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

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, July 16, 2020 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three and six months ended June 30, 2020.\n Three months ended June 30, 2020: Net Income of $19.2 million, and Basic Earnings per Share of $0.24, Operating Revenue of $160.9 million, an increase of 13.2% over 2019,Operating Income of $25.0 million, Operating Ratio of 84.5% and 83.0% Non-GAAP Adjusted Operating Ratio(1),Cash Balance of $82.5 million and Total Assets of $930.5 million, Stockholders' Equity of $702.6 million,Debt-Free Balance Sheet. Six months ended June 30, 2020: Net Income of $32.4 million, and Basic Earnings per Share of $0.40, Operating Revenue of $327.2 million, an increase of 16.2% over 2019,Operating Income of $42.3 million, Operating Ratio of 87.1% and 85.6% 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, 2020 showed strength in terms of profit and overall operating efficiency during these volatile and challenging times. We continue to be most proud of our drivers and our team of employees that support them and our loyal customers each day.” Mr. Gerdin continued, “From a financial perspective, we were able to capitalize on our fifth consecutive quarter of growth in revenue before fuel surcharges and strong cost controls to deliver an operating ratio of 84.5% and a non-GAAP adjusted operating ratio(1) of 83.0% despite lower gains on sale of revenue equipment, and ongoing progress needed to apply our cost structure to the Millis Transfer business. From a market perspective, the quarter started off with weak freight demand in April and then strengthened each month during the quarter. This trend has continued through the first two weeks of July. We continue to be very pleased with the Millis Transfer acquisition, as revenue retention has been favorable, and we still have significant additional operating efficiencies to pursue.” “As always, we remain primarily focused on generating and allocating cash from operations. Net cash flows from operations for the first six months of 2020 were $83.8 million, for a 25.6% operating cash flow margin. We applied this cash to invest $63.9 million ...

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