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April 21 , 2021 For Immediate Release Press Release Heartland Express , Inc. Reports Revenues and Earnings for the First Quarter of 2021 NORTH LIBERTY , IOWA - April 21 , 2021 - Heartland Express , Inc. ( Nasdaq : HTLD ) announced today financial results for the three months ended March 31 , 2021 . • • . • • • Three months ended March 31 , 2021 : Net Income of $ 13.7 million , and Basic Earnings per Share of $ 0.17 , Operating Revenue of $ 152.4 million , Operating Income of $ 18.3 million , Operating Ratio of 88.0 % and 86.5 % Non - GAAP Adjusted Operating Ratio ( 1 ) Cash Balance of $ 148.2 million and Total Assets of $ 949.4 million , Stockholders ' Equity of $ 722.4 million , Debt - Free Balance Sheet . Heartland Express Chief Executive Officer Mike Gerdin , commented on the quarterly operating results and ongoing initiatives of the Company , " Our operating results for the three months ended March 31 , 2021 showed strength in terms of profit , overall operating efficiency , and our continued ability to build cash on our balance sheet . During the first quarter of 2021 , we generated an additional $ 34 million of cash on hand . The first two months of the quarter delivered strong freight demand but were restricted by significant weather shutdowns in the month of February . Extreme winter weather events affected the Company's revenues during the month of February while at the same time we continued to pay our drivers during extended weather shut downs to protect their pay while we had them shut down for safety . However , the month of March delivered a strong finish to the end of the first quarter , with significantly better revenue and operating results as compared to the first two months of 2021. " Mr. Gerdin continued , “ From a financial perspective , we were able to improve our operating income and control costs to deliver an operating ratio of 88.0 % and a non - GAAP adjusted operating ratio ( ¹ ) of 86.5 % , an improvement to the same quarter of 2020 where we delivered an operating ratio of 89.6 % and a non- GAAP adjusted operating ratio ( 1 ) of 88.2 % . Our operating income for the first quarter was $ 18.3 million , a 5.5 % increase , compared to $ 17.3 million in the first quarter of 2020. We also continue to navigate the challenge to recruit , hire , and retain qualified and safe operating drivers . Even though we recently increased driver pay by approximately 6 % in October 2020 , we intend to implement additional driver pay enhancements during the second quarter of 2021. We continue to be extremely proud of our drivers and have continued to challenge ourselves to develop strategies to better compensate our drivers for the critical work that they perform . We are proud of what we have accomplished and we believe we are well positioned for the days ahead . " Financial Results Heartland Express ended the first quarter of 2021 with operating revenues of $ 152.4 million , compared to $ 166.3 million in the first quarter of 2020. Operating revenues for the quarter included fuel surcharge revenues of $ 16.8 million , compared to $ 19.5 million in the same period of 2020 , a $ 2.7 million decrease . Operating income for the three - month period ended March 31 , 2021 was $ 18.3 million , an increase of $ 1.0 million as compared to the same period of the prior year . Net income was $ 13.7 million , compared to $ 13.2 million in the first quarter of 2020 , an increase of 3.7 % . Basic earnings per share were $ 0.17 during the quarter as compared to $ 0.16 during the same period of 2020. The Company posted an operating ratio of 88.0 % , non - GAAP adjusted operating ratio ( ¹ ) of 86.5 % , and a 9.0 % net margin ( net