Heartland Express

NASDAQ-listed companies, including truckers, face new rules on diversifying their boards

The NASDAQ stock exchange, home to numerous publicly traded trucking and logistics firms, is seeking government approval of a rule that would require more diversity on the corporate boards that govern companies traded on it.

The proposal made to the Securities and Exchange Commission (SEC) would require the companies trading on NASDAQ to have “at least two” directors described as diverse. One would need to be a female. The second would need to be part of what NASDAQ calls an “underrepresented...

https://www.freightwaves.com/news/nasdaq-listed-companies-including-truckers-face-new-rules-on-diversifying-their-boards

Heartland Express raises driver pay as much as 12%

Heartland Express truck on highway

Heartland Express (NASDAQ: HTLD) announced Wednesday “substantial enhancements” to driver pay, increasing pay rates for the fifth time in six years.

“As we reflected back on what has transpired over the course of 2020, and what our drivers have been through, this pay increase is a sign of appreciation for everything they have overcome. Their dedication to keep America moving and maintaining Heartland Express as an industry leader has been outstanding,” stated CEO Mike Gerdin.

The North Liberty,...

https://s29755.pcdn.co/news/heartland-express-raises-driver-pay-as-much-as-12

Heartland’s industry-leading OR weakens during third quarter

The operating ratio at Heartland Express, long known for being one of the best in the truckload business, weakened in the third quarter as several other financial indicators moved in directions that ultimately led to a flat financial performance. 

The adjusted operating ratio for Heartland was 81.5% in the third quarter. That’s wider from 79.4% in the third quarter of 2019. The adjusted OR was 83.2%, up from 81.9%.

Heartland does not hold a call with analysts to discuss its performance. It also...

https://s29755.pcdn.co/news/heartlands-industry-leading-or-weakens-during-third-quarter

Analyst ups estimates for truckload carriers in 2H 2020

Trucks on highway

Citing strong spot market fundamentals and low retail inventories, UBS (NYSE: UBS) freight transportation analyst Tom Wadewitz raised his forecasts for truckload (TL) carriers for the back half of the year.

“Truckload spot market data have shown a better-than-normal seasonal pattern with continuing strength in spot loads in July and August,” stated Wadewitz in a Friday note to clients. The analyst pointed to a low retail inventory-to-sales ratio as well as recent reports of declining inventories...

https://s29755.pcdn.co/news/analyst-ups-estimates-for-truckload-carriers-in-2h-2020

Schneider eyes deployment of growing cash balance

Schneider truck on highway

On its second-quarter earnings call with analysts, members of truckload (TL) carrier Schneider National’s (NYSE: SNDR) management team said they expect TL volumes to be higher year-over-year in the third quarter.

Prior to the market open on Thursday, the Green Bay, Wisconsin-based company reported second-quarter 2020 adjusted earnings per share (EPS) of 26 cents, 7 cents better than consensus but 8 cents lower year-over-year.

Currently, the carrier is seeing daily freight tenders exceed available...

https://s29755.pcdn.co/news/schneider-discusses-deployment-of-growing-cash-balance

Gerdin family to sell portion of Heartland Express stock

Heartland Express truck on road

Heartland Express (NASDAQ: HTLD) announced a secondary stock offering by the Gerdin family trust in a press release after the market close Tuesday.

The offering is for the public sale of 3,260,870 shares of the company’s common stock and up to a total of 3.75 million shares if the underwriter exercises its 15% option, approximately $80.7 million in total based on Tuesday’s closing price of $21.52. The Gerdin family will own at least 32.3 million shares, 39.7% or roughly $700 million, of the...

https://www.freightwaves.com/news/gerdin-family-to-sell-portion-of-heartland-express-stock

Truckload earnings have good start, Cass data still ‘lagging’

Truck on highway with intermodal train in the background

The Cass Freight Index recorded sequential improvement from May to June, but the year-over-year declines remain large.

The June shipments component of the index was up 3.5% from May with freight expenditures improving 6.4%. However, the year-over-year declines for shipments (-17.8%) and expenditures (-18.3%) keep the indexes below pre-pandemic levels.

Chart: Cass Shipments – Cass Information Systems, Inc and Stifel research

“We were thinking the June rebound would have been stronger, based on what...

https://s29755.pcdn.co/news/truckload-earnings-have-good-start-cass-data-still-lagging

Marten, Heartland stock prices get boost after strong quarters

Tightened capacity seen as a spur to both Heartland and Marten beating estimates, with optimism from analysts going forward

The earnings reports of truckload carriers Heartland Express and Marten Transport released on Thursday, July 16 continued to resonate with investors a day later, with the stock prices of both companies recording significant gains. 

At approximately 11:50 a.m. EDT, Marten had risen $2.47 per share to $29.43, a gain of 9.16%. It has traded Friday in excess of $30. 

While its...

https://s29755.pcdn.co/news/marten-heartland-stock-prices-get-boost-after-strong-quarters

The Daily Dash: Heartland’s good quarter and questions on why a driver with drug convictions was on the road

Heartland Express earnings

The Daily Dash is a quick look at what is happening today in the freight ecosystem. In today’s edition, Heartland Express came out of the box with its second-quarter earnings, posting better-than-expected results. Plus, the owner of a carrier whose driver is alleged to have killed four kids in a crash says he knew the driver had prior drug convictions, and Navistar’s chief engineer explains why autonomous trucks will be on the road in 2024.

It’s early, but this is a good sign

Heartland Express...

https://www.freightwaves.com/news/the-daily-dash-heartlands-good-quarter-and-questions-on-why-a-driver-with-drug-convictions-was-on-the-road

Heartland Express numbers for the second quarter beat projections

Heartland Express, the first pure -play truckload carrier to release second quarter earnings, turned in a performance that substantially beat key Wall Street expectations. 

The company topped both Street estimates for earnings per share and revenue, both by a significant amount. According to SeekingAlpha, the estimate of GAAP earnings per share was $0.14, and Heartland beat it on a non-adjusted GAAP basis and an adjusted non-GAAP basis by $0.10 per share in each case. 

Heartland’s second revenue...

https://www.freightwaves.com/news/heartland-express-numbers-for-the-second-quarter-beat-projections

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