Heartland Express reports 4Q revenues, earnings up

user-gravatar

Heartland Express announced that its operating revenues for its 2005 fourth quarter ending Dec. 31 increased 17.3 percent to $140.1 million from $119.4 million in the fourth quarter of 2004. Net income increased 30.7 percent to $21.6 million from $16.6 million in the 2004 period, and earnings per share were $0.29 compared to $0.22 for the fourth quarter of 2004, the company says.

For the 12-month period ending Dec. 31, operating revenues increased 14.6 percent to $523.8 million from $457.1 million during the same period in 2004; net income increased 15.1 percent to $71.9 million from $62.4 million in the 2004 period; and earnings per share were $0.97 compared with $0.83 for the 2004 period, according to the company.

Coralville, Iowa-based Heartland Express says it posted an operating ratio (operating expenses as a percentage of operating revenues) of 77.6 percent and a 15.5 percent net margin in the fourth quarter of 2005 and an 80.1 percent operating ratio and a 13.7 percent net margin for the 12 months ended Dec. 31, 2005. According to the company, operating results for the fourth quarter were aided by gains from the trade of revenue equipment; but those results also were hurt by record high diesel prices that continued throughout the quarter.

The company says it ended the year with cash, cash equivalents and short-term investments of $287.6 million, a $29.3 million increase from the $258.3 million reported on Dec. 31, 2004; and total assets increased to $573.5 million in 2005 from $517.0 million reported in 2004. The company says its balance sheet continues to be debt-free.

According to Heartland Express, its outstanding common stock has decreased to 73.8 million shares from 75.0 million at the end of 2004 as a result of the repurchase of about 1.2 million shares of its outstanding common stock during the year.