Iowa-based truckload carrier Heartland Express announced financial results for the second quarter of the year, showing net income increased $0.9 million to $19.1 million compared to $18.2 million in the 2012 period, a 5% increase.
Operating revenues for the quarter dropped to $134 million from $139.7 million in the second quarter 2012. The company said revenues were negatively impacted by lower fuel surcharge revenues, which were $27.3 million for the quarter, a 6.7% decline from $29.2 million in the same period of 2012.
For the quarter, Heartland posted an operating ratio of 78.1% and a 14.3% net margin, compared to 80.9% and 13%, respectively, in the second quarter of 2012.
The company posted an operating ratio of 77.8% and a 14.5% net margin for the six-month period ended June 30, compared to an 81.6% operating ratio and a 12.7% net margin for the same period of 2012.
Operating income for the three- and six-month periods was positively affected by $5.1 million and $12.1 million, respectively, of increases in gains on disposal of property and equipment as the company continues its fleet upgrade program.
Heartland says it took delivery of 190 new trucks during the second quarter, which included International ProStar Plus and Freightliner Cascadia models. The tractor fleet upgrade will continue through the second half of 2013 with the scheduled purchase of an additional 800 units.
More details are available online.