Heartland Express, Inc. Reports Revenues and Earnings for the First Quarter of 2023

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, April 27, 2023 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three months ended March 31, 2023. Three months ended March 31, 2023: Net Income of $12.6 million and Basic Earnings per Share of $0.16,Operating Revenue of $330.9 million, an increase of 118.8% over 2022,Operating Income of $22.9 million,Operating Ratio of 93.1% and 91.4% Non-GAAP Adjusted Operating Ratio(1),Total Assets of $1.6 billion,Stockholders' Equity of $866.6 million (All-time record). Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the Company, \"I am proud to report our consolidated operating results for the three months ended March 31, 2023, as our results delivered were driven by financial discipline in a challenging freight environment. We continued to drive operational changes at both Smith Transport and Contract Freighters, Inc. (\"CFI\"), our two most recent acquisitions which were completed in the back half of 2022 and doubled the size of our consolidated Company. As expected, in the initial periods following an acquisition, there are many operational opportunities to address and those efforts have been escalated given the current freight environment. We are attempting to improve the financial results of two large organizations during a period where freight demand is significantly less than it has been in the last two years along with significant pressure from many shippers to reduce freight rates while operational costs continue to rise. We thank our strong network of customers that value our long-term partnership and quality of service in a time where other shippers in our industry have focused solely on short-term cost reduction measures. We believe this current trend of lower freight demand and freight rate pressure will continue for the next one to two quarters and will likely have significant impacts on the available capacity within our industry. However, we demonstrated our financial stability and discipline as we were able to continue to generate significant operating cash flows, invest in our fleet and terminal network, and pay down approximately $129 million of outstanding debt and financing liabilities since they originated from the two acquisitions completed in 2022.\" \"Our consolidated ...

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