Heartland Express returned to profitability in the second quarter, reporting net income of $10.6 million, or 14 cents per share, compared to a net loss of 14 cents per share a year ago. The turnaround was entirely driven by a $22 million year-over-year increase in gains from equipment sales, which provided a 22-cent-per-share tailwind at a normalized tax rate. Excluding those gains, the adjusted operating ratio was closer to 103%, indicating an underlying operating loss. Revenue fell 13% year-over-year to $184 million, or 18% excluding fuel surcharges. The company reduced net debt by $33 million in the first half to $73 million and ended the quarter with $89 million available on an untapped revolving credit facility.
Heartland Express IncUnderlying operations still loss-making; profit solely from equipment sale gains.