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Heartland Reports Flat 1Q Income
Heartland Express said its first-quarter profit was $14.1 million, or 15 cents a share, compared with $14.7 million, or 15 cents, a year ago.
Revenue fell 22.8% to $115 million, the truckload carrier said late Wednesday.
“There continues to be excess capacity in the market and this combined with declines in overall freight demand continued to place extreme pressure on freight rates throughout the quarter,” Heartland said in a statement.
The carrier said its fuel expenses dropped 51.4%, driven by a lower fuel prices and less miles driven.
Heartland Express is ranked No. 44 on the Transport Topics 100 listing of U.S. and Canadian for-hire trucking companies.
