Heartland Express, Inc. Reports Revenues and Earnings for the Third Quarter of 2019

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three and nine months ended September 30, 2019.\n Three months ended September 30, 2019: Net Income of $20.5 million, a 7.6% increase from quarter ended September 30, 2018, and Basic Earnings per Share of $0.25,Operating Revenue of $147.9 million, and sequential quarterly revenue increases during 2019,Operating Income of $26.7 million, a 6.4% increase from September 30, 2018,Operating Ratio of 81.9% and 79.4% Non-GAAP Adjusted Operating Ratio(1),Cash Balance of $111.9 million and Stockholders' Equity of $673.1 million. Nine months ended September 30, 2019: Net Income of $60.2 million, a 19.8% increase from nine months ended September 30, 2018, and Basic Earnings per Share of $0.73,Operating Revenue of $429.6 million,Operating Income of $76.6 million, a 27.2% increase from September 30, 2018,Operating Ratio of 82.2% and 79.6% Non-GAAP Adjusted Operating Ratio(1). 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 and nine months ended September 30, 2019. Our operating results showed strength in terms of profit and overall operating efficiency, as well as delivering sequential revenue growth over the three consecutive quarters of 2019 - $139.5 million, $142.1 million, and $147.9 million, respectively. We are also proud of our acquisition of Millis Transfer and our combined operations which began on August 26, 2019. We reported $111.9 million of cash on hand following payments of $62.1 million to complete the acquisition and $39.9 million to pay down a significant amount of the acquired revenue equipment debt. Subsequent to the quarter end, we also paid off an additional $32.0 million of acquired debt and expect to have the remaining debt balance paid off in full by the end of 2019. Our operating ratio delivered was an 81.9% during the third quarter of 2019 and our operating ratio for the nine months ended September 30, 2019 was 82.2%. Both operating ratios were improvements compared to the results for the three and nine months ended September 30, 2018 of 83.4% and 87.0%, respectively. Our net income grew from $19.1 million during the third quarter of 2018...

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