Excess Truckload-Market Capacity a Headwind in Heartland’s Fourth Quarter, but Cost Execution Solid
In the fourth quarter, full-truckload carrier Heartland Express’ revenue net of fuel surcharges fell 20% year over year. Revenue came in slightly shy of our forecast, likely because of lingering pressure on tractor utilization (lackluster freight demand), as well as from tepid pricing conditions (excess industry capacity). That said, operating margins were better than we expected on solid cost control in a tough operating environment.We are maintaining our $18 fair value estimate. We continue t...
Heartland Express is a holding company. Through its subsidiaries, the company is engaged as a short-to-medium haul truckload carrier. The company primarily provides asset-based dry van truckload service for shippers from Washington to Florida and New England to California. The company also provides temperature-controlled truckload services, which are not significant to its operations. The company operates terminal facilities throughout the contiguous United States in addition to its terminal and corporate headquarters in North Liberty, IA.
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