Carriers have overcome notable cost inflation and disruption to post better-than-expected results so far in the third-quarter earnings season.
Heartland Express beats expectations in the third quarter with the help from gains on sale.
Truckload carrier Heartland Express announced a 50-cent-per-share special dividend Friday. It was the second carrier to announce a special dividend this week.
Heartland Express records its best consolidated operating ratio since its last acquisition was fully integrated.
At a UBS conference, two execs from the truckload carrier reviewed the market for drivers in the midst of the freight boom.
First-quarter earnings reports from truckload carriers highlight a booming freight market. A strong consumer, tight truck capacity and elevated rates appear the likely dynamics for the remainder of the year.
Heartland Express reported a slight miss on first-quarter earnings expectations Wednesday. The carrier pointed to relative strength in March as it exited the quarter, noting that driver pay will need to be raised again.
In today’s edition of The Daily Dash, Heartland Express announces an operating income improvement in its Q4 earnings. Plus, an appeals court says California can’t regulate a truck driver’s meal and rest breaks, and Daseke’s board chairman talks the future of the company.
Fourth-quarter results for Heartland Express displayed a revenue dip on driver employment headwinds but operating income jumped 35%. The company mentions getting back into M&A.
A couple more truckload carriers have announced pay increases for drivers ahead of the new year. Beacon Transport and Bay and Bay Transportation are the latest.
Schneider National announces a per-mile pay increase of 4 cents for most drivers beginning in late January. Earlier this year, the company announced an increase in team driver pay.
Frozen Food Express is raising linehaul driver pay by 25% for new solo drivers and 20% for team drivers.
C.R. England is boosting driver pay an average of 15.5%, and when combined with a new bonus program, means some drivers could see a 25% pay increase.
Most companies have women now, but a second rule would deal with diversity or sexuality.
Heartland Express raises driver pay 6% across the board and as high as 12% for some.
Bottom line on operating and net income largely unchanged; revenues up but costs were too
Strong spot market fundamentals and low inventories prompt UBS analyst Tom Wadewitz to raise truckload carriers’ earnings estimates for the second half of 2020.
Improving demand and truckload fundamentals are expected to drive third-quarter growth. The carrier’s growing cash balance garners some attention.
Heartland Express announced the family trust of founder and current CEO will sell up to $76.9 million in stock. The family will still hold roughly 40% of the company’s outstanding stock following the transaction.
The truckload carriers have reported solid results to start second quarter earnings season, but some load data is still lagging.
