Heartland Express Inc. said gross revenues for the second quarter ending June 30 increased 21.9% to $102.8 million from $84.4 million in the second quarter of 2002.
Net income increased 14.6% to $12.6 million from $11.0 million in the 2002 period.
Basic earnings per share were $0.25 compared to $0.22 for the second quarter of 2002. Fuel surcharge revenues increased gross revenues for the second quarter of 2003.
For the six months, revenue increased 25.4% to $197.6 from $157.6 during the same period in 2002. Net income increased 15.2% to $23.7 million from $20.6 million in the 2002 period. Basic earnings per share were $0.47 compared with $0.41 for the 2002 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 81.9% and a 12.3% net margin. The company ended the six months ended June 30, 2003 with an operating ratio of 82.4% and a 12.0% net margin.
The company ended the second quarter with cash, cash equivalents, and investments of $163.5 million, a $9.6 million increase from the $153.9 million reported on Dec. 31, 2002.
The company's balance sheet continues to be debt-free.
Net income increased 14.6% to $12.6 million from $11.0 million in the 2002 period.
Basic earnings per share were $0.25 compared to $0.22 for the second quarter of 2002. Fuel surcharge revenues increased gross revenues for the second quarter of 2003.
For the six months, revenue increased 25.4% to $197.6 from $157.6 during the same period in 2002. Net income increased 15.2% to $23.7 million from $20.6 million in the 2002 period. Basic earnings per share were $0.47 compared with $0.41 for the 2002 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of gross revenues) of 81.9% and a 12.3% net margin. The company ended the six months ended June 30, 2003 with an operating ratio of 82.4% and a 12.0% net margin.
The company ended the second quarter with cash, cash equivalents, and investments of $163.5 million, a $9.6 million increase from the $153.9 million reported on Dec. 31, 2002.
The company's balance sheet continues to be debt-free.
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