Trucking company Heartland Express Inc.
Thursday’s fourth-quarter profit was higher than expected, but revenue fell short. This was due to an “extremely challenging environment” for drivers and hiring them. Net income rose to $20.3million or 26 cents per share from $17.7million or 22 cents per share in the year-ago period. The FactSet consensus was 26cs. Revenue fell 4.9% to $148.1million, below the FactSet consensus at $152.8 million. Operating expenses decreased 7.9% to $121.6million. Salaries, wages, and benefits cost fell 6.8% to $59.6million. The company stated that it has implemented “creative compens packages and driving opportunities” in order to better attract and keep drivers. The company anticipates that demand will remain strong in 2022. Additionally, increasing freight rates will cause increased costs throughout the year. Supply chain challenges and supply chain problems will also continue. The Dow Jones Transportation Average has gained 4.9% in the last three months while the stock was still inactive premarket trading.
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