Heartland Express, Inc. Reports Record Results for the Second Quarter of 2022

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, July 25, 2022 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three and six months ended June 30, 2022. Three months ended June 30, 2022: Net Income of $76.9 million,Basic Earnings per Share of $0.97,Operating Income of $105.1 million,Operating Ratio of 44.1% and 78.9% Non-GAAP Adjusted Operating Ratio(1),Total Assets of $1.1 billion,Stockholders' Equity of $817.9 million,Operating Revenue of $187.8 million,Monetized a terminal property, resulting in a $73.2 million gain ($0.68 basic earnings per share),Cash Balance of $171.9 million. Six months ended June 30, 2022: Net Income of $93.7 million, and Basic Earnings per Share of $1.19,Operating Revenue of $339.1 million,Operating Income of $127.5 million,Operating Ratio of 62.4% and 80.5% Non-GAAP Adjusted Operating Ratio(1). Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the Company, \"Our operating results for the three and six months ended June 30, 2022 delivered all-time company records in total assets and stockholders' equity. In addition, we completed the acquisition of Smith Transport on May 31, 2022, a well-run company built on a foundation of safe and professional drivers that further expands our family of operating brands. The operations of Smith Transport were immediately accretive to consolidated earnings in June 2022, the first month of operations with Heartland Express. The second quarter was also positively impacted by the sale of a terminal property that generated a $73.2 million gain on sale of the terminal asset. We have an extensive network of terminals and are continually reviewing opportunities for the acquisition or disposition of terminals in response to the real estate market and operational needs. The Millis Transfer success story continued during the 2nd quarter. Millis Transfer achieved their best quarter of operating results with a sub 80's operating ratio in the second quarter of 2022. Millis Transfer started with an operating ratio in the mid-90’s immediately following our acquisition in 2019 and has improved significantly to have achieved a sub-80's operating ratio in less than three years.\" \"Freight demand in the second quarter of 2022 softened sequentially to the first quarter of 2022. While the c...

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