Iowa-based Heartland Express Inc. said operating results for the second quarter were up 4.2 percent to $149.1 million from $143.1 million in the second quarter of 2006. Operating income for the quarter was negatively impacted
by a $5.6 million decrease in gains on disposal of property and equipment.
Therefore, net income decreased 19.9 percent to $19.8 million from $24.8 million in the 2006 period.
For the six months ended June 30, 2007, operating revenues increased 5.2 percent to $292.5 million from $278.1 million during the same period in 2006. Operating income for the six-month period was negatively impacted by a $3 million decrease in gains on disposal of property and equipment. Therefore, net income decreased 4.7 percent to $42.4 million from $44.5 million in the 2006 period.
For the quarter, Heartland Express, Inc. posted an operating ratio (operating expenses as a percentage of operating revenues) of 81.2 percent and a 13.3 percent net margin. The company reported an operating ratio of 79.7 percent and a 14.5 percent net margin for the six months ended June 30, 2007.
The average age of the company's tractor fleet was 1.6 years at June 30, 2007, while the average age of its trailer fleet was 3.4 years. The company took delivery of 165 new International tractors and 300 new Wabash trailers during the quarter.