 Marten Transport, Ltd. NASDAQ: MRTN has reported a strong second quarter, with a significant operating ratio increase in both its dedicated and truckload segments. The improvement in OR for the company overall was 250 basis points to 88.1 from 90.6. The gains in the companys truckload and dedicated divisions were offset in part by deterioration in the companys intermodal and brokerage divisions. The truckload OR was up to 88.3 from 91.6, or 330 basis points, while dedicated rose to 84.8 from 88.5, 270 basis points.Overall, the companys operating revenue in the quarter was essentially flat, rising just 0.1 to 85.96 million. Martens gain in operating revenue came mostly out of its dedicated division, where operating revenue net of fuel rose 19.4 to 67 million. Meanwhile, operating revenue in the truckload division net of fuel rose to 85.96 million, up from 83.21 million, a gain of 3.3. The bottom line at the company was operating income of 25.25 million, up from 19.9 million in the second quarter of 2019. Net income was up to 18.13 million from 15.19 million.There has been a significant focus for all companies, not just trucking, on liquidity. Marten appears to be in strong shape on that front. It ended the quarter with 75.3 million in cash, up from 31.46 million at the end of last year.Marten does not have a call with investors to discuss its earnings.Stock split, dividend maintenance means a 50 effective jump in payoutMarten also announced that it was splitting its stock 3-for-2. It is holding its dividend payout at 4 cents per share per quarter, and Marten described the combination of the split and the maintenance of the dividend as effectively a 50 increase in the dividend payout.Among the operating highlights in the Marten release:View more earnings on MRTN Marten saw an increase in salaries, wages and benefits to 73.47 million from 68.61 million, a gain of 7. However, it kept purchased transportation in check, declining to 36.1 million from 38.66 million. Total operating expenses dropped to 187.1 million from 192.1 million, a decline that was less than the roughly 10 million drop it saw in its fuel expenses. Dedicated has been a strong division for Marten in recent quarters. The operating income of the group rose to 11.45 million from 7.7 million a year ago, an increase of 48.7. Operating revenue for the group rose to 67 million, an increase of 19.4, net of fuel revenue. To illustrate how much the dedicated group has grown in prominence in the company, in the third quarter of 2018, which included a once-in-a-lifetime freight market, dedicated revenue net of fuel was 60 of the revenue of the truckload division. In the second quarter of this year, it was 78. The dedicated segment saw its miles driven jump to 33.174 million from 27.198 million, an increase of almost 22. That helped offset the average revenue per tractor per week dropping to 3,314 from 3,460. Truckload revenue edged down to 94.2 million from 96 million. Average revenue per tractor per week was down to 3,829 from 3,876. Nonrevenue miles percentage declined to 10.9 from 11.1, and total miles driven rose to 42.83 million from 39 million. Brokerage revenue fell by roughly 6 million, to 22.456 million from 28.455 million, a drop of 21. Loads plunged to 15,280 from 16,185.More articles by John KingstonHeartland Express numbers for the second quarter beat projectionsMartens dedicated division keeps company steady overall in third quarterTruckload down, dedicated up in Martens fourth quarterSee more from Benzinga US-Canada Border Closure Extended To Aug. 21 J.B. Hunt Handily Beats 2Q Expectations Drilling Deep: The first in-person industry meeting of the COVID eraC 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 