Shares of Marten Transport Ltd (MRTN) are set to open sharply lower on Thursday, plummeting 6.47% in pre-market trading following the release of its first-quarter earnings report. The trucking and logistics company's results paint a picture of ongoing challenges in the freight market, prompting investors to reassess their positions.

Marten Transport reported adjusted earnings of 5 cents per share for the quarter ended March 31, meeting analysts' expectations but showing a significant decline from the 12 cents per share earned in the same quarter last year. More concerning for investors was the company's revenue performance, which fell 10.6% year-over-year to $223.15 million, falling short of the $226.96 million forecasted by analysts.

The disappointing results come amid a challenging environment for the trucking industry. Marten Transport's shares had already fallen 3.2% this quarter and lost 14.9% year-to-date, reflecting broader concerns about the sector. Adding to the negative sentiment, analysts have been revising their earnings estimates downward, with the mean estimate falling by about 23.1% over the last three months. This downward trend in expectations, coupled with the actual revenue miss, appears to be driving the pre-market sell-off as investors adjust their outlook for the company's near-term performance.