NORTH LIBERTY, Iowa — Trucking company Heartland Express Inc. cited smaller gains on disposal of property and equipment and increased depreciation expense related to the purchase of new tractors as it reported Monday a nearly 16 percent drop in first-quarter profit despite slightly higher revenue.
The net income of $11.9 million for the three months ended March 31 was equivalent to 13 cents a share, compared to a profit of $14.1 million, or 15 cents a share, a year earlier.
Revenue in the quarter edged up 0.6 percent to $115.6 million from $114.9 million a year earlier.
Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting earnings of 12 cents a share on revenue of $114.5 million.
The company ended the quarter with cash, cash equivalents, short-term and long-term investments of $230.5 million. It remains debt-free.
Kevin Jones of The Trucker staff can be reached for comment at email@example.com.
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