Heartland Posts Earnings Increase
April 19, 2000
While many other truckload carriers are reporting drops in earnings, Heartland Express, Coralville, IA, has reported an increase in first quarter net income. The fleet took in more than $9.1 million, compared to nearly $7.6 million for the first quarter of 1999. Gross revenue for the quarter totaled $67.2 million.
Earnings per share for the quarter were helped by a gain on the sale of two properties and the repurchase of 1.09 million shares of its outstanding common stock in a transaction totaling $14 million. A spokesman stated the company was pleased to be able to report an 81% operating ratio during a challenging time for the industry, which included high fuel costs, escalating driver wages and a continued tight market for owner operators. Heartland ended the quarter with no debt and $124.8 million in cash, cash equivalents and municipal bonds.