Heartland Express profit sinks on fuel, fewer asset sales

The Associated Press

4/23/2008

NORTH LIBERTY, Iowa — Trucking company Heartland Express Inc. said Tuesday its first-quarter earnings tumbled 35 percent, on soaring fuel costs and a year-ago period that benefited from more significant asset sales.

However, the results still met Wall Street’s expectations.

The company earned $14.7 million, or 15 cents per share, compared with $22.6 million, or 23 cents per share, in the year-ago period. The figure includes $5.1 million, or 3 cents per share, in fuel costs that weren’t recovered though surcharges. The company also said it took about $5 million, or 3 cents per share, less in gains during the current quarter from asset sales.

Operating revenue rose 4 percent to $149 million from $143.4 million in the prior-year period.