J.B. Hunt Transport Services Inc. (JBHT) Thursday reported an increase in first-quarter earnings as the trucking company saw better load volumes and rates across its main businesses. Both earnings and revenue for the quarter came in ahead of Street estimates.
The surface transportation and delivery service provider said its revenue for the quarter grew 17 percent from last year. Excluding fuel surcharges, revenue was up 13 percent.
CEO John Roberts said changes in packaging, fuel costs, inventory levels, among others, impacted how customers manage logistics. J.B. Hunt continues to adhere to its strategy of adopting solutions aiding its clients, Roberts added.
During the quarter, revenue at the mainstay Intermodal segment grew 20 percent from last year, led by volume growth, fuel surcharge recovery and rate increases. Revenue per load improved to $2,141 from $2,065 last year, and load growth was up 16 percent.
Dedicated Contract Services revenue was up 7 percent from last year. Revenue per truck per week was higher at $4,069, compared to $4,004 last year.
Truck revenue rose 8 percent compared to last year as revenue per tractor per week grew to $3,822 from $3,672. Partly offsetting factors include weaker spot pricing and fewer paid empty miles.
Integrated Capacity Solutions revenue surged 30 percent from last year, aided by 14 percent growth in load volume, higher fuel costs and better pricing in transactional business. Revenue per load improved to $1,424 from $1,250.
Lowell, Arkansas-based J.B. Hunt reported first-quarter net income of $67.7 million or $0.57 per share, compared to $50 million or $0.40 per share last year.
On average, 26 analysts polled by Thomson Reuters expected earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $1.17 billion, compared to $1 billion in the prior year. Eighteen analysts had a consensus revenue estimate of $1.15 billion for the quarter.
JBHT closed Thursday at $55.93, up $1.43 or 2.62%, on a volume of 1.43 million shares on the Nasdaq. In after hours, the stock dropped $0.12 or 0.21%. In the past year, the stock has ranged between $34.42 and $56.09.
by RTT Staff Writer
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