Heartland Express reports Q1 EPS (19c), consensus (12c)

Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the Company, “Our consolidated operating results for the three months ended March 31, 2024 reflect the combination of an extended and significant period of weak freight demand, driven by excess capacity in the industry, unfavorable weather early in the quarter, and ongoing operating cost inflation. We point to continued internal efforts, following our two most recent acquisitions completed in 2022, to improve our operating effectiveness through cost reductions, purchasing scale, information systems projects focused on driver utilization improvements, and a continued focus on on-time service. Further, we worked to reduce unprofitable freight, did not rely on broker freight, and refused to lower our freight rates to meet the unsustainable requests of certain customers, all of which had a negative impact on our revenues in comparison to the same period of the prior year. We continue to believe that the freight market will improve as more capacity exits the market so the industry as a whole can return to more disciplined operating decisions and improved financial results.”