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Heartland Express: Q2 in line despite revenue weakness
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Heartland Express, Inc (NASDAQ:HTLD), Knight Transportation, Inc (NYSE:KNX) - Heartland Express: Q2 In Line Despite Revenue Weakness
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Heartland Express (NASDAQ: HTLD) kicked off the fourth-quarter truckload earnings season on Tuesday, posting an in-line earnings result at 22 cents per share.
The North Liberty, Iowa-based carrier reported a 6.8% year-over-year decline in revenue at $156 million as a result of lower fuel surcharges and fewer miles driven. Excluding fuel surcharges, revenue declined 2.6% in the period. The press release attributed the decline in miles driven to an overall fleet reduction, which has been noted by other fleets as the industry grapples with driver attrition.
More importantly, operating income improved 34.6% compared to the year-ago quarter with Heartland Express posting an 83.3% operating ratio, a 460-basis-point improvement.