Heartland Express on Tuesday, Oct. 23, announced financial results for the quarter ended Sept. 30. Operating revenues for the quarter decreased slightly to $146.6 million from $147.1 million in the third quarter of 2006. Operating income for the quarter was impacted negatively by a $4.3 million decrease in gains on disposal of property and equipment.
Net income decreased 25.5 percent to $17.1 million from $23.0 million in the 2006 period. The company expects a minimal amount of gains from disposal of property and equipment in the fourth quarter of 2007.
For the nine months ended Sept. 30, operating revenues increased 3.3 percent to $439.1 from $425.1 during the same period in 2006. Operating income for the nine-month period was impacted negatively by a $7.3 million decrease in gains on disposal of property and equipment. Net income decreased 11.8 percent to $59.5 million from $67.5 million in the 2006 period.
Heartland Express said it repurchased 1.3 million shares of the company’s common stock during the third quarter, paying $19.3 million. “We believe that the repurchase program is a great investment and demonstrates our confidence in the long-term prospects of Heartland Express,” said Russell Gerdin, chief executive officer of the North Liberty, Iowa-based company.