Revenues Up 12.6% for Heartland Express
Heartland Express Inc., Coralville, Iowa, said gross revenues for the first quarter increased 12.6% to $106.8 million from $94.8 million in the first quarter of 2003
Heartland Express Inc., Coralville, Iowa, said gross revenues for the first quarter increased 12.6% to $106.8 million from $94.8 million in the first quarter of 2003.
Net income increased 18.7% to $13.1 million from $11 million in the 2003 period. Basic earnings per share were $0.26 compared to $0.22 for the first quarter of 2003.
For the quarter, Heartland Express posted an operating ratio (operating expenses as a percentage of gross revenues) of 81.5% and a 12.3% net margin. These operating results were achieved in spite of surging fuel prices. In addition, the company increased driver pay during the first quarter by 3 cents per mile (incrementally over the three-month period) in response to the continued tightness in the market for qualified drivers. Also, Heartland’s operations and safety personnel expended efforts toward the management of federally mandated changes to driver hours of service regulations.
The company ended the first quarter with cash, cash equivalents, and investments of $221.8 million, a $19.4 million increase from the $202.4 million reported on Dec. 31, 2003.
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