Iowa-based Heartland Express Inc. announced operating revenues for the quarter decreased slightly to $146.6 million from $147.1 million in the third quarter of 2006.
Operating income for the quarter was negatively impacted by a $4.3 million decrease in gains on disposal of property and equipment. Net income decreased 25.5 percent to $17.1 million from $23 million in the 2006 period.
For the nine months ended Sept. 30, 2007, operating revenues increased 3.3 percent to $439.1 from $425.1 during the same period in 2006. Operating income for the nine-month period was negatively impacted by a $7.3 million decrease in gains on disposal of property and equipment. Net income decreased 11.8 percent to $59.5 million from $67.5 million in the 2006 period.
For the quarter, Heartland Express posted an operating ratio (operating expenses as a percentage of operating revenues) of 81.9 percent and an 11.7 percent net margin. The company reported an operating ratio of 80.4 percent and a 13.6 percent net margin for the nine months ended Sept. 30, 2007. The company ended the third quarter with cash, cash equivalents, and short-term investments of $166.9 million, a $164.4 million decrease from the $331.3 million reported on Dec. 31, 2006. The company's balance sheet continues to be debt-free with total assets of $516 million.
Operating income for the quarter was negatively impacted by a $4.3 million decrease in gains on disposal of property and equipment. Net income decreased 25.5 percent to $17.1 million from $23 million in the 2006 period.
For the nine months ended Sept. 30, 2007, operating revenues increased 3.3 percent to $439.1 from $425.1 during the same period in 2006. Operating income for the nine-month period was negatively impacted by a $7.3 million decrease in gains on disposal of property and equipment. Net income decreased 11.8 percent to $59.5 million from $67.5 million in the 2006 period.
For the quarter, Heartland Express posted an operating ratio (operating expenses as a percentage of operating revenues) of 81.9 percent and an 11.7 percent net margin. The company reported an operating ratio of 80.4 percent and a 13.6 percent net margin for the nine months ended Sept. 30, 2007. The company ended the third quarter with cash, cash equivalents, and short-term investments of $166.9 million, a $164.4 million decrease from the $331.3 million reported on Dec. 31, 2006. The company's balance sheet continues to be debt-free with total assets of $516 million.
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