NORTH LIBERTY, Iowa — Heartland Express Inc. has released its financial results data for the third quarter that ended on Sept. 30, 2023.
In the newsletter, Heartland Express’ Chief Executive Officer Mike Gerdin commented on the results and data and the future initiatives of the company.
“Our consolidated operating results for the three and nine months ended Sept. 30, 2023, reflect the combination of a weak freight environment along with strategic operational changes implemented. These strategic changes targeted unprofitable customers and lanes of freight that were not acceptable for the long-term profitability of our organization.”
Gerdin continued, “These decisions, while difficult, were made to set a course for the future to ensure that we are prepared to capitalize on stronger freight demand with more efficient operations in the future. Our organization remains committed to providing the best service for our customers, as evidenced by our customer and operational awards received during the third quarter. Further, we are committed to taking care of our professional drivers and team of supporting staff during these challenging times. However, we cannot continue to provide our premium level of service at unprofitable or unsustainable rates.”
Three months ended Sept. 30, 2023:
- Operating Revenue of $295.0 million, an increase of 7.7% over 2022.
- Net Loss of $10.7 million.
- Basic Loss per Share of $0.14.
- Operating Loss of $7.4 million.
- Operating Ratio of 102.5% and 102.4% Non-GAAP Adjusted Operating Ratio.
- Total Assets of $1.6 billion.
- Stockholders’ Equity of $861.1 million.
Nine months ended Sept. 30, 2023:
- Operating Revenue of $932.1 million, an increase of 52.0% over 2022.
- Net Income of $9.7 million.
- Basic Earnings per Share of $0.12.
- Operating Income of $31.7 million.
- Operating Ratio of 96.6% and 95.5% Non-GAAP Adjusted Operating Ratio.
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