Innovation Update
Earnings, Revenue Rise at Heartland Express
TSC Staff
10/21/03 - 01:43 PM EDT
Trucking company Heartland Express(HTLD Quote) said third-quarter earnings rose 31% on a 15% rise in revenue.
It was the 10th straight quarter the company had posted increases on both the top and bottom lines. The shares were recently up 9 cents, or 0.4%, to $24.69.
Coralville, Iowa,-based Heartland earned $14.5 million, or 29 cents a share, in the quarter, compared with earnings of $11.1 million, or 22 cents a share, last year.
Analysts surveyed by Thomson First Call were forecasting earnings of 26 cents a share in the latest quarter.
Revenue rose to $104.5 million from $91.1 million. Analysts had been forecasting revenue of $103.4 million in the latest quarter.
Operating expenses as a percentage of gross revenues were of 79.4% in the latest quarter while net margin was 13.9%. The company ended the third quarter with cash, cash equivalents, and investments of $186.5 million, a $32.6 million increase from the $153.9 million reported on Dec. 31, 2002.