Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of 2020

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, April 21, 2020 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three months ended March 31, 2020.\n Three months ended March 31, 2020: Net Income of $13.2 million, and Basic Earnings per Share of $0.16, Operating Revenue of $166.3 million, an increase of 19.2% over 2019,Operating Income of $17.3 million, Operating Ratio of 89.6% and 88.2% Non-GAAP Adjusted Operating Ratio(1),Cash Balance of $64.2 million and Stockholders' Equity of $684.7 million,Debt-Free Balance Sheet. 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 months ended March 31, 2020 showed strength in terms of profit and overall operating efficiency during these challenging times we face currently as a company and a country. We are most proud of our drivers and our team of employees that support them through these uncertain times. Because of our drivers and our collective support team, the financial results delivered consist of sequential revenue growth during the last four consecutive quarters, excluding the impacts of fuel, and an operating ratio average of 85.4% over that same period. The strong profitability in the current quarter was delivered without the benefit of the positive effects of gains on sale of revenue equipment that were present in our financial results in prior quarters. We reported $64.2 million of cash on hand after the significant payments to complete the acquisition of Millis Transfer and to pay off all of the acquired debt during the last four months of 2019. In addition, we continued to refresh our fleet of revenue equipment ($18.1 million) and capital projects across our network of terminal locations ($21.6 million) during the first quarter of 2020 to ensure our drivers have comforts and amenities available to them when they are away from home. Our ability to generate and preserve cash from operations and disciplined operating decisions has served us well over the past 40+ years as a company. We remain committed to that strategy. We believe Heartland Express is well positioned to navigate a volatile freight market, changing customer needs and relationships, and an uncertain economic landscape in the months ahead. We thank the truck drivers ...

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