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

About this update from Heartland Express, Inc.

[{"type":"text","content":"NORTH LIBERTY, Iowa, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three and nine months ended September 30, 2020.\n Three months ended September 30, 2020: Net Income of $20.7 million, and Basic Earnings per Share of $0.25, Operating Revenue of $162.3 million, an increase of 9.7% over 2019,Operating Income of $27.3 million, Operating Ratio of 83.2% and 81.5% Non-GAAP Adjusted Operating Ratio(1),Cash Balance of $81.9 million and Total Assets of $959.8 million (a record high), Stockholders' Equity of $721.7 million (a record high),Debt-Free Balance Sheet. Nine months ended September 30, 2020: Net Income of $53.1 million, and Basic Earnings per Share of $0.65, Operating Revenue of $489.5 million, an increase of 13.9% over 2019,Operating Income of $69.7 million, Operating Ratio of 85.8% and 84.2% 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 nine months ended September 30, 2020 showed continued strength in terms of revenue, profit, and overall operating efficiency during these volatile times. We continue to be extremely 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 sixth consecutive quarter of growth in revenue before fuel surcharges and strong cost controls to deliver an operating ratio of 83.2% and a non-GAAP adjusted operating ratio(1) of 81.5% despite lower gains on sale of revenue equipment as compared to the prior year, and ongoing progress needed to apply our cost structure to the Millis Transfer business. From a market perspective, freight demand has been stronger through the date of this release following the initial softness experienced early in the second quarter as a result of COVID-19. We continue to be very pleased with the Millis Transfer acquisition, revenue retention has been favorable, and we still have significant additional operating efficiencies to pursue. We continue to navigate the challenge to recruit, hire, and retain qualified and safe operating drivers during these uncertain and volatile times.” “As always, we remain focused on g...

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