Truckload carrier operator Heartland Express, Inc. (HTLD) reported Tuesday an increase in second-quarter profit, despite a sharp decline in revenues. The company said the quarterly profit was boosted by the gain on asset disposals and reduction in overheads.
For the second quarter, net income rose to $17.6 million or $0.19 per share from $17.2 million or $0.18 per share in the previous year. The results of the latest quarter included a gain on disposal of property and equipment of $4.19 million, compared to a loss of $11 million in the past year.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share in the second quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter declined 28.9% to $116.97 million from $164.59 million, reflecting lower fuel surcharge revenues associated with lower fuel costs, and the economic crisis and the related downward pressure on freight rates. Nine analysts were expecting revenue of $124.52 million in the second quarter.
Operating expenses for the quarter reduced considerably to $95.27 million from $143.68 million in the same period last year. Fuel costs declined sharply to $25.09 million from $60.50 million, while salaries, wages and benefits decreased to $42.94 million from $48.59 million and rent and purchased transportation costs came down to $2.81 million from $5.14 million.
For the six-month period, net income decreased marginally to $31.76 million or $0.35 per share from $31.89 million or $0.33 per share in fiscal 2008.
Revenue was down 26% year-over-year to $231.95 million from $313.64 million in the year-ago period.
Heartland said that the carrier industry continued to be hampered by excess capacity along sustained drop in available freight resulting in extreme pressure on freight rates and does not see significant improvements in the demand for freight services in the near future.
HTLD is currently trading at $14.78, up $0.01 or 0.07%, on the NASDAQ.
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