J.B. Hunt Transport Services Inc. (JBHT), Thursday reported an increase in first-quarter profit, as improved load volumes at Intermodal and other segments lifted revenues by eleven percent. However, quarterly earnings came in short of Wall Street estimates by three cents, while revenues were in line.
Following the news, J.B. Hunt shares lost about 3.7 percent in after-hours trade on the Nasdaq.
J.B. Hunt's revenue growth stemmed mainly from strong gains at its key Intermodal segment, where revenues climbed 15 percent on a 13 percent load growth. Improved service levels and tighter capacity in the truck market contributed to growth at Eastern and transcontinental networks, the company said.
Dedicated Contract Services segment revenue was up 9 percent, mainly from new long-term contracts currently being implemented. Revenues at Integrated Capacity Solutions segment spiked 26 percent, on a 47 percent jump in load volume.
Truck segment meanwhile continued to decline, with revenue falling 21 percent due to a reduced fleet size and lower utilization per truck.
J.B. Hunt reported quarterly operating revenues of $1.29 billion, compared to $1.17 billion a year ago. On average, 22 analysts polled by Thomson Reuters estimated revenues of $1.29 billion for the quarter.
Operating income for the quarter totaled $125 million, up from $117 million a year ago, as Intermodal and ICS segments benefited from higher load volume, improved freight mix and overhead cost controls. This was partly offset by increased equipment costs in the asset-based business units, increased claims costs, and contract implementation costs.
The Lowell, Arkansas-based company reported first quarter net income of $73 million or $0.61 per share, compared to $67.7 million or $0.57 per share in the prior year.
Analysts had a consensus earnings estimate of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.
J.B. Hunt closed Thursday at $74.14, down 0.98%, on a volume of 1 million shares. In after hours, trade, the stock dropped $2.70 or 3.64%. In the past year, the stock trended in a range of $50.56 - $75.73.
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