Heartland Express Inc. net income rose 11% to $15.8 million, or 18 cents per share, from $14.3 million, or 17 cents per share, as fourth-quarter results reflected the acquisition of Gordon Trucking Inc. late last year.
Heartland, based in North Liberty, Iowa, increased revenue by 35% to $183.3 million.
The company said that expenses related to the $300 million acquisition of Pacific, Wash.-based Gordon that was announced in November reduced earnings per share by 2 cents. Heartland also reported gains on asset sales of $3.3 million and $2.3 million less in depreciation expense.
"Going forward, we will be updating GTI's trailer fleet and fully operating the operations of both companies under a single platform," CEO Michael Gerdin said in a Feb. 4 statement. "We remain focused on the cost synergies initially targeted and will continue to work towards this goal over the next three to four years."
