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July 19 , 2021 For Immediate Release Press Release Heartland Express , Inc. Reports Revenues , Earnings and Record High Stockholders ' Equity for the Second Quarter of 2021 NORTH LIBERTY , IOWA - July 19 , 2021 - Heartland Express , Inc. ( Nasdaq : HTLD ) announced today financial results for the three and six months ended June 30 , 2021 . • • • • • • Three months ended June 30 , 2021 : Net Income of $ 20.7 million , and Basic Earnings per Share of $ 0.26 , Operating Revenue of $ 154.1 million , Operating Income of $ 27.4 million , Operating Ratio of 82.3 % and 79.7 % Non - GAAP Adjusted Operating Ratio ( 1 ) Cash Balance of $ 167.2 million and Total Assets of $ 957.0 million , Stockholders ' Equity of $ 741.8 million ( a record high ) , Debt - Free Balance Sheet . Six months ended June 30 , 2021 : Net Income of $ 34.5 million , and Basic Earnings per Share of $ 0.43 , Operating Revenue of $ 306.5 million , • Operating Income of $ 45.6 million , • Operating Ratio of 85.1 % and 83.1 % Non - GAAP Adjusted Operating Ratio ( ¹ ) 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 and six months ended June 30 , 2021 showed strength in terms of profit , overall operating efficiency , and our continued ability to build cash to $ 167.2 million at the end of the quarter without any debt on our balance sheet . Freight demand continued to be strong throughout the second quarter of 2021 and is expected to continue to be strong for the remainder of 2021. We also believe that hiring and retaining safe and professional drivers will be the number one challenge in order to fully capitalize on the expected freight demand . We have increased wages and enhanced the compensation features for our drivers multiple times in the last nine months . Further , we have continued to get more creative in providing better pay , benefits , equipment , and facilities for our drivers . While this same employment challenge is facing many businesses in America today , we believe it is more pronounced within our industry . Given that , we intend to continue to invest in our drivers and in creative strategies to address this significant challenge in the months ahead . " Mr. Gerdin continued , “ From a financial perspective , we were able to improve our operating income and control costs to deliver an operating ratio of 82.3 % and a non - GAAP adjusted operating ratio ( 1 ) of 79.7 % , an improvement to the same quarter of 2020 where we delivered an operating ratio of 84.5 % and a non- GAAP adjusted operating ratio ( 1 ) of 83.0 % . The operating ratio delivered was also better sequentially to the first quarter of 2021 and our best consolidated operating ratio delivered since the 3rd quarter of 2019 ( Millis Transfer was acquired on August 26 , 2019 ) . Specifically , the Heartland Express fleet operated in the upper 70's ( mid - 70's non - GAAP adjusted operating ratio ( ¹ ) ) , during the second quarter of 2021 , while the Millis Transfer fleet has shown continued improvement over the 22 months since the acquisition . Millis delivered an operating ratio in the low 90's ( for both operating ratio and non - GAAP adjusted operating ratio ( ¹ ) ) and will require additional improvements to achieve the three - year operating ratio target of 85 % or lower by the end of the third quarter of 2022 , which we believe is attainable . Our operating income for the second quarter was $ 27.4 million , a 9.5 % increase , compared to $ 25.0 million in the second quarter of 2020 and our strongest quarter of operating income since the second quarter of 2019. We continue to be extremely proud of our employees and what we have accomplished . We believe we are well positioned for the future . "