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Heartland Express, Inc. reports recurring developments for a nationwide asset-based truckload carrier focused on dry van transportation services. Company news centers on quarterly operating revenue, net income or loss, operating ratio, cash flow, fleet utilization, lane selection, debt and finance lease reductions, equipment activity, and operating cost controls across its transportation operations.
Recurring updates also cover regular cash dividends, common stock repurchases, driver retention, freight demand and pricing commentary, and integration work across operating brands including Heartland Express, Millis Transfer, Smith Transport, and CFI. The company has reported the completed consolidation of CFI's domestic operations into Heartland Express and related operating-system and rebranding initiatives.
Heartland Express announced a public secondary offering of 3,260,870 shares of its common stock by a family trust for the benefit of the founding Gerdin family. An additional 489,130 shares may be offered if the underwriter fully exercises its option. After the offering, the Gerdin family and related entities will retain approximately 40% of outstanding shares. Proceeds from the sale will go to the selling stockholder, while Morgan Stanley serves as the underwriter. The offering is made under an effective shelf registration with the SEC.
The Board of Directors of Heartland Express announced a quarterly cash dividend of $0.02 per share, payable on July 1, 2020, to shareholders on record by June 19, 2020. This payment is estimated to total approximately $1.6 million, reflecting the company's commitment to returning value to its shareholders. This marks the sixty-eighth consecutive quarterly cash dividend, contributing to a total of $487.1 million distributed since the dividend program began in 2003.
Heartland Express (HTLD) announced that its management will participate in two virtual conferences: the 2020 KeyBanc Industrials & Basic Materials Conference on May 29, 2020, and the 2020 UBS Global Industrials and Transportation Virtual Conference on June 2, 2020. As an irregular route truckload carrier based in North Liberty, Iowa, Heartland Express specializes in regional freight, providing industry-leading on-time service. For more details, visit www.heartlandexpress.com.
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