378,818			390,304
Purchased transportation		47,259			60,599			199,334			249,792
Fuel and fuel taxes		42,731			55,567			180,437			218,571
Supplies and maintenance		16,120			15,180			67,411			55,700
Depreciation		28,748			29,625			116,722			111,014
Operating taxes and licenses		2,708			2,712			11,053			10,763
Insurance and claims		15,209			12,417			56,014			50,513
Communications and utilities		2,524			2,538			10,149			9,177
Gain on disposition of revenue equipment		(1,802	)		(2,957	)		(13,612	)		(13,379	)
Other		7,718			9,398			35,019			38,079
Total operating expenses		252,565			289,801			1,041,345			1,120,534
Operating income		15,657			32,783			90,110			143,344
Other		(868	)		(520	)		(3,806	)		(827	)
Income before income taxes		16,525			33,303			93,916			144,171
Income taxes expense		4,126			7,789			23,543			33,817
Net income	$	12,399		$	25,514		$	70,373		$	110,354
Basic earnings per common share	$	0.15		$	0.31		$	0.87		$	1.35
Diluted earnings per common share	$	0.15		$	0.31		$	0.86		$	1.35
Dividends declared per common share	$	0.06		$	0.06		$	0.24		$	0.24

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	December 31,						December 31,			December 31,
(Dollars in thousands)	2023			2022			2023 vs. 2022			2023 vs. 2022
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	95,461		$	108,565		$	(13,104	)		(12.1	)%
Truckload fuel surcharge revenue		18,023			22,759			(4,736	)		(20.8	)
Total Truckload revenue		113,484			131,324			(17,840	)		(13.6	)
Dedicated revenue, net of fuel surcharge revenue		77,731			87,985			(10,254	)		(11.7	)
Dedicated fuel surcharge revenue		17,310			23,775			(6,465	)		(27.2	)
Total Dedicated revenue		95,041			111,760			(16,719	)		(15.0	)
Intermodal revenue, net of fuel surcharge revenue		15,610			22,863			(7,253	)		(31.7	)
Intermodal fuel surcharge revenue		3,467			6,390			(2,923	)		(45.7	)
Total Intermodal revenue		19,077			29,253			(10,176	)		(34.8	)
Brokerage revenue		40,620			50,247			(9,627	)		(19.2	)
Total operating revenue	$	268,222		$	322,584		$	(54,362	)		(16.9	)%
Operating income:
Truckload	$	2,487		$	13,414		$	(10,927	)		(81.5	)%
Dedicated		9,234			12,877			(3,643	)		(28.3	)
Intermodal		296			728			(432	)		(59.3	)
Brokerage		3,640			5,764			(2,124	)		(36.8	)
Total operating income	$	15,657		$	32,783		$	(17,126	)		(52.2	)%
Operating ratio:
Truckload		97.8	%		89.8	%
Dedicated		90.3			88.5
Intermodal		98.4			97.5
Brokerage		91.0			88.5
Consolidated operating ratio		94.2	%		89.8	%
Operating ratio, net of fuel surcharges:
Truckload		97.4	%		87.6	%
Dedicated		88.1			85.4
Intermodal		98.1			96.8
Brokerage		91.0			88.5
Consolidated operating ratio, net of fuel surcharges		93.2	%		87.8	%

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Year						Year			Year
	Ended						Ended			Ended
	December 31,						December 31,			December 31,
(Dollars in thousands)	2023			2022			2023 vs. 2022			2023 vs. 2022
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	395,565		$	411,448		$	(15,883	)		(3.9	)%
Truckload fuel surcharge revenue		69,910			89,014			(19,104	)		(21.5	)
Total Truckload revenue		465,475			500,462			(34,987	)		(7.0	)
Dedicated revenue, net of fuel surcharge revenue		334,962			336,973			(2,011	)		(0.6	)
Dedicated fuel surcharge revenue		73,310			92,119			(18,809	)		(20.4	)
Total Dedicated revenue		408,272			429,092			(20,820	)		(4.9	)
Intermodal revenue, net of fuel surcharge revenue		75,887			100,452			(24,565	)		(24.5	)
Intermodal fuel surcharge revenue		16,191			29,313			(13,122	)		(44.8	)
Total Intermodal revenue		92,078			129,765			(37,687	)		(29.0	)
Brokerage revenue		165,630			204,559			(38,929	)		(19.0	)
Total operating revenue	$	1,131,455		$	1,263,878		$	(132,423	)		(10.5	)%
Operating income/(loss):
Truckload	$	24,835		$	59,392		$	(34,557	)		(58.2	)%
Dedicated		48,377			50,566			(2,189	)		(4.3	)
Intermodal		(156	)		10,639			(10,795	)		(101.5	)
Brokerage		17,054			22,747			(5,693	)		(25.0	)
Total operating income	$	90,110		$	143,344		$	(53,234	)		(37.1	)%
Operating ratio:
Truckload		94.7	%		88.1	%
Dedicated		88.2			88.2
Intermodal		100.2			91.8
Brokerage		89.7			88.9
Consolidated operating ratio		92.0	%		88.7	%
Operating ratio, net of fuel surcharges:
Truckload		93.7	%		85.6	%
Dedicated		85.6			85.0
Intermodal		100.2			89.4
Brokerage		89.7			88.9
Consolidated operating ratio, net of fuel surcharges		90.7	%		86.4	%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months						Year
	Ended December 31,						Ended December 31,
	2023			2022			2023			2022
Truckload Segment:
Revenue (in thousands)	$	113,484		$	131,324		$	465,475		$	500,462
Average revenue, net of fuel surcharges, per tractor per week(1)	$	4,183		$	4,683		$	4,377		$	4,898
Average tractors(1)		1,737			1,763			1,733			1,611
Average miles per trip		533			504			519			510
Non-revenue miles percentage(2)		12.4	%		11.9	%		12.4	%		11.1	%
Total miles (in thousands)		39,278			39,303			155,929			149,868
Dedicated Segment:
Revenue (in thousands)	$	95,041		$	111,760		$	408,272		$	429,092
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,895		$	3,925		$	3,936		$	3,963
Average tractors(1)		1,518			1,706			1,632			1,631
Average miles per trip		335			345			335			341
Non-revenue miles percentage(2)		1.2	%		1.1	%		1.2	%		1.1	%
Total miles (in thousands)		31,215			34,910			133,163			136,310
Intermodal Segment:
Revenue (in thousands)	$	19,077		$	29,253		$	92,078		$	129,765
Loads		5,289			7,255			25,160			31,862
Average tractors		133			181			159			175
Brokerage Segment:
Revenue (in thousands)	$	40,620		$	50,247		$	165,630		$	204,559
Loads		23,594			25,713			91,077			95,615
At December 31, 2023 and December 31, 2022:
Total tractors(1)		3,349			3,660
Average age of company tractors (in years)		1.9			1.7
Total trailers		5,653			5,753
Average age of company trailers (in years)		4.6			3.9
Ratio of trailers to tractors(1)		1.7			1.6
Total refrigerated containers		787			802

	Three Months						Year
	Ended December 31,						Ended December 31,
(In thousands)	2023			2022			2023			2022
Net cash provided by operating activities	$	38,045		$	56,268		$	164,378		$	219,489
Net cash (used for) investing activities		(48,070	)		(42,542	)		(172,540	)		(134,958	)
Net cash (used for) financing activities		(4,829	)		(4,618	)		(19,225	)		(60,926	)
Weighted average shares outstanding:
Basic		81,309			81,105			81,272			81,692
Diluted		81,418			81,391			81,413			81,959

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 94 and 96 tractors as of December 31, 2023 and 2022, respectively.
(2)	Represents the percentage of miles for which the company is not compensated.