Trucking company J.B. Hunt Transport Services Inc. (JBHT: Quote) said Monday its second quarter profit increased from last year, mainly on growth in load volumes at Intermodal, as well as Integrated Capacity Solutions segments. The company's quarterly earnings matched Street estimates, while revenues missed their view.
The surface transportation and delivery service provider said its revenue for the quarter grew 9 percent from last year.
Intermodal segment revenues were up 13 percent year-over-year, led by a 13 percent volume growth, amid an environment of moderating fuel prices and less volatile freight demand. Revenue per load was slightly up at $2,148, compared to $2,145 in the prior year.
Integrated Capacity Solutions revenues jumped 23 percent from last year, helped by a 16 percent growth in load volume. The company noted that while transactional volumes remained relatively flat, contractual volume growth accelerated as new bid awards were implemented. Revenue per load improved to $1,477 from $1,394.
Dedicated Contract Services revenues edged up 1 percent from last year, while revenue per truck per week slid to $4,222 from $4,306. Truck revenues meanwhile fell 3 percent from last year as revenue per tractor per week declined to $3,994 from $4,022.
Lowell, Arkansas-based J.B. Hunt reported second quarter net income of $80.5 million or $0.67 per share, down from $65.7 million or $0.53 per share last year.
On average, 28 analysts polled by Thomson Reuters expected earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $1.26 billion, compared to $1.15 billion in the prior year. Twenty-one analysts had a consensus revenue estimate of $1.30 billion.
The company, which did not purchase any shares of its common stock during the quarter, said that as at June 30, 2012, it had about $503 million remaining under two separate share repurchase authorizations
JBHT closed Monday at $58.33, down 1.29%, on a volume of over 1.0 million shares on the Nasdaq. In after hours, the stock gained 0.09%. In the past year, the stock has traded in a range of $34.42 $61.18.
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by RTT Staff Writer
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