Heartland Express profit falls 13 percent on fuel costs

Heartland attributed the drop in profit to record-high fuel prices and drops in gains on sales of property and equipment.

The Associated Press

7/23/2008

NORTH LIBERTY, Iowa — Trucking company Heartland Express Inc. said Tuesday its second-quarter profit fell 13 percent, as a jump in fuel costs more than offset revenue growth.

Heartland earned $17.2 million, or 18 cents per share, compared with $19.8 million, or 20 cents per share, for the same quarter in 2007.

Revenue rose 10 percent to $164.6 million from $149.1 million in the year-ago period.

The results beat Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 16 cents per share on $156.4 million in revenue.

Heartland attributed the drop in profit to record-high fuel prices and drops in gains on sales of property and equipment.

Fuel costs rose 52 percent to $60.5 million. The average cost of fuel rose to $4.21 per gallon from $2.62 in the second quarter of 2007.