Truckload carrier Heartland Express said its gross revenues increased 1.9% for the first quarter of 2002, with net income rising 6.8%.
The Corallville, IA-based carrier said revenues for the quarter increased to $73.3 million, compared to $71.9 million in the first quarter of 2001. Net income jumped up to $9.5 million, compared to $8.9 million in the same quarter last year.
For the quarter, Heartland posted an operating ratio of 81.3% and a 13.0% net margin. By comparison, it reported an operating ratio of 83.1% and a net margin of 12.4% in the first quarter of 2001. The carrier also said it ended the first quarter with cash, cash equivalents, and investments of $171.4 million, a $10.3 million increase over the $161.1 million reported at the end of last year, with no debt on its balance sheet.