Heartland Express profits decline
Coralville-based Heartland Express Inc. announced its fourth-quarter profit fell 9 percent, as demand for trucking services in the period weakened, the Associated Press reported.
Earnings for the three months ended Dec. 31, declined to $19.6 million, or 20 cents per share, from $21.6 million, or 22 cents per share, during the same period in 2005.
The company said a decline in equipment trade-ins during the period trimmed earnings by 3 cents per share. Operating revenues grew 5 percent to $146.8 million from $140.1 million during the same quarter a year earlier. Analysts had expected revenue of $147 million.
Most trucking companies have reported lackluster results in the fourth quarter due to tighter inventory management by retailers during the holidays and continued sluggishness in the automotive and housing industries.