Press release
Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of 2019
NORTH LIBERTY, Iowa, April 18, 2019 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq:HTLD) announced today financial results for the three months ended
About this update from Heartland Express, Inc.
[{"type":"text","content":"NORTH LIBERTY, Iowa, April 18, 2019 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq:HTLD) announced today financial results for the three months ended March 31, 2019.Three months ended March 31, 2019:Net Income of $17.3 million, Basic Earnings per Share of $0.21,Operating Revenue of $139.5 million,Operating Income of $20.8 million, a 61.0% increase from March 31, 2018,Operating Ratio of 85.1% and 83.0% Non-GAAP Adjusted Operating Ratio(1),Cash Balance of $176.3 million and a Debt-Free Balance Sheet.Heartland Express Chief Executive Officer Michael Gerdin, commented on the quarterly operating results and ongoing initiatives of the Company, \"We are excited to report our results for the three months ended March 31, 2019. Our operating results were strong in terms of profit and overall operating efficiency despite general freight environment and weather challenges during the quarter. Our operating ratio improved from the first quarter of 2018 at 91.7% to 85.1% during the first quarter of 2019 and improved from 91.0% to 83.5% for the trailing four quarters ended March 31, 2018 and 2019, respectively. Our net income grew from $13.4 million in the first quarter of 2018 to $17.3 million during the first quarter of 2019, a 29.5% increase. As expected, our cash balance increased to $176.3 million at the end of the first quarter of 2019 from $105.0 million at the end of the first quarter of 2018 and increased $14.9 million as compared to $161.4 million at the end of 2018. Our operating revenue results during the first quarter of 2019 were challenged by severe weather over multiple weeks which included safety shutdowns for our drivers and impacted customer operations and shipping patterns. In addition, we have experienced general softness in the overall freight environment during the first quarter of 2019 as customer demand to date in 2019 has been less than that over the same period of 2018. However, we have been successful with our driver recruiting and retention efforts which have resulted in organic growth during the first quarter of 2019 as compared to the quarter ended December 31, 2018. We continued to refresh our fleet of tractors and trailers as well as several of our terminal locations as we look to provide the latest equipment and terminal amenities to our professional drivers while remaining debt free. I am pleased with our...