|Over a week ago|
Heartland Express 3.261M share Spot Secondary priced at $20.50 » 00:3507/2207/22/20
Morgan Stanley acted as…
Morgan Stanley acted as sole book running manager for the offering.
Heartland Express announces offering of 3.26M shares of common stock for holders » 16:1707/2107/21/20
Heartland Express announced a public secondary offering of its common stock by a family trust for the benefit of Heartland's founding family, the Gerdin family. The selling stockholder is offering for sale to the public 3.26M shares of Heartland's common stock and up to an additional 489,130 shares of common stock if the underwriter exercises in full its 30-day option to purchase additional shares. The Gerdin family and related trusts and partnerships will continue to hold approximately 40% of our outstanding shares after this offering, including if the underwriter exercises in full its option to purchase additional shares. All net proceeds from the offering will go to the selling stockholder and all expenses of the offering will be paid by the selling stockholder. Morgan Stanley is the underwriter for the offering.
Heartland Express files automatic common stock offering 16:1407/2107/21/20
Heartland Express upgraded to Peer Perform from Underperform at Wolfe Research » 09:3207/1707/17/20
Wolfe Research analyst…
Wolfe Research analyst Scott Group upgraded Heartland Express to Peer Perform from Underperform, citing the company's earnings beat, the stock's valuation getting closer to peers and his constructive view on the TL cycle.
Heartland Express reports Q2 EPS 24c, consensus 13c » 09:1007/1607/16/20
Reports Q2 revenue…
Reports Q2 revenue $160.9M, consensus $150.57M. Heartland Express CEO Mike Gerdin, commented on the quarterly operating results and ongoing initiatives of the Company, "Our operating results for the three and six months ended June 30, 2020 showed strength in terms of profit and overall operating efficiency during these volatile and challenging times. We continue to be most proud of our drivers and our team of employees that support them and our loyal customers each day. From a financial perspective, we were able to capitalize on our fifth consecutive quarter of growth in revenue before fuel surcharges and strong cost controls to deliver an operating ratio of 84.5% and a non-GAAP adjusted operating ratio(1) of 83.0% despite lower gains on sale of revenue equipment, and ongoing progress needed to apply our cost structure to the Millis Transfer business. From a market perspective, the quarter started off with weak freight demand in April and then strengthened each month during the quarter. This trend has continued through the first two weeks of July. We continue to be very pleased with the Millis Transfer acquisition, as revenue retention has been favorable, and we still have significant additional operating efficiencies to pursue. As always, we remain primarily focused on generating and allocating cash from operations. Net cash flows from operations for the first six months of 2020 were $83.8 million, for a 25.6% operating cash flow margin. We applied this cash to invest $63.9 million in our fleet and terminal network, return $15.5 million to our stockholders through dividends and stock repurchases, and increase our cash balance by $5.8 million since the end of 2019. We have once again proven that Heartland Express can generate and preserve cash from operations and make disciplined operating decisions to navigate the ups and downs that are inherent in our industry. We believe Heartland Express is well positioned to navigate a volatile freight market, changing customer needs and relationships, and an uncertain economic landscape in the months ahead. We thank the truck drivers of America for keeping the flow of critical goods and the economy moving during these challenging times."
Heartland Express price target raised to $19 from $17 at Barclays » 06:5707/1507/15/20
Barclays analyst Brandon…
Barclays analyst Brandon Oglenski raised the firm's price target on Heartland Express to $19 from $17 and keeps an Underweight rating on the shares. Transport equity valuations have improved since the bottom in March, but fundamentals remain challenged, leading to likely lower 2021 estimate revisions, Oglenski tells investors in a research note. The analyst says that with a recovery "well underway" across the U.S. and globe, he understands investor appetite for cyclical exposure. However, high unemployment, limited-duration fiscal stimulus and structural challenges in verticals such as energy and non-residential construction are risks, says Oglenski. The analyst adds that absolute valuation levels for most large cap stocks in his coverage reflect "quite a bit of enthusiasm heading into 2021 despite clear fundamental headwinds."
|Over a quarter ago|
Heartland Express reports Q1 EPS 16c, consensus 13c » 09:2304/2104/21/20
Reports Q1 revenue…
Reports Q1 revenue $166.3M, consensus $163.94M. Heartland Express CEO Mike Gerdin, commented on the quarterly operating results and ongoing initiatives of the Company, "Our operating results for the three months ended March 31, 2020 showed strength in terms of profit and overall operating efficiency during these challenging times we face currently as a company and a country. We are most proud of our drivers and our team of employees that support them through these uncertain times. Because of our drivers and our collective support team, the financial results delivered consist of sequential revenue growth during the last four consecutive quarters, excluding the impacts of fuel, and an operating ratio average of 85.4% over that same period. The strong profitability in the current quarter was delivered without the benefit of the positive effects of gains on sale of revenue equipment that were present in our financial results in prior quarters. We reported $64.2 million of cash on hand after the significant payments to complete the acquisition of Millis Transfer and to pay off all of the acquired debt during the last four months of 2019. In addition, we continued to refresh our fleet of revenue equipment ($18.1 million) and capital projects across our network of terminal locations ($21.6 million) during the first quarter of 2020 to ensure our drivers have comforts and amenities available to them when they are away from home. Our ability to generate and preserve cash from operations and disciplined operating decisions has served us well over the past 40+ years as a company. We remain committed to that strategy. We believe Heartland Express is well positioned to navigate a volatile freight market, changing customer needs and relationships, and an uncertain economic landscape in the months ahead. We thank the truck drivers of America for keeping the flow of critical goods moving during this challenging time."
Baird increasing asset based models, upgrades quality truckers » 08:4603/1703/17/20
As reported previously,…
As reported previously, Baird analyst Benjamin Hartford upgraded Werner (WERN) and Heartland Express (HTLD) to Outperform from Neutral. The analyst recommends increasing exposure to quality, asset based truckload models with logistics offerings. He said recent checks show a pick-up in spot truckload activity in recent weeks given growing supply chain disruptions due to virus pandemic.
Heartland Express upgraded to Outperform from Neutral at Baird » 06:4403/1703/17/20
Baird analyst Benjamin…
Baird analyst Benjamin Harford upgraded Heartland Express to Outperform from Neutral with a $22 price target.
Heartland Express reports Q4 EPS 16c, consensus 23c » 09:0301/2301/23/20
Reports Q2 revenue…
Reports Q2 revenue $167.2M, consensus $168.77M. Heartland Express Chief Executive Officer Michael Gerdin, commented on the operating results and ongoing initiatives of the Company, "As we embark on a new decade, we look back at operating through the past forty plus years as an organization. These years have been filled with the volatile ups and downs in our industry. The past two years are a great example and reminder of these dynamic conditions. The year of 2018 provided strong demand for freight and elevated freight rates that allowed our industry to increase driver wages and many companies to thrive. In contrast, 2019 provided freight demand which was significantly weaker than the prior year where pricing pressures were the norm and many of our peers were forced to lower freight rates, make short-term reactionary decisions, and some even closed their doors for good. We do not operate based on the short-term mindset. Our operating model is built on the long-term foundations that have stayed true for us in good operating environments and bad, and have allowed us to deliver efficient and consistent operating results. I would like to reflect on the past four decades where we have remained committed to a long-term strategy and disciplined financial approach that have returned value to our stockholders, provided stability and well-deserved wages for our drivers and employees, and allowed us to deliver premium on-time service to our loyal customers over the long haul.