Heartland Express Inc. results reflect good and bad economic news
Increased shipping activity, higher fuel costs and – despite the high unemployment rate – difficulty finding drivers all played a major part in the quarterly report that Heartland Express Inc. filed with the Securities and Exchange Commission on Nov. 8.
“During 2010 industry capacity tightened and demand for freight services has increased in 2011 although current freight volumes are still below volumes experienced prior to the recent recession,” the North Liberty-based trucking company said in its report covering the three-month and nine-month periods that ended Sept. 30.
“The company has experienced increasing difficulties attracting and retaining qualified drivers,” according to the filing. “The company continues to be challenged by a shrinking pool of qualified drivers. Competition for drivers, which is always intense, has escalated during 2011 due to general improvements in the demand for freight services.
“The company continues to be challenged by increased fuel prices. U.S. average price of diesel fuel increased 31.3 percent from approximately $2.94 per gallon to approximately $3.86 per gallon for the quarter ended Sept. 30, 2011,” compared with the year-earlier quarter.