Heartland Express Q3 Profit Rises, But Misses Street

(RTTNews) - Heartland Express Inc. (HTLD) on Friday reported a 43 percent increase in profit for the third quarter, driven largely by a surge in revenues. However, shares of the company are currently down five percent after its earnings and revenues fell short of Wall Street estimates.

North Liberty, Iowa-based Heartland's third-quarter profit rose to $22.7 million or $0.26 per share from $15.9 million or $0.19 per share last year. On average, 13 analysts polled by Thomson Reuters estimated earnings of $0.29 per share for the quarter. Analysts estimates typically exclude one-time items.

The trucking and logistics company said its operating revenues surged 66.2 percent to $217.1 million from $130.6 million last year. Analysts on consensus estimated revenues of $229.6 million for the quarter.

Operating revenues for the quarter included fuel surcharge revenues of $42.4 million compared to $26.7 million in the same period last year.

Heartland Express said freight demand continued to be strong throughout the quarter as the company experienced above normal volumes of freight across the entire United States. All regions of the country were strong, with some like the west coast being extremely overbooked. Loads turned down throughout the quarter were the highest the company has seen since before the recession.

HTLD is currently trading at $24.07, down $1.25 or 4.94%, on the Nasdaq.