The first wave of quarterly financial reports from the nation’s trucking companies is starting to roll in, and so far the news looks better than it did at the end of the first quarter.
Heartland Express announced second quarter revenue increased 8.6% to $75.3 million from $69.3 million in the second quarter of 2000. Net income increased 8.8% to $9.7 million from $8.9 million in the 2000 period. Basic earnings per share were $0.31 compared to $0.28 for the second quarter of 2000.
For the first six months, revenue increased 7.9% to $147.2 million from $136.5 million during the same period in 2000. Net income increased 3.2% to $18.6 million from $18 million in the 2000 period. Net income and earnings per share for the 2000 period were affected by a $1.5 million gain from the sale of real estate.
For the quarter, Heartland Express says it posted an industry-leading operating ratio (operating expenses as a percentage of gross revenues) of 82.1% and a 12.8% net margin.
A company spokesman said many of the industry challenges present during the first quarter persisted in the second quarter: the slowed economy, high fuel costs, depressed equipment values, and a shortage of independent contractors.
J.B. Hunt Transport Services announced second quarter 2001 net earnings of $8.6 million, compared with 2000 second quarter earnings of $11.1 million.
Total consolidated revenue for the second quarter of 2001 was $521 million, compared with $584 million during the second quarter of 2000. The lower revenue reflects the previously announced contribution of all of the company's non-asset based logistics business to the jointly owned logistics company, Transplace.com.
Adjusted for this logistics business, which was contributed effective July 1, 2000, the Company's revenue growth for the second quarter of 2001 was approximately 8%.
During the second quarter of 2001, revenues of the company's truck segment grew 4%, while intermodal segment revenue rose 8% over the comparable period of 2000. Dedicated segment revenue increased 14% during the current quarter.
Earnings during the second quarter of 2001 were negatively impacted by continued soft economic conditions. However, freight demand did improve during the second quarter compared to first-quarter levels.
Load volume in the truck segment was up approximately 6% in the current quarter compared with 2000 and grew nearly 7% from the first quarter of 2001. While the number of company-owned tractors in the truck segment fleet was essentially flat with last year, the addition of independent contractors contributed to a nearly 5% growth in the size of the overall truck business fleet. The truck segment was also able to generate operating income of nearly $2.9 million during the current quarter, compared with a loss of $3.3 million in 2000.
Loads in the intermodal segment were up approximately 6% in the second quarter of 2001 over 2000, but were down slightly from the first quarter of 2001. The dedicated tractor fleet increased approximately 19% during the current quarter, but a decline in revenue per tractor, compared to 2000, negatively impacted revenue growth in the segment.
U.S. Xpress, the nation’s fifth largest publicly owned truckload carrier, announced operating revenue for the second quarter totaled $202.5 million, up slightly compared with $202.4 million for same time a year earlier.
However, the Tennessee-based company reported net income of only $387,000 for the second quarter, compared to $3.1 million for the prior-year period. For the first six months of 2001, the company reported a loss of $833,000, compared with net income of $4 million for the year before.
"Earnings in the second quarter were adversely impacted by the continued soft economic and freight environment," said Co-Chairman Patrick Quinn. "We are encouraged, however, by the improvement in our operating results compared with the first quarter of 2001, resulting primarily from improved tractor utilization. Although the freight and economic outlook remains uncertain for the industry for the remainder of 2001, we continue to expect improved profitability during the balance of 2001."
C.H. Robinson, a third-party logistics provider, reported net revenues increased 10.9% to $118 million from $106.4 million in 2000. Income from operations increased 16.3% to $36.6 million from $31.4 million in 2000. Net income increased 19.5% to $22.6 million from $18.9 million in 2000.
"This is a tough environment, but we're happy with the results," said John Wiehoff, president of C.H. Robinson. "Our core truck transportation business was up over 16 percent. Many of our customers, where we have dedicated relationships, had decreased volumes. This created challenges for us.”
Heartland Express announced second quarter revenue increased 8.6% to $75.3 million from $69.3 million in the second quarter of 2000. Net income increased 8.8% to $9.7 million from $8.9 million in the 2000 period. Basic earnings per share were $0.31 compared to $0.28 for the second quarter of 2000.
For the first six months, revenue increased 7.9% to $147.2 million from $136.5 million during the same period in 2000. Net income increased 3.2% to $18.6 million from $18 million in the 2000 period. Net income and earnings per share for the 2000 period were affected by a $1.5 million gain from the sale of real estate.
For the quarter, Heartland Express says it posted an industry-leading operating ratio (operating expenses as a percentage of gross revenues) of 82.1% and a 12.8% net margin.
A company spokesman said many of the industry challenges present during the first quarter persisted in the second quarter: the slowed economy, high fuel costs, depressed equipment values, and a shortage of independent contractors.
J.B. Hunt Transport Services announced second quarter 2001 net earnings of $8.6 million, compared with 2000 second quarter earnings of $11.1 million.
Total consolidated revenue for the second quarter of 2001 was $521 million, compared with $584 million during the second quarter of 2000. The lower revenue reflects the previously announced contribution of all of the company's non-asset based logistics business to the jointly owned logistics company, Transplace.com.
Adjusted for this logistics business, which was contributed effective July 1, 2000, the Company's revenue growth for the second quarter of 2001 was approximately 8%.
During the second quarter of 2001, revenues of the company's truck segment grew 4%, while intermodal segment revenue rose 8% over the comparable period of 2000. Dedicated segment revenue increased 14% during the current quarter.
Earnings during the second quarter of 2001 were negatively impacted by continued soft economic conditions. However, freight demand did improve during the second quarter compared to first-quarter levels.
Load volume in the truck segment was up approximately 6% in the current quarter compared with 2000 and grew nearly 7% from the first quarter of 2001. While the number of company-owned tractors in the truck segment fleet was essentially flat with last year, the addition of independent contractors contributed to a nearly 5% growth in the size of the overall truck business fleet. The truck segment was also able to generate operating income of nearly $2.9 million during the current quarter, compared with a loss of $3.3 million in 2000.
Loads in the intermodal segment were up approximately 6% in the second quarter of 2001 over 2000, but were down slightly from the first quarter of 2001. The dedicated tractor fleet increased approximately 19% during the current quarter, but a decline in revenue per tractor, compared to 2000, negatively impacted revenue growth in the segment.
U.S. Xpress, the nation’s fifth largest publicly owned truckload carrier, announced operating revenue for the second quarter totaled $202.5 million, up slightly compared with $202.4 million for same time a year earlier.
However, the Tennessee-based company reported net income of only $387,000 for the second quarter, compared to $3.1 million for the prior-year period. For the first six months of 2001, the company reported a loss of $833,000, compared with net income of $4 million for the year before.
"Earnings in the second quarter were adversely impacted by the continued soft economic and freight environment," said Co-Chairman Patrick Quinn. "We are encouraged, however, by the improvement in our operating results compared with the first quarter of 2001, resulting primarily from improved tractor utilization. Although the freight and economic outlook remains uncertain for the industry for the remainder of 2001, we continue to expect improved profitability during the balance of 2001."
C.H. Robinson, a third-party logistics provider, reported net revenues increased 10.9% to $118 million from $106.4 million in 2000. Income from operations increased 16.3% to $36.6 million from $31.4 million in 2000. Net income increased 19.5% to $22.6 million from $18.9 million in 2000.
"This is a tough environment, but we're happy with the results," said John Wiehoff, president of C.H. Robinson. "Our core truck transportation business was up over 16 percent. Many of our customers, where we have dedicated relationships, had decreased volumes. This created challenges for us.”
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