Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES THIRD QUARTER RESULTS

Operating income improves 21.8% and net income improves 8.8% over 2019 quarter

MONDOVI, Wis., October 15, 2020 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported an 8.8% improvement in net income to $18.0 million, or 22 cents per diluted share, for the third quarter ended September 30, 2020, from $16.6 million, or 20 cents per diluted share, for the third quarter of 2019. For the first nine months of 2020, net income improved 10.1% to $49.9 million, or 60 cents per diluted share, from $45.3 million, or 55 cents per diluted share, for the first nine months of 2019.

Results for the 2020 quarter include a gain of $1.7 million on the disposition of a facility as part of Marten’s program to expand and update its facilities. This gain increased earnings for the 2020 quarter by $1.3 million, while earnings for the 2019 quarter increased by $1.4 million due to an additional income tax benefit.

Operating Results Comparison
	Percentage		Percentage
	Increase		Increase
	Three Months		Nine Months
	Ended		Ended
	September 30,		September 30,
	2020 vs. 2019		2020 vs. 2019
Operating revenue	0.5	%	3.3	%
Operating revenue, net of fuel surcharges	3.8	%	6.2	%
Operating income	21.8	%	17.3	%
Net income	8.8	%	10.1	%

Operating revenue improved to $216.0 million for the third quarter of 2020 from $215.0 million for the third quarter of 2019, and improved 3.3% to $647.0 million for the first nine months of 2020 from $626.1 million for the first nine months of 2019. Excluding fuel surcharges, operating revenue improved 3.8% to $196.1 million for the 2020 quarter from $188.9 million for the 2019 quarter, and improved 6.2% to $583.6 million for the first nine months of 2020 from $549.7 million for the first nine months of 2019. Fuel surcharge revenue decreased to $19.9 million for the 2020 quarter from $26.1 million for the 2019 quarter and decreased to $63.5 million for the first nine months of 2020 from $76.4 million for the first nine months of 2019 due to significantly lower fuel prices.

Operating income improved 21.8% to $24.4 million for the third quarter of 2020 from $20.0 million for the third quarter of 2019. Operating income improved 17.3% to $67.7 million for the first nine months of 2020 from $57.7 million for the first nine months of 2019. The operating income for the first nine months of 2020 was the highest for the first nine months of any year in Marten’s history.

Operating expenses as a percentage of operating revenue improved to 88.7% for the third quarter of 2020 from 90.7% for the third quarter of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 87.6% from 89.4%.

Operating expenses as a percentage of operating revenue improved to 89.5% for the first nine months of 2020 from 90.8% for the first nine months of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 88.4% from 89.5%. 

Chairman and Chief Executive Officer Randolph L. Marten said, “Our talented and hard-working people continue to drive consistent profitable growth, with our operating income for the first nine months of this year the highest in our history and up 17.3% over the same period of 2019, and our operating ratio, net of fuel surcharges, the best ratio for the first nine months of any year since we became a public company in 1986. The operating income improvement is on top of strong growth in 2019 of 8.7% and in 2018 of 23.7%.”

“We improved our Truckload miles per tractor by 8.5% over the third quarter of 2019 and by 6.2% over the first nine months of 2019, demonstrating our strength of quickly making data-driven decisions and adjustments utilizing our in-house operating technology. We also have been increasing and will continue to increase the compensation for our premium services within the tightening freight market. We expect to build on our success in expanding the capacity we provide within our unique multifaceted business model to support our diverse and growing customer base by offering the best jobs for the industry’s top, experienced drivers.”

“We embrace our responsibility to keep our valued employees safe and healthy as they each contribute to our transporting and distributing the food, beverages and other consumer goods essential to millions of people in North America.”

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’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, 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 Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. 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

	September 30,			December 31,
(In thousands, except share information)	2020			2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	88,279		$	31,461
Receivables:
Trade, net		80,719			90,712
Other		2,908			11,055
Prepaid expenses and other		20,640			20,938
Total current assets		192,546			154,166
Property and equipment:
Revenue equipment, buildings and land, office equipment and other		943,058			904,237
Accumulated depreciation		(278,488	)		(263,843	)
Net property and equipment		664,570			640,394
Other noncurrent assets		1,950			2,026
Total assets	$	859,066		$	796,586
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	24,563		$	22,917
Insurance and claims accruals		36,629			31,729
Accrued and other current liabilities		26,755			21,680
Total current liabilities		87,947			76,326
Deferred income taxes		125,890			122,022
Noncurrent operating lease liabilities		521			649
Total liabilities		214,358			198,997
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; 82,680,849 shares at September 30, 2020, and 82,055,199 shares at December 31, 2019, issued and outstanding		827			821
Additional paid-in capital		84,389			79,465
Retained earnings		559,492			517,303
Total stockholders’ equity		644,708			597,589
Total liabilities and stockholders’ equity	$	859,066		$	796,586

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
(In thousands, except per share information)	2020			2019			2020			2019
Operating revenue	$	216,011		$	214,973		$	647,041		$	626,086
Operating expenses (income):
Salaries, wages and benefits		74,797			69,312			221,034			201,449
Purchased transportation		37,066			40,435			113,676			117,352
Fuel and fuel taxes		24,268			31,275			73,433			89,904
Supplies and maintenance		12,440			12,116			36,501			34,739
Depreciation		25,580			24,290			76,979			70,295
Operating taxes and licenses		2,749			2,651			8,003			7,422
Insurance and claims		11,243			9,618			35,160			29,355
Communications and utilities		1,999			1,901			5,961			5,801
Gain on disposition of revenue equipment		(2,128	)		(2,559	)		(5,899	)		(5,337	)
Gain on disposition of facility		(1,718	)		-			(1,718	)		-
Other		5,315			5,900			16,223			17,395
Total operating expenses		191,611			194,939			579,353			568,375
Operating income		24,400			20,034			67,688			57,711
Other		(17	)		(255	)		(127	)		(928	)
Income before income taxes		24,417			20,289			67,815			58,639
Income taxes expense		6,373			3,702			17,919			13,316
Net income	$	18,044		$	16,587		$	49,896		$	45,323
Basic earnings per common share	$	0.22		$	0.20		$	0.61		$	0.55
Diluted earnings per common share	$	0.22		$	0.20		$	0.60		$	0.55
Dividends declared per common share	$	0.04		$	0.453		$	0.093		$	0.493

  MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	September 30,						September 30,			September 30,
(Dollars in thousands)	2020			2019			2020 vs. 2019			2020 vs. 2019
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	85,074		$	82,931		$	2,143			2.6	%
Truckload fuel surcharge revenue		8,549			12,056			(3,507	)		(29.1	)
Total Truckload revenue		93,623			94,987			(1,364	)		(1.4	)
Dedicated revenue, net of fuel surcharge revenue		69,002			59,281			9,721			16.4
Dedicated fuel surcharge revenue		9,335			11,053			(1,718	)		(15.5	)
Total Dedicated revenue		78,337			70,334			8,003			11.4
Intermodal revenue, net of fuel surcharge revenue		19,991			19,336			655			3.4
Intermodal fuel surcharge revenue		1,985			2,961			(976	)		(33.0	)
Total Intermodal revenue		21,976			22,297			(321	)		(1.4	)
Brokerage revenue		22,075			27,355			(5,280	)		(19.3	)
Total operating revenue	$	216,011		$	214,973		$	1,038			0.5	%
Operating income:
Truckload	$	10,546		$	6,956		$	3,590			51.6	%
Dedicated		11,024			9,920			1,104			11.1
Intermodal		1,304			1,210			94			7.8
Brokerage		1,526			1,948			(422	)		(21.7	)
Total operating income	$	24,400		$	20,034		$	4,366			21.8	%
Operating ratio:
Truckload		88.7	%		92.7	%
Dedicated		85.9			85.9
Intermodal		94.1			94.6
Brokerage		93.1			92.9
Consolidated operating ratio		88.7	%		90.7	%

 MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Nine Months						Nine Months			Nine Months
	Ended						Ended			Ended
	September 30,						September 30,			September 30,
(Dollars in thousands)	2020			2019			2020 vs. 2019			2020 vs. 2019
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	254,897		$	246,313		$	8,584			3.5	%
Truckload fuel surcharge revenue		28,058			36,418			(8,360	)		(23.0	)
Total Truckload revenue		282,955			282,731			224			0.1
Dedicated revenue, net of fuel surcharge revenue		200,237			164,365			35,872			21.8
Dedicated fuel surcharge revenue		28,564			30,704			(2,140	)		(7.0	)
Total Dedicated revenue		228,801			195,069			33,732			17.3
Intermodal revenue, net of fuel surcharge revenue		59,127			56,618			2,509			4.4
Intermodal fuel surcharge revenue		6,830			9,253			(2,423	)		(26.2	)
Total Intermodal revenue		65,957			65,871			86			0.1
Brokerage revenue		69,328			82,415			(13,087	)		(15.9	)
Total operating revenue	$	647,041		$	626,086		$	20,955			3.3	%
Operating income:
Truckload	$	28,367		$	22,556		$	5,811			25.8	%
Dedicated		31,009			23,135			7,874			34.0
Intermodal		3,564			5,140			(1,576	)		(30.7	)
Brokerage		4,748			6,880			(2,132	)		(31.0	)
Total operating income	$	67,688		$	57,711		$	9,977			17.3	%
Operating ratio:
Truckload		90.0	%		92.0	%
Dedicated		86.4			88.1
Intermodal		94.6			92.2
Brokerage		93.2			91.7
Consolidated operating ratio		89.5	%		90.8	%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2020			2019			2020			2019
Truckload Segment:
Revenue (in thousands)	$	93,623		$	94,987		$	282,955		$	282,731
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,955		$	3,723		$	3,865		$	3,818
Average tractors(1)		1,637			1,695			1,685			1,654
Average miles per trip		546			545			554			545
Non-revenue miles percentage(2)		10.2	%		11.8	%		10.8	%		11.4	%
Total miles (in thousands)		41,210			39,326			125,082			115,639
Dedicated Segment:
Revenue (in thousands)	$	78,337		$	70,334		$	228,801		$	195,069
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,295		$	3,392		$	3,304		$	3,412
Average tractors(1)		1,593			1,329			1,548			1,235
Average miles per trip		304			312			306			316
Non-revenue miles percentage(2)		0.7	%		0.7	%		0.7	%		0.7	%
Total miles (in thousands)		33,843			28,859			98,553			79,700
Intermodal Segment:
Revenue (in thousands)	$	21,976		$	22,297		$	65,957		$	65,871
Loads		9,306			8,897			27,736			26,578
Average tractors		99			87			99			85
Brokerage Segment:
Revenue (in thousands)	$	22,075		$	27,355		$	69,328		$	82,415
Loads		13,670			16,059			45,058			47,510
At September 30, 2020 and September 30, 2019:
Total tractors(1)		3,329			3,137
Average age of company tractors (in years)		1.7			1.8
Total trailers		5,368			5,562
Average age of company trailers (in years)		2.9			2.6
Ratio of trailers to tractors(1)		1.6			1.8

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
(In thousands)	2020			2019			2020			2019
Net cash provided by operating activities	$	50,640		$	46,920		$	154,707		$	122,021
Net cash (used for) investing activities		(34,558	)		(52,719	)		(93,748	)		(98,489	)
Net cash (used for) financing activities		(3,126	)		(36,513	)		(4,141	)		(39,815	)
Weighted average shares outstanding:
Basic		82,672			81,982			82,472			81,912
Diluted		83,279			82,701			83,098			82,618

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 132 and 75 tractors as of September 30, 2020 and 2019, respectively.
(2)	Represents the percentage of miles for which the company is not compensated.