April 23, 2024 For Immediate Release Press Release Heartland Express, Inc. Reports Operating Results for the First Quarter of 2024 NORTH LIBERTY, IOWA - April 23, 2024 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three months ended March 31, 2024. Three months ended March 31, 2024: • Operating Revenue of $270.3 million, Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the Company, "Our consolid ...

For the quarter ended March 2024, Heartland Express (HTLD) reported revenue of $270.32 million, down 18.3% over the same period last year. EPS came in at -$0.19, compared to $0.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $265.24 million, representing a surprise of +1.92%. The company delivered an EPS surprise of -72.73%, with the consensus EPS estimate being -$0.11.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Heartland Express (HTLD) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -72.73%. A quarter ago, it was expected that this trucking and logistics company would post a loss of $0.10 per share when it actually produced earnings of $0.06, delivering a surprise of 160%.Over the last four quar ...

NORTH LIBERTY, Iowa, April 23, 2024 (GLOBE NEWSWIRE) -- Heartland Express, Inc. (NASDAQ:HTLD) announced today financial results for the three months ended March 31, 2024. Three months ended March 31, 2024: Operating Revenue of $270.3 million,Net Loss of $15.1 million, Basic Loss per Share of $0.19,Operating Ratio of 105.3% and 105.6% Non-GAAP Adjusted Operating Ratio(1),Total Assets of $1.5 billion,Stockholders' Equity of $848.8 million. Heartland Express Chief Executive Officer Mike Gerdin commented on the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-15087 HEARTLAND EXPRESS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction (I.R.S. Employer of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-15087 HEARTLAND EXPRESS INC. (Exact Name of Registrant as Specified in Its Charter) Nevada 93-0926999 (State or Other Jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-15087 HEARTLAND EXPRESS INC. (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-15087 HEARTLAND EXPRESS INC. (Exact Name of Registrant as Specified in Its Charter) Nevada 93-0926999 (State or Other Jurisdicti ...

Financial Performance - In 2022, the company generated operating revenues of $968.0 million, a 59.4% increase from $607.3 million in 2021, with a net income of $133.6 million compared to $79.3 million in the previous year[189]. - The company achieved an operating ratio of 80.5% for 2022, improving from 82.6% in 2021, and a net margin of 13.8%, up from 13.1% in 2021[189]. - Operating revenue increased by $360.7 million (59.4%), reaching $968.0 million for the year ended December 31, 2022, compared to $607.3 million in 2021[204]. - Operating income margin improved to 19.5% for the year ended December 31, 2022, compared to 17.4% in 2021[202]. - The effective tax rate increased to 26.2% for the twelve months ended December 31, 2022, from 25.2% in 2021[218]. Cash Flow and Debt Management - Cash flow from operating activities for 2022 was $194.7 million, representing 20.1% of operating revenues, slightly down from 20.3% in 2021[192]. - Operating cash flow for 2022 was $194.7 million, an increase from $123.4 million in 2021, representing 20.1% of operating revenues[234]. - The company had $375.0 million outstanding on the Term Facility and no outstanding under the Revolving Facility as of December 31, 2022[229]. - The company intends to pay down debt incurred from recent acquisitions while maintaining regular quarterly dividends[233]. - The company has a maximum net leverage ratio of 2.75 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00 under the Credit Facilities[226]. Acquisitions and Growth Strategy - The company completed two significant acquisitions in 2022: Smith Transport on May 31 and CFI on August 31, which added dry van truckload capacity and increased revenues[186][188]. - The company expects operating revenue growth in 2023, primarily from the Smith and CFI acquisitions, despite a weaker freight market[205]. - The company plans to focus on paying down debt incurred from acquisitions in 2022, with no significant acquisitions expected in the near term[196][197]. Operating Expenses - Fuel expense rose by $95.0 million (95.4%), totaling $194.6 million for the year ended December 31, 2022, primarily due to increased miles driven and a 51.8% rise in average diesel prices[210]. - Salaries, wages, and benefits increased by $96.3 million (38.5%), amounting to $346.3 million for the year ended December 31, 2022, driven by a higher number of drivers and support staff following acquisitions[209]. - Depreciation and amortization expenses increased by $28.9 million (27.8%), totaling $133.0 million for the year ended December 31, 2022, due to ongoing fleet replacement strategies[211]. - Rent and purchased transportation expenses increased by $50.5 million, totaling $54.3 million for the year ended December 31, 2022, largely due to the acquisition of CFI[208]. - The company experienced significant inflation impacts on operating expenses, particularly in driver compensation and equipment costs[219]. Asset Management - Total assets at the end of 2022 were $1.7 billion, with total stockholders' equity of $855.5 million, reflecting a return on assets of 9.8% and return on equity of 16.4%[189]. - The average age of the tractor fleet was 2.0 years and the trailer fleet was 6.3 years as of December 31, 2022, with expectations for consistency in 2023[199]. - The company has $382.4 million in outstanding debt and $30.6 million in finance lease liabilities as of December 31, 2022, totaling $413.0 million, with $375.0 million subject to variable interest rates[253]. Market Conditions and Challenges - The trucking industry is facing a qualified driver shortage, but driver availability has begun to improve in early 2023 due to changing market conditions[194]. - Freight demand is expected to remain challenged in the first half of 2023, influenced by supply chain issues and economic conditions[193]. - A 1.0% increase in the Secured Overnight Financing Rate (SOFR) would result in an additional $3.8 million in annual interest expense based on current variable rate debt[253]. - The company is exposed to commodity price risk, particularly in fuel and rubber purchases, with a $1.00 increase in average fuel price per gallon potentially decreasing income before taxes by approximately $9.3 million[254]. - A 10% increase in tire prices is expected to raise tire purchase expenses by $2.0 million, leading to a corresponding decrease in income before taxes[255]. Management and Estimates - Management believes that changes in revenue equipment markets could affect the estimates of depreciable life or salvage value, but such changes will not significantly impact the long-term financial condition of the company[245]. - The purchase price of acquired businesses is allocated to the estimated fair values of assets and liabilities, with significant judgment required in determining these values[247]. - The company has not recorded a valuation allowance against deferred tax assets, believing it is more likely than not that remaining deferred tax assets will be utilized[249]. - Management's estimates for income tax provisions and unrecognized tax benefits are based on historical patterns and state-specific regulations[250].

Financial Performance - Operating revenues for the first nine months of 2022 were $613.1 million, a 33.5% increase from $459.1 million in the same period of 2021[94]. - Net income for the first nine months of 2022 was $118.1 million, compared to $58.9 million in the same period of 2021, resulting in a basic net income per share of $1.50[94]. - Operating revenue increased by $154.0 million (33.5%) to $613.1 million for the nine months ended September 30, 2022, compared to $459.1 million in the same period of 2021[118]. - Net income for the nine months ended September 30, 2022, was $118.1 million, representing a 100.4% increase from $58.9 million in the same period of 2021[117]. - Net income for the three months ended September 30, 2022, was $24.4 million, a slight decrease of 0.2% from $24.5 million in the same period of 2021[100]. Operational Efficiency - The operating ratio improved to 73.5% for the nine months ended September 30, 2022, down from 82.8% for the same period in 2021[94]. - Adjusted operating ratio was 83.7% for the three months ended September 30, 2022, compared to 74.5% in the prior year, indicating a decline in operational efficiency[100]. - Operating expenses as a percentage of total operating revenue decreased from 78.2% in 2021 to 87.3% in 2022, reflecting increased costs associated with recent acquisitions[98]. Acquisitions and Growth Strategy - The company completed two strategic acquisitions, Smith Transport and CFI, in 2022 to enhance operational scale and service offerings[85][89]. - The company acquired CFI and Smith Transport in 2022, which contributed to the increase in operating revenues and expenses[99]. - Future growth is expected to depend on economic conditions, customer demand, and the ability to attract and retain experienced drivers[89]. Fuel and Expenses - Average diesel fuel prices increased by 53.5% year-over-year, reaching $5.15 per gallon in Q3 2022 compared to $3.36 in Q3 2021[93]. - Fuel expenses rose by $51.0 million (68.6%) to $125.2 million due to higher average diesel prices (57.0%) and increased fuel consumption[123]. - Fuel expenses rose by $28.1 million (111.4%) to $53.4 million for the three months ended September 30, 2022, driven by higher diesel prices and increased miles driven[106]. - Fuel surcharge revenue increased by $27.9 million (141.9%) to $47.5 million for the three months ended September 30, 2022, due to higher average diesel fuel prices[101]. Labor Costs - Salaries, wages, and benefits increased by $34.7 million (55.3%) to $97.4 million for the three months ended September 30, 2022, primarily due to acquisitions and increased driver wage rates[104]. - Salaries, wages, and benefits increased by $31.5 million (16.5%) to $221.9 million, primarily due to the increase in the number of drivers and higher wage rates[120]. Cash Flow and Assets - Cash flow from operating activities for the first nine months of 2022 was $112.6 million, representing 18.4% of operating revenues[94]. - The company ended Q3 2022 with total assets of $1.7 billion and achieved a return on assets of 11.8%[94]. - Cash flow from operating activities was $112.6 million, representing 18.4% of operating revenues, compared to $95.7 million (20.8% of operating revenues) in the same period of 2021[135]. Tax and Interest Expenses - The effective tax rate decreased to 25.9% for the three months ended September 30, 2022, down from 26.9% in the prior year, due to a reduction in tax accruals for uncertain tax positions[115]. - The effective tax rate increased to 26.5% for the nine months ended September 30, 2022, compared to 25.8% in the same period of 2021[129]. - Interest expense increased by $2.3 million in the three months ended September 30, 2022, resulting from financing associated with the Smith Transport acquisition[114]. - Interest expense increased by $2.5 million due to financing assumed through the Smith Transport acquisition and the credit facility related to the CFI acquisition[128]. Commodity Price Risk - Commodity price risk is primarily related to fuel and rubber purchases[144]. - A $1.00 increase in average fuel price per gallon would decrease income before income taxes by approximately $14.0 million in 2022[144]. - A 10% increase in tire prices would increase tire purchase expenses by $2.9 million, resulting in a corresponding decrease in income before income taxes[144]. - Fuel surcharge agreements help limit exposure to commodity price risk but do not fully offset fuel cost increases[144]. - The company cannot pass through 100% of tire price increases due to timing and severity of increases[144]. - The company has historically minimized tire price increases through bulk purchases[144]. Equipment and Commitments - The average age of the tractor fleet increased to 2.1 years as of September 30, 2022, compared to 1.7 years a year earlier, influenced by recent acquisitions[93]. - Total estimated purchase commitments for tractors and trailer equipment as of September 30, 2022, were $68.5 million, extending through the remainder of 2022 and into 2023[134]. - The company entered into a $550.0 million unsecured credit facility, including a $100.0 million revolving line of credit and $450.0 million in term loans, to support its acquisitions[130]. Gains and Disposals - Gains on the disposal of property and equipment increased by $65.5 million to $92.8 million, primarily due to a $73.2 million gain on the sale of a terminal property[127].