Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

Reports highest operating revenue and operating income for any quarter and year in Marten’s history

MONDOVI, Wis., January 26, 2021 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported the highest operating revenue and operating income for any quarter and year in Marten’s history. For the fourth quarter ended December 31, 2020, net income improved 24.5% to $19.6 million, or 24 cents per diluted share, from $15.7 million, or 19 cents per diluted share, for the fourth quarter of 2019. For the year ended December 31, 2020, net income improved 13.8% to $69.5 million, or 84 cents per diluted share, from $61.1 million, or 74 cents per diluted share, for 2019.

Operating Results Comparison
	Percentage			Percentage
	Increase			Increase
	Three Months			Year
	Ended			Ended
	December 31,			December 31,
	2020 vs. 2019			2020 vs. 2019
Operating revenue		4.7	%		3.7	%
Operating revenue, net of fuel surcharges		8.8	%		6.8	%
Operating income		36.0	%		21.9	%
Net income		24.5	%		13.8	%

Operating revenue improved 4.7% to a record $227.3 million for the fourth quarter of 2020 from $217.2 million for the fourth quarter of 2019, and improved 3.7% to a record $874.4 million for 2020 from $843.3 million for 2019. Excluding fuel surcharges, operating revenue improved 8.8% to $207.0 million for the 2020 quarter from $190.2 million for the 2019 quarter, and improved 6.8% to $790.6 million for 2020 from $739.9 million for 2019. Fuel surcharge revenue decreased to $20.4 million for the 2020 quarter from $27.0 million for the 2019 quarter and decreased to $83.8 million for 2020 from $103.4 million for 2019 due to significantly lower fuel prices.

Operating income improved 36.0% to a record $25.6 million for the fourth quarter of 2020 from $18.8 million for the fourth quarter of 2019, and improved 21.9% to a record $93.2 million for 2020 from $76.5 million for 2019.

Operating expenses as a percentage of operating revenue improved to 88.8% for the fourth quarter of 2020 from 91.3% for the fourth quarter of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 87.7% from 90.1%.

Operating expenses as a percentage of operating revenue improved to 89.3% for 2020 from 90.9% for 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 88.2% from 89.7%.

Chairman and Chief Executive Officer Randolph L. Marten said, “Our relentless pursuit of continuous operating improvement just produced the highest operating revenue and operating income for any quarter and year in our 75-year history. Our 2020 operating ratio, net of fuel surcharges, was also the best ratio for any year since we became a public company in 1986. Our 21.9% operating income improvement in 2020 continues the strong growth we achieved in 2019 of 8.7% and in 2018 of 23.7%. Success breeds success, driven by the smart, disciplined work of our talented people.”

“We have been increasing and will continue to increase the compensation for our premium services within the tight freight market. We also improved our Truckload miles per tractor by 6.3% in the fourth quarter of 2020 and by 6.2% for the full year by making disciplined data-driven decisions and adjustments utilizing our in-house operating technology. We expect to continue to build on our success in expanding the capacity we provide within our unique multifaceted business model across our diverse customer base by offering the best careers for the industry’s top, experienced drivers.”

“We embrace our responsibility to keep our valued drivers, maintenance personnel and employees across all functions and regions 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. This includes our paying $3.4 million in 2020 for medical claims involving COVID-19, pay to employees off-work while recovering from COVID-19, and for safety measures including providing masks and hand sanitizer (purchasing the components, preparing and distributing over 6,000 bottles in March when sanitizer was not available), increasing the frequency and extent of cleaning processes to our facilities and tractors, and modifying our facilities for improved social distancing.”

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 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, 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

	December 31,			December 31,
(In thousands, except share information)	2020			2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	66,127		$	31,461
Receivables:
Trade, net		83,426			90,712
Other		4,202			11,055
Prepaid expenses and other		21,903			20,938
Total current assets		175,658			154,166
Property and equipment:
Revenue equipment, buildings and land, office equipment and other		930,123			904,237
Accumulated depreciation		(275,950	)		(263,843	)
Net property and equipment		654,173			640,394
Other noncurrent assets		1,805			2,026
Total assets	$	831,636		$	796,586
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	25,702		$	22,917
Insurance and claims accruals		39,595			31,729
Accrued and other current liabilities		24,497			21,680
Total current liabilities		89,794			76,326
Deferred income taxes		121,098			122,022
Noncurrent operating lease liabilities		411			649
Total liabilities		211,303			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; 82,705,005 shares at December 31, 2020, and 82,055,199 shares at December 31, 2019, issued and outstanding		827			821
Additional paid-in capital		85,070			79,465
Retained earnings		534,436			517,303
Total stockholders’ equity		620,333			597,589
Total liabilities and stockholders’ equity	$	831,636		$	796,586

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months						Year
	Ended December 31,						Ended December 31,
(In thousands, except per share information)	2020			2019			2020			2019
Operating revenue	$	227,333		$	217,185		$	874,374		$	843,271
Operating expenses (income):
Salaries, wages and benefits		79,121			72,707			300,155			274,156
Purchased transportation		40,937			41,596			154,613			158,948
Fuel and fuel taxes		24,700			31,437			98,133			121,341
Supplies and maintenance		11,314			11,998			47,815			46,737
Depreciation		25,914			24,842			102,893			95,137
Operating taxes and licenses		2,837			2,678			10,840			10,100
Insurance and claims		12,294			8,846			47,454			38,201
Communications and utilities		2,050			1,908			8,011			7,709
Gain on disposition of revenue equipment		(2,834	)		(3,343	)		(8,733	)		(8,680	)
Gain on disposition of facility		-			-			(1,718	)		-
Other		5,442			5,729			21,665			23,124
Total operating expenses		201,775			198,398			781,128			766,773
Operating income		25,558			18,787			93,246			76,498
Other		(13	)		(262	)		(140	)		(1,190	)
Income before income taxes		25,571			19,049			93,386			77,688
Income taxes expense		5,967			3,301			23,886			16,617
Net income	$	19,604		$	15,748		$	69,500		$	61,071
Basic earnings per common share	$	0.24		$	0.19		$	0.84		$	0.75
Diluted earnings per common share	$	0.24		$	0.19		$	0.84		$	0.74
Dividends declared per common share	$	0.54		$	0.02		$	0.633		$	0.513

  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)	2020			2019			2020 vs. 2019			2020 vs. 2019
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	87,460		$	82,991		$	4,469			5.4	%
Truckload fuel surcharge revenue		8,733			12,278			(3,545	)		(28.9	)
Total Truckload revenue		96,193			95,269			924			1.0
Dedicated revenue, net of fuel surcharge revenue		71,313			59,570			11,743			19.7
Dedicated fuel surcharge revenue		9,670			11,345			(1,675	)		(14.8	)
Total Dedicated revenue		80,983			70,915			10,068			14.2
Intermodal revenue, net of fuel surcharge revenue		20,817			21,132			(315	)		(1.5	)
Intermodal fuel surcharge revenue		1,959			3,391			(1,432	)		(42.2	)
Total Intermodal revenue		22,776			24,523			(1,747	)		(7.1	)
Brokerage revenue		27,381			26,478			903			3.4
Total operating revenue	$	227,333		$	217,185		$	10,148			4.7	%
Operating income:
Truckload	$	11,270		$	7,110		$	4,160			58.5	%
Dedicated		9,900			8,110			1,790			22.1
Intermodal		2,166			1,472			694			47.1
Brokerage		2,222			2,095			127			6.1
Total operating income	$	25,558		$	18,787		$	6,771			36.0	%
Operating ratio:
Truckload		88.3	%		92.5	%
Dedicated		87.8			88.6
Intermodal		90.5			94.0
Brokerage		91.9			92.1
Consolidated operating ratio		88.8	%		91.3	%

 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)	2020			2019			2020 vs. 2019			2020 vs. 2019
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	342,357		$	329,304		$	13,053			4.0	%
Truckload fuel surcharge revenue		36,791			48,696			(11,905	)		(24.4	)
Total Truckload revenue		379,148			378,000			1,148			0.3
Dedicated revenue, net of fuel surcharge revenue		271,550			223,935			47,615			21.3
Dedicated fuel surcharge revenue		38,234			42,049			(3,815	)		(9.1	)
Total Dedicated revenue		309,784			265,984			43,800			16.5
Intermodal revenue, net of fuel surcharge revenue		79,944			77,750			2,194			2.8
Intermodal fuel surcharge revenue		8,789			12,644			(3,855	)		(30.5	)
Total Intermodal revenue		88,733			90,394			(1,661	)		(1.8	)
Brokerage revenue		96,709			108,893			(12,184	)		(11.2	)
Total operating revenue	$	874,374		$	843,271		$	31,103			3.7	%
Operating income:
Truckload	$	39,637		$	29,666		$	9,971			33.6	%
Dedicated		40,909			31,245			9,664			30.9
Intermodal		5,730			6,612			(882	)		(13.3	)
Brokerage		6,970			8,975			(2,005	)		(22.3	)
Total operating income	$	93,246		$	76,498		$	16,748			21.9	%
Operating ratio:
Truckload		89.5	%		92.2	%
Dedicated		86.8			88.3
Intermodal		93.5			92.7
Brokerage		92.8			91.8
Consolidated operating ratio		89.3	%		90.9	%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months						Year
	Ended December 31,						Ended December 31,
	2020			2019			2020			2019
Truckload Segment:
Revenue (in thousands)	$	96,193		$	95,269		$	379,148		$	378,000
Average revenue, net of fuel surcharges, per tractor per week(1)	$	4,116		$	3,736		$	3,926		$	3,797
Average tractors(1)		1,617			1,690			1,668			1,663
Average miles per trip		526			554			547			548
Non-revenue miles percentage(2)		10.4	%		12.0	%		10.7	%		11.6	%
Total miles (in thousands)		40,185			39,538			165,267			155,177
Dedicated Segment:
Revenue (in thousands)	$	80,983		$	70,915		$	309,784		$	265,984
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,350		$	3,286		$	3,316		$	3,378
Average tractors(1)		1,620			1,380			1,566			1,272
Average miles per trip		303			313			305			315
Non-revenue miles percentage(2)		0.7	%		0.6	%		0.7	%		0.7	%
Total miles (in thousands)		34,044			29,114			132,597			108,814
Intermodal Segment:
Revenue (in thousands)	$	22,776		$	24,523		$	88,733		$	90,394
Loads		8,708			9,731			36,444			36,309
Average tractors		125			107			106			91
Brokerage Segment:
Revenue (in thousands)	$	27,381		$	26,478		$	96,709		$	108,893
Loads		13,928			15,690			58,986			63,200
At December 31, 2020 and December 31, 2019:
Total tractors(1)		3,331			3,212
Average age of company tractors (in years)		1.6			1.8
Total trailers		5,395			5,464
Average age of company trailers (in years)		3.0			2.4
Ratio of trailers to tractors(1)		1.6			1.7

	Three Months						Year
	Ended December 31,						Ended December 31,
(In thousands)	2020			2019			2020			2019
Net cash provided by operating activities	$	34,891		$	34,439		$	189,598		$	156,460
Net cash (used for) investing activities		(12,577	)		(42,020	)		(106,325	)		(140,509	)
Net cash (used for) financing activities		(44,466	)		(1,438	)		(48,607	)		(41,253	)
Weighted average shares outstanding:
Basic		82,690			82,043			82,527			81,945
Diluted		83,311			82,824			83,164			82,670

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 143 and 92 tractors as of December 31, 2020 and 2019, respectively.
(2)	Represents the percentage of miles for which the company is not compensated.