Heartland’s Income Dips; Carrier Plans Fleet Upgrade
Heartland Express Tuesday reported a decline in its second-quarter profit but said it plans to begin a fleet upgrade in the third quarter in which it plans to buy 1,600 new trucks.
Net income fell 13% to $17.2 million, or 18 cents a share, from $19.8 million, or 20 cents, a year ago. Revenue rose 10% to $164.6 million.
Heartland also said it would begin a fleet upgrade this quarter, which will include the purchase of about 1,600 International ProStar tractors.
The truckload carrier cited record diesel fuel prices and a drop in gains on sales of property and equipment as reasons for the downturn.
Heartland Express is ranked No. 44 on the Transport Topics 100 listing of U.S. and Canadian for-hire trucking companies.
