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Heartland Express, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in operating revenue to $259.9 million from $295.0 million in the same quarter the previous year, attributed to a weak freight environment and reduced fuel surcharge revenue.
Salaries, wages, and benefits decreased to $107.4 million due to lower driver payroll and reduced office staff, while rent and purchased transportation expenses decreased to $18.3 million.
Fuel expenses decreased to $43.8 million, reflecting lower diesel prices and reduced miles driven. Operations and maintenance expenses increased due to higher equipment maintenance costs.
Insurance and claims expenses increased to $11.3 million due to unfavorable claim severity and frequency.
Depreciation and amortization expenses decreased to $45.0 million, reflecting ongoing fleet replacement strategies.
The company reported a net loss of $9.3 million for the quarter, compared to a net loss of $10.7 million in the previous year.
Heartland Express continues to focus on strategic changes aimed at improving operational efficiency and profitability.
The company has $188.0 million outstanding on its Term Facility and nothing outstanding under its Revolving Facility as of September 30, 2024.
Heartland Express plans to continue paying down debt while maintaining regular quarterly dividends and funding capital expenditure needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Heartland Express Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.