Trucking company Heartland Express posted double digit gains in profits for the final quarter of last year and for all of 2013, following its purchase of rival Gordon Trucking in November.
For the quarter, operating revenues increased 34.6% to $183.3 million from $136.2 million a year, earlier while net income increased 10.8% to $15.8 million compared to $14.3 million during the same time. Basic earnings per share increased to 18 cents from 17 cents
For the year, operating revenues increased 6.7% to $582.3 million from $545.7 million in 2012, while net income increased 14.7% to $70.6 million compared to $61.5 million during the same time. Basic earnings per share increased to 83 cents from 72 cents .
"Since announcing the Gordon Trucking acquisition on Nov. 11, Heartland and GTI have been meeting with respective customer bases regarding the acquisition. Announcement of the acquisition has been positively received by customers given the significant capacity that the acquisition brings nationwide to the Company's collective customer base, as well as certain different freight offerings to the legacy customer base of Heartland,” said Michael Gerdin, chairman, president, and CEO. “Going forward we will be updating GTI's trailer fleet and fully integrating the operations of both companies under a single platform.
In a move one analyst said could be "the best strategic truckload deal ever," Iowa-based Heartland Express acquired Gordon Trucking of Pacific, Wash., in transactions valued at approximately $300 million during the first half of last November.
More details are on the Heartland Express website.