The trucking company Heartland Express Inc. on Tuesday announced fourth quarter 2014 earnings showing net income increased 36% from the same time in 2013 totaling $21.5 million.
Operating revenue for the quarter increased 10.7% to $203 million from $183.3 million in the fourth quarter of 2013 for the Iowa-based operation.
Basic earnings per share increased 38.9% to 25 cents from 18 cents reported in the fourth quarter of 2013
Heartland also reported all-time record operating revenues of $871.4 million in 2014, a 49.7% increase from $582.3 million reported in 2013. Net income increased 20.2% to $84.8 million compared to $70.6 million while basic earnings per share increased 16.9% to 97 cents from 83 reported in 2013.
For the year, the company posted an operating ratio of 84.9% and a 9.7% net margin compared to 80.7% and 12.1%, respectively in 2013.
“Operating results for the quarter and the year were favorably impacted by declining fuel prices, a strong demand for truckload freight services, and a favorable pricing environment,” Heartland said in a statement. “The company has completed its first full year of combined operations [following its purchase of Gordon Trucking] and continues to leverage its strengths to develop operational efficiencies and synergies.”
According to Heartland, the purchase of Gordon Trucking has also expanded its area of service from predominately east of the Rockies to a coast-to-coast operation, allowing it to become more diversified with no customer accounting for more than approximately 8.5% of its total operating revenues in 2014.