Heartland Express Inc (HTLD)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	1,207,458	1,287,007	1,265,957	1,147,609	967,968	761,214	639,850	606,157	607,284	614,931	624,601	631,373	645,289	656,727	642,353	623,597	596,815	576,591	579,962	593,644
Property, plant and equipment	US$ in thousands	885,351	926,132	927,124	938,406	973,258	968,044	510,807	471,979	487,915	491,058	500,381	512,833	539,280	569,544	543,492	545,716	526,287	533,657	410,801	410,255
Fixed asset turnover		1.36	1.39	1.37	1.22	0.99	0.79	1.25	1.28	1.24	1.25	1.25	1.23	1.20	1.15	1.18	1.14	1.13	1.08	1.41	1.45

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $1,207,458K ÷ $885,351K
= 1.36

Heartland Express, Inc.'s fixed asset turnover has shown a fluctuating trend over the past eight quarters. The company's fixed asset turnover ratio ranged from 0.79 to 1.39 during this period.

In Q4 2023, the fixed asset turnover was 1.36, indicating that the company generated $1.36 in revenue for every dollar invested in fixed assets. This ratio decreased slightly from the previous quarter but remained relatively stable compared to the fluctuations seen in earlier periods.

The highest fixed asset turnover of 1.39 was recorded in Q3 2023, suggesting that the company was efficient in utilizing its fixed assets to generate revenue during that quarter. On the other hand, the lowest ratio of 0.79 in Q3 2022 indicates that the company struggled to generate revenue in relation to its investment in fixed assets during that period.

Overall, Heartland Express, Inc.'s fixed asset turnover has shown some variability over the quarters, with some periods indicating better efficiency in utilizing fixed assets for revenue generation compared to others. It is important for the company to continue monitoring and improving its fixed asset turnover to ensure effective utilization of its fixed assets.