Heartland Express sees Q1 profits tumble

The North Liberty, Iowa-based trucking and logistics company experienced a 13.2 percent year-over-year decline in revenues for the quarter to $162.8 million, partially fueled by the sharp drop in fuel surcharge revenues.    Heartland Express, Inc.’s net income for the first quarter of 2016 tumbled 18.4 percent year-over-year to $14.4 million, according to the trucking and logistics company’s most recent unaudited financial statements.
   Basic earnings per share declined from $0.20 per share for the first quarter of 2015 to $0.17 per share for the first quarter of 2016.
   In addition, Heartland Express saw operating revenues fall 13.2 percent year-over-year for the first quarter of 2016 to $162.8 million, partially driven by the 49.8 percent year-over-year drop in fuel surcharge revenues to $13.1 million for the quarter.
   As of March 31, the average age of Heartland Express’ tractor fleet was 1.5 years, while the average age of the company’s trailer fleet was 4.7 years.
   Looking ahead, Heartland Express anticipates capital expenditures for the full year of 2016 will total between approximately $45 million to $55 million.