The winner clearly is Heartland Express Inc. (NASDAQ: HTLD) which returned positive numbers across its business units. Operating revenue was up 6.2% to $143.3 million from 1Q 2006. Net income was up 14.3% to $22.6 million. Diluted EPS was up 15% to $0.23. Cash flow improved by $33.8 million. The company remains debt free with $700 million in assets. Despite the very difficult business environment, Heartland Express purchases 35 new tractors and 100 new trailers during 1Q 2007. In keeping with its 15 consecutive quarters of paying a dividend, Heartland paid out a dividend of $0.2 per share. Heartland just seems to be better at logistics and operations than its competitors, most of whom lost money in one of more business business units. Heartland Express stock closed recently at $16.53, down $0.37.

Werner Enterprises (NASDAQ: WERN) also reported revenue increases, albeit smaller, just 2% to $492 million. Although Werner is not a primary shipper in the construction and/or auto sectors, it faced considerable pressure from those trucking companies that are, as they faced weakening demand and looked elsewhere for business. EPS declined by 24% to $0.21, which more than offset the good news of the slight revenue increase. Werner is somewhat protected from the weakening demand due to its ability to contract out its trucks and drivers on short-term contracts to help customers meet surge and flex demands. Werner has also branched out into value added logistics services, as well as international shipping. Revenue in this unit was up 24%. Revenue in Werner's brokerage unit was up 32% to $800,000 and the company hopes to grow this unit substantially. Werner is a major creditor of now bankrupt APX Logistics, which owes Werner over $7 million. Werner carries $80 million in debt, but nonetheless purchases 1.5 million shares of its stock at an average price of $19.68. Werner stock closed recently at $19.11, down $0.15.

Con-way Inc. (NYSE: CNW) was a triple downer. Operating income for 1Q 2007 was down 28.5% to $55.7 million. Revenue was down 4% to $1 billion. Net income was down by $13 million to $32 million. Diluted EPS was down over 20% to $0.60. In both truckload division and less-than-truckload division, revenues, operating income and tonnage hauled were down. Operating income decreased by 19.4%. Revenue was down 2% to $682 million. Tonnage decreased by over 2%. There is a bit of a bright spot. Con-way's logistics unit, Menlo Logistics reported an operating income increase of 5.7% to $6.5 million, and net revenue increased by 10% to $104 million, despite the fact that revenue decreased by 8.4%. Optimistically, Con-way is sticking with its previous FY 2007 guidance of diluted EPS in the range of $3.60-$3.90. Con-way bought back over 900,000 of its own shares at a cost of $45 million. The stock closed recently at $54.38, down $0.68. There are certainly less expensive money-losing trucking stocks in which to invest.

Arkansas Best Corporation (NASDAQ: ABFS) reported slight declines in 1Q 2007 revenue, to $422.6 million. But reported a 6% decline in tonnage hauled, 21.6% drop in net income, to $4.8 million, with a corresponding drop in diluted EPS from $0.24 to $0.19. ABFS paid at over $1 million, $0.03 per share, in executive pension benefits. Nice to know that even when money is tight, the rich guys still get paid first. To try to help itself, ABFS has rolled out a Regional Performance Model that tried to provide second-day services to the eastern 2/3 of the US. The company wants to compete over shorter distances by improving its delivery time consistency and pricing. This new business model just recently became fully operational, so revenues from it have yet to match let alone exceed expenses. If successful, it may give ABFS an edge over its shorter-haul competitors. The stock closed recently at $39.60, down $0.51.

J.B.Hunt Transport Services, Inc. (NASDAQ: JBHT) reported a 2% increase in overall revenue to $797 million. Operating income declined 1% to $80 million. The company took on $7 million more in debt, perhaps not the wisest move in a constricting market. 1Q 2007 EPS remained flat at $0.30. But JB Hunt is a fairly segmented trucking business, and some business units recorded gains. Intermodal services had a very positive quarter with revenue up 9% to $354 million, and operating income up 30% to $46.6 million with a major emphasis on shorter-haul customers along the east coast. The Dedicated Contract Services unit also showed some positive action as revenue was up 6% but operating income was down 4%. Whatever small gains were posted were wiped up by declines in the Trucking sector where revenue was down 11% to $214 million due to weakened demand, and operating income plummeted 47% to $11.4 million. The stock closed down $0.60 at $28.37.

Old Dominion Freight Line (NASDAQ: ODFL) reported 9.7% increase in revenue to $320 million, but less than 1% increase in operating income at $13.6 million . EPS was $0.36 compared with $0.35 in 1Q 2006. Old Dominion recently completed the acquisition of Priority Freight Lines, Inc in order to expand its geographic reach, the opposite of the two trucking companies with more positive results. Old Dominion maintains FY 2007 guidance of $2.00-$2.05 per share. The stock closed down $0.88 at $30.56.