The North Liberty, Iowa-based company posted net income of $16.7 million, or 3 cents a share, compared to $17.6 million in the second quarter of 2009, a 5.5 percent decrease. Earnings per share fell 5.3 percent to 18 cents from 19 cents reported in the year-ago quarter. Heartland attributed the net income loss to a decrease in gains on disposal of property and equipment and increased depreciation expense primarily attributable to the purchase of new tractors during 2009.
However, the company's operating revenue was up 8.9 percent to $127.4 million from $117.0 million in the second quarter of 2009, a result of some tightening of available capacity.
While freight demand still lags behind pre-recession levels, Heartland said freight rates have stabilized and equipment utilization has improved from 2009.
"The company is positioned to add capacity and continue to increase utilization to take advantage of opportunities resulting from decreased industry capacity," the company said, in a statement. "The industry continues to be challenged by driver recruitment and retention. This challenge is expected to amplify with the implementation of the stringent safety requirements of CSA 2010 and the anticipated decrease in qualified drivers."