Heartland Express(HTLD) - 2024 Q2 - Quarterly Results

Financial Performance - Operating revenue for Q2 2024 was $274.8 million, a decrease of 10.2% from $306.2 million in Q2 2023[2] - For the six months ended June 30, 2024, operating revenue was $545.1 million, down 14.4% from $637.1 million in the same period of 2023[3] - The net loss for Q2 2024 was $3.5 million, compared to a net income of $7.8 million in Q2 2023[1] - The basic loss per share for the six months ended June 30, 2024, was $0.24, compared to earnings per share of $0.26 in the same period of 2023[3] - Operating income fell to $0.3 million compared to $16.2 million in the same period of 2023[11] - Net loss was $3.5 million, a decline from a net income of $7.8 million in Q2 2023[11] - Basic loss per share was $0.04, down from earnings per share of $0.10 in the same quarter of 2023[11] Operational Efficiency - The operating ratio for Q2 2024 improved to 99.9%, compared to 105.3% in Q1 2024[1] - The non-GAAP adjusted operating ratio for the six months ended June 30, 2024, was 102.5%, compared to 92.4% in the same period of 2023[3] - The operating ratio was 99.9%, compared to 94.7% in Q2 2023, indicating a significant increase in operational inefficiency[11] Debt and Assets - Year-to-date debt repayments totaled $63.4 million in 2024, with a total of $258.9 million repaid since the acquisitions in 2022[1] - The company ended Q2 2024 with total assets of $1.4 billion and stockholders' equity of $836.8 million[3] - Total long-term liabilities decreased to $442.8 million from $520.9 million year-over-year[20] Market Outlook - The company expects freight market improvements to extend into 2025 due to excess capacity in the industry[10] Stockholder Returns - The company repurchased $7.3 million of its common stock during Q2 2024[10] - Cumulative cash dividends paid to stockholders reached $552.1 million since 2003[13] Capital Expenditures and Cash Flow - Expected net capital expenditures for 2024 are approximately $15 to $20 million[13] - Net cash flows from operations for the first six months of 2024 were $71.0 million, representing 13.0% of operating revenue[19] Fleet Management - Average age of the consolidated tractor fleet increased to 2.6 years from 2.1 years year-over-year[13] Revenue Components - Fuel surcharge revenues decreased to $36.8 million from $41.5 million year-over-year[11]