Trucking company Heartland Express Inc. (HTLD), Tuesday reported a 19 percent increase in profit for the first quarter, driven mainly by increase in gains on disposal of property and equipments that offset a decline in revenues.
North Liberty, Iowa-based Heartland Express first-quarter profit improved to $19.7 million or $0.23 per share from $16.6 million or $0.19 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.
The results for the quarter included a gain of $7.0 million from disposal of property and equipment.
Heartland Express, a short-to-medium-haul truckload carrier, said revenues for the quarter dropped to $134.3 million from $134.8 million last year. Analysts estimated revenues of $ 137.97 million for the quarter.
The company said revenues were impacted by less business days in the quarter due to Good Friday and Easter falling the first quarter compared to second quarter last year and also 2012 being a leap year.
Operating expenses as a percentage of revenues, dropped to 77.5 percent from 82.4 percent last year.
Fuel expense increased 0.6 percent in the quarter, primarily due to harsher winter conditions and higher fuel prices. The company indicated continued focus on fuel surcharge pricing, truck idling hours, overall tractor fuel economy, and fuel purchasing decisions in an effort to lessen the impact of higher fuel costs.
HTLD is currently trading at $13.28, up $0.17 or 1.30%, on the Nasdaq.
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