Heartland Express reported net income in the second quarter of 2013 was $19.1 million, increasing 5.0 percent or $0.9 million from $18.2 million in the same period last year.
In the first six months of 2013, net income for the motor carrier, No. 39 on JOC’s 2012 list of the Top 50 Trucking Companies, rose 11.7 percent or $4.1 million to $38.9 million, from $34.8 million.
However, quarterly revenue dropped to $134.0 million from $139.7 million in the second quarter of 2012. Revenue in the first half of 2013 also declined, falling to $268.3 million from $274.5 million in the first six months of 2012. Quarterly and year-to-date revenue was negatively impacted by lower fuel surcharge revenue, which was $27.3 million for the quarter, a 6.7 percent year-over-year decline from $29.2 million, and $55.2 million year-to-date, a 3.5 percent drop from $57.3 million.
The average age of the company’s tractor fleet was 2.0 years in the second quarter, compared with 2.2 years in the second quarter of the previous year. The company took delivery of 190 new trucks during the second quarter, which included International ProStar Plus and Freightliner Cascadia models. The tractor fleet upgrade will continue through the second half of 2013 with the scheduled purchase of an additional 800 units.
Furthermore, the average age of the company’s trailer fleet was 3.2 years in the second quarter, versus 3.5 years in last year’s second quarter, with 98 percent of trailers being 2007 models and newer.