Truckload carrier Heartland Express said its net income jumped 24.2% to $15.7 million on 10.4% higher revenues of $113.5 million in the second quarter, with net income increasing 21.7% to $28.8 million and revenues climbing 11.5% to $220.3 million for the first six months of 2004. It said these results will more than enable it to proceed with its ambitious fleet replacement strategy.
In June of this year, Heartland began replacing its entire tractor fleet with International 9400i models and has taken delivery of 315 new units so far. The company expects to wrap-up delivery of its new trucks – as well as the trade-in of its current equipment – by December 31, 2006. In addition, the company purchased 400 new Wabash trailers during the second quarter this year.
Those purchases haven’t affected Heartland’s liquidity, either. The company said it ended the second quarter with cash, cash equivalents, and investments of $229.1 million, a $26.7 million increase from the $202.4 million reported at the end of 2003.