Heartland Banks More 3Q Profits

Coralville, IA-based truckload carrier Heartland Express reported a net income of $17.1 million on revenues of $117.3 million in the third quarter. This marks an increase of 17.8% and 12.3%, respectively, compared to the third quarter last year.

Looking at the first nine months of 2004, Heartland’s net income topped $45.9 million on revenues of $337.6 million, an increase of 20.2% and 11.8%, respectively, compared to the same period in 2003.

The carrier noted that it declared a 3-for-2 stock split in the third quarter, payable as a 50% stock dividend. The stock dividend increased its issued and outstanding common stock from 50 million to 75 million shares— all of which Heartland included in its third quarter earnings calculations.

Heartland also said it will continue to replace its tractor and trailer fleet. So far this year it has taken a delivery of 650 new International 9400i model tractors, with plans to complete the purchase of new units and trade in old tractors by the end of 2006. The company said it has purchased 700 new Wabash trailers during the second and third quarters this year.

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