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

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, July 31, 2023 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three and six months ended June 30, 2023. Three months ended June 30, 2023: Operating Revenue of $306.2 million, an increase of 63.0% over 2022,Net Income of $7.8 million, Basic Earnings per Share of $0.10,Operating Income of $16.2 million,Operating Ratio of 94.7% and 93.4% Non-GAAP Adjusted Operating Ratio(1),Total Assets of $1.6 billion,Stockholders' Equity of $872.9 million (All-time record). Six months ended June 30, 2023: Operating Revenue of $637.1 million, an increase of 87.9% over 2022,Net Income of $20.4 million,Basic Earnings per Share of $0.26,Operating Income of $39.1 million,Operating Ratio of 93.9% and 92.4% 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, \"I am proud to report our consolidated operating results for the three and six months ended June 30, 2023 and recognize the first anniversary of our acquisition of Smith Transport, which occurred on May 31, 2022. We also look ahead to the first anniversary of our most recent acquisition, Contract Freighters, Inc (\"CFI\"), which will occur during the third quarter of 2023. As a result of these acquisitions and our legacy operations of Heartland Express and Millis Transfer, our operating revenue for the three and six months ended June 2023 has increased significantly by 63.0% and 87.9%, respectively, as compared to the same periods of 2022. We began seeing a general decline in freight volumes beginning in the second half of 2022, with a continued decline throughout the first quarter of 2023. Freight volumes began leveling out near the end of the first quarter of 2023, which followed the strong freight environment for the previous two years. There was no meaningful improvement in general freight demand during the second quarter of 2023. In addition, we are currently being challenged with driving needed operational improvements at both CFI and Smith Transport given the current freight environment. Our legacy operations of Heartland Express and Millis Transfer continue to perform well in the current environment. Heartland Express and Millis transfer combined had an operating ratio of 87.7% during the second ...

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