Heartland Express sees 3Q revenue, income increase

Truckload carrier Heartland Express of Coralville, IA, has joined a growing list of carriers that are reporting improved revenues and incomes for the third quarter of 2001. For the third quarter of 2001, Heartland said its revenues increased 8.5% to $73.9 million, up from $68.1 million in the third quarter of 2000. Net income increased 9.8% to $9.2 million, up from $8.4 million in the same period last year.

For the nine months of 2001, revenues and income also showed an increase, said Heartland. Its revenues increased 8.1% to $221.1 million, up from $204.6 million during the same period in 2000. Net income increased 5.3% to $27.8 million, up from $26.4 million last year.

The carrier said the truckload industry continues to be challenged by a weakening economy, depressed equipment values, increasing costs, and a shortage of independent contractors. Despite those challenges, the company said it went ahead with planned tractor and trailer purchases, taking delivery of 100 tractors and 350 trailers in the third quarter.

Heartland also noted that the percentage of miles generated by company-owned tractors increased to 68%, an increase from the 65% reported in the first quarter of 2001.