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Jun 30, 2020
Heartland Express Q2 2020 Earnings Report
Reported an increase in operating revenue and a decrease in net income due to a weak freight environment and lower gains on sale.
Key Takeaways
Heartland Express reported an increase in operating revenue but a decrease in net income for the second quarter of 2020. The company's operating ratio was 84.5%, and the non-GAAP adjusted operating ratio was 83.0%. The quarter started with weak freight demand in April but strengthened each month.
Net income was $19.2 million, with basic earnings per share of $0.24.
Operating revenue increased by 13.2% over 2019 to $160.9 million.
Operating income was $25.0 million.
Cash balance was $82.5 million, and total assets were $930.5 million.
Forward Guidance
The Company currently anticipates a total of approximately $60 to $70 million in net capital expenditures for the remainder of calendar year 2020. We expect to record gains on sale of revenue equipment of approximately $8 to $9 million in the remainder of 2020, with all tractor dispositions already contracted with the manufacturers and their affiliates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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