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| Profit, Revenue Drop at Heartland Express
Profit, Revenue Drop at Heartland Express Quote:
Overcapacity and depressed truckload rates put a dent in revenue and profit at Heartland Express during the third quarter, but the company continued an extensive overhaul of its tractor fleet as it positions itself for long-haul recovery.
The North Liberty, Iowa-based carrier’s third-quarter net income fell 22.5 percent year-over-year to $14.5 million while its revenue dropped 33.3 percent to $113.4 million.
"The current recession and extended economic downturn continues to impact our nation," the carrier said in a statement. "Excess capacity in our industry continues to exist, resulting in downward pressure on freight rates and reduced demand for freight services from our shippers."
Despite signs that some of the core industries served by truckload carriers are beginning to recover, Heartland didn't have high hopes for the fourth quarter. The company said it "still has not seen any strong indicators of improvements in the demand for freight services that would increase our levels of business in the near future."
more here>> Profit, Revenue Drop at Heartland Express
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