Heartland Express on Thursday, July 19, announced financial results for the quarter ended June 30.
Operating revenues for the quarter increased 4.2 percent to $149.1 million from $143.1 million in the second quarter of 2006. Net income for the quarter decreased 19.9 percent to $19.8 million from $24.8 million in the 2006 period; the company said operating income was impacted negatively by a $5.6 million decrease in gains on disposal of property and equipment.
For the six months ended June 30, operating revenues increased 5.2 percent to $292.5 from $278.1 during the same period in 2006. Net income for the six-month period decreased 4.7 percent to $42.4 million from $44.5 million in the 2006 period; operating income was impacted negatively by a $3.0 million decrease in gains on disposal of property and equipment.
For the quarter, Heartland Express posted an operating ratio (operating expenses as a percentage of operating revenues) of 81.2 percent and a 13.3 percent net margin. The Coralville, Iowa-based company reported an operating ratio of 79.7 percent and a 14.5 percent net margin for the six months ended June 30.
