Heartland Express gains speed as revenue jumps 69 percent
Heartland Express, Inc. Reports Revenues and Earnings for the Second Quarter of 2014
NORTH LIBERTY, Iowa, July 22, 2014 (GLOBE NEWSWIRE) — Heartland Express, Inc. (Nasdaq:HTLD) announced today financial results for the quarter and six month period ended June 30, 2014.
Heartland Express (the “Company”) ended the second quarter of 2014 with operating revenues of $226.8 million, net income of $26.5 million, and $0.30 earnings per share compared to $134.0 million, $19.1 million, and $0.23, respectively for the second quarter of 2013. Operating revenues increased 69.3% primarily due to increased miles associated with the November 11, 2013 acquisition of Gordon Trucking, Inc. (“GTI”). Operating revenues for the quarter included fuel surcharge revenues of $46.2 million compared to $27.3 million in the same period of 2013. Operating income for the three-month period was positively impacted by a $5.2 million increase in gains on disposal of property and equipment. The Company posted an operating ratio (operating expenses as a percentage of operating revenues) of 82.1% and an 11.7% net margin (net income as a percentage of operating revenues) in the second quarter of 2014 compared to 78.1% and 14.3%, respectively in the second quarter of 2013.