Heartland Express earnings dip 15.8% in third quarter

Heartland Express reported a 15.8 percent dip in third quarter earnings as tight driver availability and escalating fuel prices squeezed the bottom line.

The North Liberty-based truckload carrier reported net income of $15.4 million compared to $18.3 million in the third quarter of 2010, a decline of 15.8 percent.

Earnings per share dipped 15 percent, to 17 cents from 20 cents in the third quarter of 2010. The company reported fuel expenses were up $9.3 million compared to the prior year, primarily due to an increase in average fuel prices.

Fuel surcharge revenues for the quarter increased 46.2% to $27.4 million. In addition to fuel surcharges, the company said it focused on reducing truck idling time and fuel purchasing decisions to control fuel costs.

Operating revenues increased 4.2 percent to $132.5 million.

Heartland Express said it remains debt-free and continues to upgrade its fleet of trucks and trailers to gain efficiency. It sold 866 trailers during the third quarter and has sold a total of 2,453 trailers through the first nine months of the year.