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Heartland Express Inc. reported a 15.1% increase in revenue and a decline in revenue in the fourth quarter.
On January 20, a truck company based in North Liberty, Iowa posted a net income of $ 20.3 million, or 26 cents per diluted share, over the three months to December 31. Previous year. Total operating revenue was $ 148.1 million, down 4.9% from $ 155.8 million.
Throughout the year, Heartland Express reported Net income of $ 79.3 million ($ 1) for operating revenue of $ 67.3 million compared to $ 70.8 million (87 cents) of net income of $ 645.3 million in revenue in 2020. Annual earnings per share was a company record.
“2021 has brought us many unique challenges and opportunities,” said Mike Geldin, CEO of Heartland Express, in a statement. “Heartland’s financial strength and discipline allowed us to take advantage of market opportunities, which is reflected in our performance. This allows us to continue to focus on the highest level of service to meet our customers’ needs. At the same time, we were able to obtain higher profits for our shareholders through dividends and stock repurchases. “
Heartland Express returns $ 46 million to shareholders through special and regular dividends, buys back $ 32 million in common stock, keeps over $ 157 million in cash and has no debt on the balance sheet. .. The company also reported an utilization rate of 82.1%.
“Cargo demand was strong and we were able to take advantage of rising freight rates and increased utilization across the fleet in service,” Gerdin said. “2021 was a very difficult year to hire and maintain professional drivers. We implemented creative reward packages and driving opportunities to attract and retain drivers.”
Gerdin believes that this approach will allow companies to better compete for a diminishing pool of qualified and safe professional drivers across the industry.
“We can expect the same from the cargo environment, where there is strong demand for commodities in 2022,” Gerdin said. “Increased costs are expected to drive higher fares throughout the year. In addition, the environment expected in 2022 remains a challenge for the supply chain, but is operating in a strong financial position. You need to reward your carrier. “
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Heartland Express reports increased earnings due to loss of earnings
https://www.ttnews.com/articles/heartland-express-reports-earnings-gains-revenue-loss Heartland Express reports increased earnings due to loss of earnings