Third quarter profits for Heartland Express fell 22.5 percent from the year-ago quarter, as a result of the continued recession, excess capacity, and downward pressure on rates.
The company's net income was $14.5 million during the quarter, versus $18.7 million in the 2008 quarter.
Earnings were down as well, dropping 15.8 percent to 16 cents a share from 19 cents a share in the third quarter of 2008. Revenues for the quarter were $113.4 million, down 33.3 percent from $169.9 million in the third quarter of 2008.
"Operating revenues for the year have been impacted by the continued impact on demand due to the economic downturn and the related downward pressure on freight rates," the company said in a press release. "The company still has not seen any strong indicators of improvements in the demand for freight services that would increase our levels of business in the near future."
The Iowa-based truckload carrier said it has a positive outlook, however, as it continues to focus on customer service, cost controls and improving each department.
The company's net income was $14.5 million during the quarter, versus $18.7 million in the 2008 quarter.
Earnings were down as well, dropping 15.8 percent to 16 cents a share from 19 cents a share in the third quarter of 2008. Revenues for the quarter were $113.4 million, down 33.3 percent from $169.9 million in the third quarter of 2008.
"Operating revenues for the year have been impacted by the continued impact on demand due to the economic downturn and the related downward pressure on freight rates," the company said in a press release. "The company still has not seen any strong indicators of improvements in the demand for freight services that would increase our levels of business in the near future."
The Iowa-based truckload carrier said it has a positive outlook, however, as it continues to focus on customer service, cost controls and improving each department.
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