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JBHT · J.B. Hunt Transport Services

34 filings

10-K

JBHT 10-K Annual Reports

J.B. Hunt Transport Services - 34 annual reports

Filing record · 2016–202610-K1110-Q348-K102

2025
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2025
J.B. Hunt Transport Services, Inc. (JBHT) reported 2025 total operating revenues of $11.99 billion, down 0.7% from $12.09 billion in 2024, as lower revenue per load in JBI and JBT, lower ICS volume, fewer DCS trucks and reduced FMS stop counts offset higher JBI and JBT volumes and higher ICS revenue per load. Operating income rose to $865 million from $831 million, and the operating ratio improved to 92.8% from 93.1%. Net earnings were $598.3 million, or $6.12 diluted earnings per share, compared with $570.9 million, or $5.56 per share, in 2024. Operating cash flow increased to $1.68 billion from $1.48 billion. The company's capital return and balance sheet activity were significant in 2025. J.B. Hunt repurchased $923.3 million of common stock, and shares outstanding fell to 94.6 million at year-end from 100.6 million a year earlier. Total debt on the balance sheet rose to $1.47 billion in senior notes and senior credit facility borrowings, after the company issued $750 million of 4.90% senior notes due 2030 and the $700 million of 3.875% notes due March 2026 are classified as current. Management stated its intent to repay the 2026 notes from cash, its revolving line of credit or other long-term financing. The quarterly dividend was increased to $0.45 per share from $0.44 in January 2026. Segment results were mixed. JBI operating income increased to $450 million and DCS to $377 million, while ICS improved to an operating loss of $10 million from $56 million and FMS fell to $27 million from $60 million. JBT was flat at $21 million. Management reported that internal controls were effective as of December 31, 2025, with PricewaterhouseCoopers LLP issuing an unqualified opinion on both the financial statements and internal control over financial reporting.
Feb 24, 2026
2024
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2024
J.B. Hunt Transport Services, Inc. (JBHT) reported total operating revenues of $12.09 billion for 2024, down 5.8% from $12.83 billion in 2023, as lower volume in DCS, ICS and JBT and lower revenue per load in JBI and JBT drove the decline. Fuel surcharge revenues fell 17.4% to $1.53 billion. Operating income declined to $831 million from $993 million, and the operating ratio rose to 93.1% from 92.3%. Net earnings fell to $570.9 million from $728.3 million, and diluted earnings per share were $5.56 versus $6.97 in 2023. Management attributed the decline to lower volumes and rates across segments, higher insurance premiums, and integration costs related to the BNSF Logistics acquisition. Cash flow from operations was $1.48 billion, down from $1.74 billion. Capital spending was lower, with additions to property and equipment of $865 million versus $1.86 billion in 2023. The company repurchased $513.9 million of common stock and paid $175.5 million in dividends. Net cash used in financing activities was $826 million. At year-end, the company had $280.0 million outstanding on its revolving credit line, $500.0 million of term loans, and $700 million of 3.875% senior notes due March 2026, with $882.1 million remaining under its repurchase authorization. The board raised the quarterly dividend from $0.43 to $0.44 per share in January 2025. The filing reports that management concluded internal control over financial reporting was effective as of December 31, 2024, and PricewaterhouseCoopers LLP issued an unqualified opinion on both the financial statements and internal control. The filing also discloses revisions to the December 31, 2023 balance sheet to correct the classification of claims accruals and insurance receivables, and an error in the deferred tax asset calculation for insurance accruals, which management determined were not material.
Feb 21, 2025
2023
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2023
J.B. Hunt Transport Services, Inc. reported fiscal 2023 total operating revenues of $12.83 billion, down 13.4% from $14.81 billion in 2022, as lower volume and revenue per load in ICS and JBI, lower revenue per load in JBT, and lower FMS revenue and stop counts drove the decline. Fuel surcharge revenues fell 23.9% to $1.85 billion. Operating income fell to $993.2 million from $1.33 billion, and the operating ratio rose to 92.3% from 91.0%. Net earnings were $728.3 million, or $6.97 per diluted share, compared with $969.4 million, or $9.21 per diluted share, in 2022. The effective income tax rate was 22.1%, and the filing notes that a discrete benefit from a favorable uncertain tax position settlement helped reduce tax expense. Segment results were mixed. JBI revenue fell 12% to $6.21 billion and operating income fell to $569 million from $800 million. DCS revenue rose 1% to $3.54 billion and operating income rose to $405 million from $361 million. ICS revenue fell 40% to $1.39 billion and swung to an operating loss of $44 million, though the filing ties part of the decline to lower rates and volumes and integration costs for the BNSF Logistics brokerage acquisition completed September 30, 2023. FMS and JBT revenue declined 12% and 16%, respectively. Operating cash flow was $1.74 billion, capital expenditures for equipment were $1.86 billion, and the company ended the year with $1.46 billion of total debt, net of discount and issuance costs ($1.58 billion carrying amount of senior credit facility and senior notes, per the fair value note). The company repurchased $159.6 million of stock and paid $173.9 million in dividends. The quarterly dividend was raised to $0.43 per share from $0.42, effective with the February 2024 payment. Management's internal control assessment concluded that internal control over financial reporting was effective as of December 31, 2023, and PricewaterhouseCoopers LLP issued an unqualified opinion on both the financial statements and internal control. The critical audit matter identified was the personal injury and property damage claims accrual, which stood at $523 million at year end.
Feb 23, 2024
2022
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2022
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) reported strong 2022 results in its Form 10-K for the fiscal year ended December 31, 2022. Total operating revenues rose 21.7% to $14.81 billion from $12.17 billion in 2021, driven by higher revenue per load and volumes in JBI and JBT, increased DCS productivity, and FMS growth aided by the Zenith Freight Lines acquisition. Fuel surcharge revenues increased 94.2% to $2.43 billion. Operating income rose 27.4% to $1.33 billion, and the operating ratio improved to 91.0% from 91.4%. Net earnings increased 27.4% to $969.4 million, or $9.21 per diluted share, compared with $7.14 per diluted share in 2021. By segment, Intermodal (JBI) generated $7.02 billion in revenue and $800 million in operating income, and Dedicated Contract Services (DCS) produced $3.38 billion in revenue and $345 million in operating income. Insurance and claims expense rose 92.7% to $318.1 million, including $94.0 million of additional casualty claim reserves recorded in 2022, a key pressure point for investors. Cash flow from operations reached $1.78 billion, while capital expenditures on equipment were $1.54 billion and the company committed approximately $2.37 billion for equipment purchases in 2023 and 2024. The company returned capital to shareholders through $300.0 million of share repurchases and $166.7 million of dividends in 2022. On January 19, 2023, it announced a quarterly dividend increase from $0.40 to $0.42 per share. At December 31, 2022, the company had $551.1 million remaining under its repurchase authorizations and reported $1.26 billion of long-term debt.
Feb 24, 2023
2021
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2021
J.B. Hunt Transport Services, Inc. reported a strong 2021 in its Form 10-K. Total operating revenues rose 26.3% to $12.17 billion from $9.64 billion in 2020, and net earnings increased 50.3% to $760.8 million. Diluted earnings per share were $7.14, compared with $4.74 in 2020. The operating ratio improved to 91.4% from 92.6%, and operating income reached $1.05 billion. Growth was driven by ICS and JBT revenue, higher JBI revenue per load, and DCS fleet productivity. Operating expenses rose on higher rents and purchased transportation (up 30.2%) and driver-related salaries and wages (up 17.6%), reflecting a tight driver supply. Cash generation was solid, with net cash provided by operating activities of $1.22 billion versus $1.12 billion in 2020. Capital spending was $947.6 million in additions to property and equipment, and the company had cash of $355.5 million and no balance on its $750 million revolving credit line at year end. Current debt of $356.0 million reflects 3.30% senior notes due August 2022, which management intends to repay from existing cash, the revolver, or other long-term financing. The company has committed approximately $1.88 billion in net equipment purchases for 2022 and 2023. Shareholder returns were also significant: the company repurchased $151.7 million of stock and paid $124.4 million in dividends. On January 20, 2022, the quarterly dividend was raised from $0.30 to $0.40 per share. Key risks cited include economic cycles, the continuing COVID-19 pandemic, dependence on railroads (primarily BNSF and Norfolk Southern), driver availability, fuel price volatility, insurance and claims costs, and potential reclassification of independent contractors as employees. The company also agreed on January 31, 2022 to acquire Zenith Freight Lines for $87 million, expected to close February 28, 2022, and it will be part of the FMS segment.
Feb 25, 2022
2020
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2020
J.B. Hunt Transport Services, Inc. reported total operating revenues of $9.64 billion for 2020, up from $9.17 billion in 2019, driven mainly by higher ICS revenue per load, the December 2019 acquisition and new contractual business in FMS, and increased JBT and DCS load volumes. Operating income was $713 million versus $734 million in 2019, and net earnings were $506 million, or $4.74 per diluted share, compared with $516 million and $4.77 in 2019. The operating ratio rose to 92.6% from 92.0%, reflecting higher rents and purchased transportation costs, higher salaries and wages (including a $12.3 million one-time COVID-19 related bonus), and lower operating results in ICS and FMS, partially offset by lower fuel expense. Cash flow remained solid, with net cash provided by operating activities of $1.12 billion in 2020 versus $1.10 billion in 2019. Net cash used in investing activities was $613 million, and the company ended the year with $313 million in cash and no balance outstanding on its $750 million revolving line of credit. Management stated it is committed to approximately $1.12 billion in net equipment and facility purchases during 2021 and 2022, and it increased the quarterly dividend to $0.28 per share from $0.27. The filing also notes ongoing litigation with BNSF over the Joint Service Agreement revenue division, following a Final Award that resulted in $44.2 million of pretax charges in 2019 and an $8.2 million charge in the first quarter of 2020. The company has appealed to the Eighth Circuit. Management described COVID-19 as a continuing source of uncertainty for customer demand and operations, and the company remains subject to regulatory and independent contractor classification risks.
Feb 23, 2021
2019
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2019
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) reported 2019 total operating revenues of $9.17 billion, up from $8.61 billion in 2018, and operating income of $733.8 million compared with $681.0 million in 2018. Net earnings were $516.3 million, or $4.77 per diluted share, versus $489.6 million, or $4.43 per diluted share, in 2018. The operating ratio was 92.0% compared with 92.1% in 2018. Growth was driven mainly by DCS, where revenue rose to $2.69 billion from $2.16 billion, helped by the Cory 1st Choice Home Delivery acquisition, while ICS operating income turned to a $11 million loss from $50 million of income in 2018 amid lower gross profit margin. The company recorded significant BNSF arbitration charges: $26.8 million in rents and purchased transportation and a $17.4 million insurance and claims charge in the third quarter of 2019, totaling $44.2 million, following the October 2019 Final Award. In 2018, it recorded $152.3 million of BNSF-related charges in JBI. Net cash provided by operating activities was $1.10 billion, and net cash used in investing activities was $804 million. Total debt rose to $1.30 billion, with a $700 million 3.875% senior notes issuance in March 2019 used to repay $250 million of 2.40% notes. Looking ahead, the Board authorized an additional $500 million share repurchase program on January 22, 2020, and raised the quarterly dividend from $0.26 to $0.27 per share. The company is committed to approximately $938 million of net equipment and facility purchases during 2020 through 2022, and it filed a motion on January 17, 2020, to confirm and enforce the BNSF Final Award.
Mar 2, 2020
2018
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2018
J.B. Hunt Transport Services, Inc. reported 2018 total operating revenues of $8.61 billion, up 19.8% from $7.19 billion in 2017, driven by higher load volume and revenue per load across all four segments. Operating income rose to $681 million from $624 million, but the operating ratio worsened to 92.1% from 91.3%, as operating expenses grew 20.8%. Net earnings fell to $490 million ($4.43 diluted EPS) from $686 million ($6.18 diluted EPS), largely because 2017 included a $309.2 million tax benefit from the Tax Cuts and Jobs Act remeasurement of deferred taxes. Rents and purchased transportation rose 21.5%, and the JBI segment absorbed $152.3 million of charges tied to the ongoing BNSF revenue-division arbitration. The BNSF arbitration is the most significant open item for investors. The company recorded $134 million in pretax contingent-liability charges in the fourth quarter of 2018, and on January 11, 2019, the panel's Second Interim Award ordered $89.4 million payable to BNSF. Further awards on 2018 revenue division and other confidential issues remain pending, and management states it cannot reasonably predict the final outcome, which could be material if decided adversely. Separately, a $15 million class settlement for California driver wage claims is expected to receive final court approval in April 2019. Liquidity remained solid: operating cash flow was $1.09 billion, capital expenditures (additions to property and equipment) were $995.7 million, and total debt stood at $1.15 billion against stockholders' equity of $2.10 billion. The company repurchased $150.3 million of stock in 2018, leaving $371 million under its authorization, and raised the quarterly dividend from $0.24 to $0.26 per share. The January 2019 acquisition of Cory 1st Choice Home Delivery for $100 million expands the DCS segment.
Feb 22, 2019
2017
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2017
J.B. Hunt Transport Services, Inc. reported total operating revenues of $7.19 billion for fiscal 2017, up from $6.56 billion in 2016, driven by higher load volume and revenue per load in its JBI, DCS and ICS segments. Operating income fell to $623.8 million from $721.0 million, and the operating ratio rose to 91.3% from 89.0%, as rents and purchased transportation, driver wages, insurance and claims, and a $20.2 million advance deposit impairment on trailing equipment increased costs. Net earnings rose to $686.3 million, or $6.18 diluted earnings per share, but this was lifted by a $309.2 million provisional benefit from remeasuring deferred tax balances under the Tax Cuts and Jobs Act; the company's effective tax rate was (15.29)% in 2017. By segment, JBI revenue was $4.08 billion with operating income of $407 million, DCS revenue was $1.72 billion with operating income of $171 million, ICS revenue was $1.02 billion with operating income of $23 million, and JBT revenue was $378 million with operating income of $23 million. The company acquired Special Logistics Dedicated, LLC for $137.6 million in cash in the third quarter of 2017, funded largely by its revolving credit facility. Operating cash flow was $855 million, capital expenditures for equipment and property were $527 million, and the company declared a quarterly dividend increase from $0.23 to $0.24 per share. The filing also discloses ongoing risks, including an arbitration with BNSF Railway under the Joint Service Agreement over the division of revenue beginning May 1, 2016, and class-action litigation by California-based drivers for which a $10 million reserve has been recorded. Total debt was $1.09 billion at year-end, and the company had $797.6 million of commitments to acquire revenue equipment and facilities during 2018 and 2019.
Feb 23, 2018
2016
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2016
J.B. Hunt Transport Services, Inc. reported operating revenues of $6.56 billion for 2016, up 5.9% from $6.19 billion in 2015, driven primarily by higher load volume partially offset by lower revenue per load in the JBI, ICS, and JBT segments. Operating income rose to $721 million from $716 million, and net earnings increased to $432 million from $427 million, with diluted earnings per share of $3.81 versus $3.66. The operating ratio was 89.0% compared with 88.4% in 2015, as rents and purchased transportation costs rose 8.7% on higher rail purchased transportation rates and load volume. Fuel surcharge revenues fell 18.4% to $548 million, and fuel and fuel taxes expense declined 9.5%. Segment results were mixed. JBI, the largest segment at $3.80 billion of revenue (58% of the total), saw operating income fall to $450 million from $477 million, while DCS grew operating income to $205 million from $163 million on revenue of $1.53 billion. ICS revenue rose 21.7% to $852 million on 57.0% higher volume but with a 22.5% lower revenue per load, and its operating income was flat at $36 million. JBT operating income declined to $30 million from $40 million. Cash from operations was $854 million, capital expenditures were $638 million in additions to property and equipment, and the company repurchased $249.8 million of stock and paid $98.99 million in dividends. The board raised the quarterly dividend from $0.22 to $0.23 per share in January 2017. The filing highlights a pending arbitration with BNSF Railway under the Joint Service Agreement, initiated in January 2017 over the division of revenue collected from May 1, 2016; the company said it cannot predict the outcome and has recorded no gain or loss contingency. Separately, the company is a defendant in California driver class actions for which it cannot reasonably estimate a possible loss. Total debt was $986 million at year-end, and the company committed approximately $967 million, net of proceeds from sales or trade-ins, for equipment and facilities in 2017 and 2018.
Feb 23, 2017
2015
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2015
J.B. Hunt Transport Services, Inc. reported 2015 total operating revenues of $6.19 billion, essentially flat versus $6.17 billion in 2014, as a 38.0% decline in fuel surcharge revenue to $671 million offset customer rate increases and load growth. Operating income rose to $716 million from $632 million, and net earnings increased to $427 million ($3.66 diluted EPS) from $375 million ($3.16 diluted EPS in 2014). The operating ratio improved to 88.4% from 89.8%, driven by lower fuel and fuel taxes expense (down 31.0%) and higher operating income in the JBI, DCS, ICS and JBT segments. Management attributed the 2015 expense trend to lower fuel costs, higher salaries and driver pay (up 8.1%), and higher depreciation (up 15.3%) from fleet additions. Operating cash flow strengthened to $873 million from $647 million, while the company spent $725 million on property and equipment additions and repurchased $262 million of common stock. Total debt rose to $1.005 billion from $934 million after the issuance of $350 million of 3.30% senior notes due 2022, and the $250 million 3.375% notes matured in September 2015. The company stated it is committed to approximately $463 million of net equipment and facility spending during 2016 and 2017, and its board raised the quarterly dividend from $0.21 to $0.22 per share in January 2016. The filing notes a pending class-action lawsuit by California-based drivers on which the company cannot reasonably estimate a possible loss, and management believes other claims will not have a material adverse effect. Ernst & Young issued an unqualified opinion on both the financial statements and internal control over financial reporting, which management assessed as effective.
Feb 23, 2016
2014
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2014
J.B. Hunt Transport Services, Inc. reported 2014 total operating revenues of $6.17 billion, up from $5.58 billion in 2013, a 10.4% increase driven primarily by increased load volume and rate increases. Operating income rose to $631.5 million from $576.7 million, and net earnings increased to $374.8 million, or $3.16 diluted earnings per share, compared with $342.4 million and $2.87 in 2013. The operating ratio was 89.8% versus 89.7% in 2013, as rents and purchased transportation, salaries and wages, and insurance and claims costs grew faster than revenue. Insurance and claims expense rose 47.0% on higher incident volume and accident severity. By segment, Intermodal (JBI) generated $3.69 billion of revenue and $461 million of operating income, Dedicated Contract Services (DCS) produced $1.39 billion and $117 million, Integrated Capacity Solutions (ICS) grew revenue 33.8% to $718 million with operating income of $30 million, and Truck (JBT) revenue declined 1.4% to $386 million while operating income improved to $24 million. Management cited slow rail train speeds, driver shortages and rising driver procurement costs as headwinds, particularly within JBI and DCS. On the balance sheet, total assets reached $3.40 billion and total debt rose to $933.0 million, with long-term debt of $683.5 million after $500 million of new 2.40% and 3.85% senior notes were issued in March 2014. Operating cash flow was $646.8 million, while capital expenditures for additions to property and equipment totaled $808.6 million. The company expects to spend approximately $555 million on revenue equipment and facilities in 2015 and raised its quarterly dividend to $0.21 per share from $0.20. Management reports that the company had no derivative instruments to hedge fuel prices at year-end, and a class-action lawsuit by California drivers is on appeal with no estimable loss.
Feb 24, 2015
2013
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2013
J.B. Hunt Transport Services, Inc. reported 2013 total operating revenues of $5.58 billion, up 10.5% from $5.06 billion in 2012, driven primarily by increased load volume. Operating income rose to $576.7 million from $530.2 million, and net earnings increased to $342.4 million, or $2.87 per diluted share, from $310.4 million, or $2.59 per diluted share, in 2012. The operating ratio was 89.7% compared with 89.5% in 2012, as operating expenses grew 10.7%, slightly faster than revenue. Rents and purchased transportation rose 12.9% and salaries, wages and employee benefits rose 9.7%, reflecting a tighter driver market and reliance on third-party rail and truck carriers. By segment, Intermodal (JBI) was the main driver, with revenue up 12.5% to $3.46 billion and operating income of $447 million, versus $375 million in 2012. Dedicated Contract Services (DCS) revenue rose 14.1% to $1.23 billion, but its operating income fell to $110 million from $116 million amid implementation costs for new long-term contracts. Integrated Capacity Solutions (ICS) grew 17.6% to $537 million with flat operating income of $16 million, and Truck (JBT) revenue fell 19.2% to $391 million, with operating income dropping to $4 million from $23 million. Cash flow from operations was $574.4 million, and capital spending on property and equipment was $493.4 million. Total debt was $708.4 million at year-end, against stockholders' equity of $1.01 billion. The company committed about $606.6 million to revenue equipment and facilities for 2014, and the Board announced a quarterly dividend increase from $0.15 to $0.20 per share. The filing also notes pending California class-action lawsuits by drivers, for which the company cannot reasonably estimate a possible loss.
Feb 21, 2014
2012
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2012
J.B. Hunt Transport Services, Inc. reported total operating revenues of $5.05 billion for 2012, up from $4.53 billion in 2011 and $3.79 billion in 2010, with the company stating revenue grew 11.7% over 2011. Operating income rose to $530.2 million from $444.2 million, and net earnings increased to $310.4 million, or $2.59 per diluted share, from $257.0 million, or $2.11 per diluted share, in 2011. The operating ratio improved to 89.5% from 90.2%, driven primarily by load growth in the JBI intermodal segment, which generated 61% of consolidated revenue and operating income of $375 million. Cash generation and balance sheet metrics moved in mixed directions. Net cash provided by operating activities fell to $548.0 million from $635.7 million, which the company attributed mainly to higher cash taxes tied to 100% bonus depreciation in 2011 and timing of payables. Capital expenditures for additions to property and equipment were $439.5 million, and total debt declined to $685.3 million from $749.2 million, with the debt-to-equity ratio falling to 0.87 from 1.32. Stockholders' equity rose to $791.9 million. The company committed approximately $283 million for 2013 capital spending, primarily containers, chassis and tractors. Shareholder returns included $83.4 million in dividends paid, with the quarterly dividend raised from $0.14 to $0.15 and paid early in December 2012. The company does not expect to pay a dividend in the first quarter of 2013 and intends to resume quarterly payments in the second quarter of 2013. Share repurchases totaled $50 million in 2012, leaving $453 million under the authorized plan. Key risks noted include exposure to a few major railroads and customers (top 10 customers were approximately 30% of revenue), driver availability, fuel cost volatility, insurance costs, and a California class-action wage lawsuit whose loss cannot be reasonably estimated.
Feb 22, 2013
2011
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2011
J.B. Hunt Transport Services, Inc. reported record 2011 results: total operating revenues of $4.53 billion (up 19.3% from $3.79 billion in 2010), operating income of $444.2 million versus $347.6 million, and net earnings of $257.0 million, or $2.11 per diluted share, compared with $199.6 million, or $1.56 per diluted share, in 2010. Management attributed the improvement to all four segments reporting higher operating income, with higher load counts, improved pricing and cost reduction practices. The operating ratio improved to 90.2% from 90.8%. Fuel surcharge revenue rose to $849 million from $516 million, and fuel and fuel taxes expense increased 34.9%, reflecting a 30% higher fuel cost per gallon. The JBI intermodal segment remained the largest contributor, with revenue of $2.67 billion and operating income of $301 million, and accounted for 59% of consolidated revenue. DCS (dedicated services) generated $1.03 billion of revenue and $103 million of operating income, while JBT (full-load dry van) and ICS (integrated capacity solutions) contributed $504 million and $356 million of revenue, respectively. Cash flow from operations rose to $636 million from $428 million, but capital additions of $502 million and share repurchases of $246 million reduced the balance sheet's cash position to $5.5 million. Total debt increased to $749.2 million, and the debt-to-equity ratio rose to 1.32 from 1.14, while stockholders' equity was $568 million. Looking ahead, the company stated it is committed to spend approximately $308 million on revenue equipment and facilities in 2012, and it raised its quarterly dividend to $0.14 per share from $0.13. Management noted that the FMCSA's December 2011 hours-of-service Final Rule will have a negative impact on driver productivity, with some provisions effective February 27, 2012 and others July 1, 2013. The company also faces a class-action lawsuit by current and former California-based drivers, for which it cannot reasonably estimate a possible loss.
Feb 24, 2012
2010
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2010
J.B. Hunt Transport Services, Inc. reported calendar 2010 operating revenues of $3,793 million (about $3.8 billion), up from $3,203 million in 2009, and net earnings of $199.6 million, or $1.56 per diluted share, versus $136.4 million, or $1.05 per diluted share, in 2009. The filing states that the increase in earnings was due to higher load count and increased activity in the JBI and DCS segments. The operating ratio improved to 90.8% from 92.3%. Fuel surcharge revenues rose to $516 million from $326 million, and the filing notes that excluding fuel surcharge revenue, 2010 revenue increased 14% over 2009. The company generated $428 million in operating cash flow in 2010 and spent $262 million on property and equipment additions. It repurchased about 7.2 million shares for $251 million and issued $250 million of 3.375% senior notes due 2015. Total debt was $654.2 million at year-end, against stockholders' equity of $573 million. The $200 million 5.31% senior notes mature in March 2011, and the company anticipates refinancing all or a portion of them. The company has committed to about $406 million of 2011 revenue equipment and facilities spending, net of expected sales proceeds. The filing also discloses an increase in the quarterly dividend to $0.13 per share from $0.12, payable February 25, 2011. Segment revenue for 2010 was $2.14 billion for JBI, $907 million for DCS, $479 million for JBT and $291 million for ICS. The company identifies a class-action suit by California-based drivers over wage and meal and rest period claims, for which it says it cannot reasonably estimate the possible loss.
Feb 25, 2011
2009
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2009
J.B. Hunt Transport Services, Inc. reported 2009 total operating revenues of $3,203.3 million, down from $3,731.9 million in 2008, and net earnings of $136.4 million, or $1.05 per diluted share, versus $200.6 million, or $1.56 per diluted share, in 2008. The filing attributes the decline primarily to pricing pressure and margin contraction aggravated by the recession, along with lower fuel surcharge revenue ($326.3 million in 2009 versus $730.4 million in 2008). Operating income fell to $248.0 million from $358.4 million, and the consolidated operating ratio rose to 92.3% from 90.4%. Pretax charges of $10.3 million to write down assets held for sale were recorded in 2009. By segment, Intermodal (JBI) remained the largest, with revenue of $1.76 billion and operating income of $183 million. Dedicated Contract Services (DCS) generated $757 million in revenue and $63 million in operating income, Full-Load Dry-Van (JBT) posted an operating loss of $11 million on $447 million of revenue, and Integrated Capacity Solutions (ICS) grew revenue to $259 million with operating income of $13 million. Management also highlights a reduction in total debt of approximately $69 million during 2009, to $565.0 million, with total debt at 47% of total capital. Cash flow from operations was $356.9 million in 2009, compared with $505.1 million in 2008. The company ended 2009 with $7.8 million in cash, a working capital ratio of 1.46, and stockholders' equity of $643.9 million. Management plans roughly $132 million of 2010 capital commitments for tractors and containers, and the quarterly dividend was raised from $0.11 to $0.12, effective February 2010.
Feb 26, 2010
2008
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2008
J.B. Hunt Transport Services, Inc. reported record consolidated operating revenues of $3.73 billion for 2008, up 6.9% from $3.49 billion in 2007, driven largely by fuel surcharge revenue of $730 million (versus $480 million in 2007) and load growth in the JBI and ICS segments. Net earnings were $200.6 million, or $1.56 per diluted share, down 6% from $213.1 million, or $1.55 per diluted share, in 2007. The company cited a slowing freight environment and higher fuel costs as its major challenges, with fuel cost per gallon averaging 30% above 2007 levels. The operating ratio rose slightly to 90.4% from 89.4%, as operating expenses grew 8.1%. The company continued its shift toward an asset-light model. Total debt was reduced by approximately $280 million, or 31%, to $633.5 million at year-end, and debt as a percentage of total capital fell to 54% from 73%. Operating cash flow was $505 million, versus $458 million in 2007. JBI (intermodal) was the largest segment at 52% of revenue, with operating income of $254 million. JBT (full-load dry van) declined sharply, with operating income of $1 million versus $32 million in 2007, and the company plans to sell or trade about 1,100 trailers in 2009. Management announced a quarterly dividend increase to $0.11 per share from $0.10, and no shares were repurchased in 2008. Management concluded that internal control over financial reporting was effective as of December 31, 2008, and Ernst & Young LLP issued an unqualified opinion on it. The company expects its 2009 effective tax rate to approximate 38%.
Feb 27, 2009
2007
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2007
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) reported 2007 total operating revenues of $3.49 billion, up from $3.33 billion in 2006, and net earnings of $213.1 million, or $1.55 per diluted share, compared with $220.0 million, or $1.44 per diluted share, in 2006. Operating income was $368.8 million versus $372.7 million, and the consolidated operating ratio rose slightly to 89.4% from 88.8%. Fuel surcharge revenue grew to $480 million from $430 million, and management said the company recovered most higher fuel costs through surcharges. Results were uneven across segments. Intermodal (JBI) operating income rose to $239 million from $182 million on a 17.3% increase in load volume. Dedicated contract services (DCS) operating income fell to $94 million from $104 million, and full-load dry-van (JBT) operating income dropped to $32 million from $84 million, including an $8.4 million pretax charge to write down assets held for sale. Integrated Capacity Solutions (ICS) revenue more than doubled to $92 million. In December 2007 the company planned to sell about 700 tractors and 2,500 trailers in JBT during 2008 as part of its shift toward an asset-light model. Capital allocation was a major theme. The company bought back 21.7 million shares for $603.4 million in 2007 and issued $400 million of senior notes. Total debt rose to $913.1 million from $396.4 million, and stockholders' equity fell to $343.2 million from $759.7 million. Operating cash flow was $457.8 million, and the quarterly dividend was raised to $0.10 for February 2008.
Feb 29, 2008
2006
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2006
J.B. Hunt Transport Services, Inc. reported record 2006 results in its Form 10-K for the year ended December 31, 2006. Total operating revenues rose to $3.33 billion from $3.13 billion in 2005, and net earnings were $220.0 million, or $1.44 per diluted share, up from $207.3 million, or $1.28 per diluted share. The operating ratio improved slightly to 88.8% from 89.0%. Fuel surcharge revenues reached $430 million, compared with $336 million in 2005, and the company said fuel costs were a challenge, with fuel cost per gallon averaging 13% above 2005 levels. Segment results diverged: intermodal (JBI) operating income rose to $182 million from $124 million, dedicated (DCS) rose to $104 million from $100 million, and dry-van truck (JBT) fell to $87 million from $119 million. The company generated $423 million in operating cash flow and spent $483 million on capital additions, mainly trailing equipment. It purchased $257 million of its common stock and paid about $48 million in dividends. Total debt rose to $396.4 million from $124.0 million, and the working capital ratio fell to 0.98 from 1.72. The company also disclosed a pending IRS challenge to tax benefits from 1999 sale-and-leaseback transactions, with a contingent liability of $42.9 million including interest at December 31, 2006, and a potential total impact of approximately $44 million excluding interest if the IRS fully prevailed. The filing also notes a dividend increase to $0.09 per quarter in January 2007, $104 million remaining under the stock repurchase authorization, and a $129.4 million commitment to acquire revenue equipment in 2007. Management highlighted driver shortages, insurance cost pressures, and reduced self-insured retention to $500,000 as ongoing risk factors.
Feb 28, 2007
2005
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2005
J.B. Hunt Transport Services, Inc. (JBHT) reported record results for calendar year 2005, its fourth consecutive year of record revenues and earnings. Operating revenues rose 12.3% to $3.13 billion, and net earnings increased 42% to $207.3 million, or $1.28 per diluted share, up from $146.3 million, or $.88 per diluted share, in 2004. Fuel surcharge revenue was $336 million in 2005 versus $167 million in 2004, and excluding fuel surcharges, revenue grew 6.6%. The operating ratio was 89.0%, compared with 88.9% in 2004. Growth came mainly from rate increases and capacity-management actions in the DCS and JBT segments, while the JBI segment absorbed a $25.8 million pretax charge for the BNI arbitration settlement. Segment results were mixed. DCS operating income rose 34% to $100 million and JBT rose to $119 million from $103 million. JBI operating income declined to $124 million from $131 million, reflecting the arbitration charge and higher rail purchased transportation costs. Fuel cost per gallon averaged 33% above 2004 levels, which the company said it largely recovered through surcharges. Operating cash flow was $332 million, down from $405 million in 2004, and the company spent $239 million repurchasing stock during 2005. Key risks disclosed include an IRS proposal to disallow tax benefits from 1999 sale-and-leaseback transactions, with a liability of approximately $36.3 million including interest at year-end 2005 and potential impact of about $44 million excluding interest if the IRS fully prevailed. Driver shortages, rising insurance premiums, and customer concentration (Wal-Mart at about 15% of revenue, top 10 customers about 40%) are also flagged. The company raised its quarterly dividend to $.08 for 2006 and expects a 2006 effective tax rate near 39.0%.
Mar 10, 2006
2004
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2004
J.B. Hunt Transport Services, Inc. reported record results for calendar 2004, its third consecutive year of record revenues and earnings. Operating revenues were $2.79 billion, up 14% from $2.43 billion in 2003, and net earnings were $146.3 million, or $1.75 per diluted share, compared with $95.5 million, or $1.17 per diluted share, in 2003. The operating ratio improved to 88.9% from 92.4%, the first full year below 90% in over ten years. Management attributed the gains to capacity management, higher revenue per loaded mile excluding fuel surcharges in the JBT segment, lower insurance and claims costs, and growth in JBI intermodal loads. The company ended 2004 with no balance sheet debt or capital lease obligations, having repaid $105.0 million of senior and subordinated notes and $66.8 million of capital leases during the year. It re-initiated a quarterly dividend in April 2004, raised it from $.03 to $.12 per share in December 2004, and authorized repurchases of up to $100 million of common stock, with repurchases beginning in January 2005. Cash provided by operating activities was $393.7 million. Key risks disclosed include an arbitration with Burlington Northern Santa Fe over the Joint Service Agreement, with formal proceedings scheduled for April and May 2005 and outcome not predictable; an IRS proposal to disallow tax benefits on 1999 sale-and-leaseback transactions, for which the company recorded a $33.6 million contingent tax liability; a 2004 effective tax rate of 51.6%, with a 38.5% rate expected for 2005; and continuing driver shortages and rising equipment and driver compensation costs.
Mar 11, 2005
2003
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2003
J.B. Hunt Transport Services, Inc. reported record 2003 results, with consolidated operating revenues of $2.43 billion (up 8.3% from $2.25 billion in 2002), operating income of $185.6 million (versus $101.0 million), and net earnings of $95.5 million, or $1.17 per diluted share, compared with $51.8 million and 66 cents in 2002. Management attributes the improvement to yield management, which replaced low-margin freight with better-margin business, along with the driver per diem plan introduced in February 2003. The operating ratio improved 310 basis points to 92.4%. Results were also helped by a stronger JBI intermodal segment, where operating income rose to $91.2 million and the operating ratio improved to 90.3%, and by the DCS dedicated segment, where operating income increased 130% to $45.2 million. Balance sheet strength improved as total debt fell to $172 million from $343 million, and operating cash flow reached $333 million. Management expects to retire the $95 million of 7.00% notes due September 2004 and the remaining $10 million of 7.80% subordinated notes due October 2004 from cash and operations. The effective tax rate rose to 43.1% from 30.8%, reflecting a $7.7 million reversal of non-cash tax benefits tied to an IRS proposal to disallow the tax benefits of a 1999 sale-and-leaseback transaction. The company estimates its maximum earnings exposure on that matter at $31 million and has suspended recognition of such benefits from January 1, 2004. Key risks include fuel price volatility (the company holds no fuel hedges), driver recruiting, insurance and claims costs (with self-insured retention changed to $2 million for auto accidents and $1 million for workers' compensation in January 2004), the IRS dispute, and customer concentration, since Wal-Mart Stores, Inc. accounted for approximately 13% of 2003 revenue.
Mar 4, 2004
2002
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2002
J.B. Hunt Transport Services, Inc. (JBHT) reported 2002 operating revenues of $2,247.9 million, up from $2,100.3 million in 2001, and net earnings of $51.8 million, or $1.33 per diluted share, compared with $32.9 million, or $0.91 per diluted share, in 2001. Operating income rose to $101.0 million from $72.2 million, and the operating ratio improved to 95.5% from 96.6%. Management attributed the gain to all three reportable segments: Truck (JBT), Intermodal (JBI) and Dedicated Contract Services (DCS). JBI gross revenue grew 9% to $809.1 million, and DCS revenue grew nearly 15% to $628.3 million, while JBT revenue was essentially flat at $827.3 million but its operating income rose to $26.6 million from $8.7 million. The company's financial position strengthened during the year. A secondary stock offering closed in June 2002 raised approximately $68 million, and total debt and capitalized lease obligations fell to $343 million from $392 million. Cash and cash equivalents increased to $80.6 million, and stockholders' equity rose to $590.5 million from $458.3 million. Management expects to spend approximately $220 million on revenue equipment in 2003, net of expected proceeds, and it estimates a 2003 effective tax rate of 37% to 39%, reflecting a driver per diem plan implemented in February 2003. Investors should weigh several risks disclosed in the filing. The IRS has begun examining a 1999 sale and leaseback of intermodal containers and chassis, and an adverse outcome could materially affect financial results. The company also faces an EEOC action, a judgment of approximately $7 million that it is appealing, and driver recruiting and retention pressures. Fuel prices in February 2003 averaged roughly 15% above December 2002 levels, and the company held no derivative instruments to hedge fuel.
Mar 11, 2003
2001-A
J.B. Hunt Transport Services Annual Report (Amendment), Year Ended Dec 31, 2001
J.B. Hunt Transport Services, Inc. filed this Amendment No. 2 to its Form 10-K for the fiscal year ended December 31, 2001, primarily to correct mathematical errors in the Operating Segment table, the Contractual Cash Obligations table, and rounding of statistical data in Item 7. The filing states these corrections had no impact on the consolidated financial statements. For 2001, operating revenues were $2,100.3 million, down from $2,160.4 million in 2000, and net earnings were $32.9 million, compared with $36.1 million in 2000. Diluted earnings per share were $0.91, versus $1.02 in 2000. Operating income rose to $72.2 million from $63.4 million, and the operating ratio improved to 96.6% from 97.1%. Segment performance diverged. The JBI intermodal segment grew gross revenue 9% to $740.5 million, and operating income rose to $42.1 million. The JBT truck segment's gross revenue fell 1% to $828.6 million, and it returned to a $8.7 million operating income from a $7.1 million loss in 2000. DCS revenue grew 15% to $548.7 million, but operating income fell to $17.4 million from $28.4 million due to idle tractors and higher allocated costs. The Logistics business was contributed to Transplace, Inc. in July 2000, and JBHT holds an approximate 27% interest accounted for under the equity method, which produced a $1.9 million loss in 2001. The company also disclosed an agreement in principle to sell its Mexican joint venture interest, expected to close in early 2002. Balance sheet and cash flow data show total assets of $1.26 billion, stockholders' equity of $458.3 million, and net cash from operations of $171.6 million in 2001, up from $125.1 million. No dividends were paid in 2001, and the company had $165 million of unused borrowing capacity under its revolving credit line at year end.
May 29, 2002
2000
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 2000
J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT) reported 2000 operating revenues of $2.16 billion, up from $2.05 billion in 1999, but operating income fell to $63.4 million from $74.3 million and net earnings were $36.1 million, or $1.02 diluted EPS, compared with $31.9 million, or $.89 per diluted share, in 1999. The filing attributes the 2000 results to a 43.3% increase in fuel and fuel tax expense, driven by an approximate 35% higher cost per gallon, partly offset by fuel surcharges that recovered approximately 90% of higher fuel costs. Revenue growth was affected by the July 1, 2000 contribution of the JBL logistics business to Transplace.com, LLC, in which the company holds an approximate 27% membership interest accounted for under the equity method. Excluding JBL, revenue growth for the remaining segments was approximately 15%. Segment results were mixed. The JBT dry-van truckload segment posted an operating loss of $7.1 million on $833.8 million of revenue, which the filing partly attributes to costs of separating JBT and JBI. The JBI intermodal segment generated operating income of $36.7 million on $681.1 million of revenue, and the DCS dedicated contract services segment grew revenue 49% to $478.6 million with operating income of $28.4 million. The company also began using independent contractors in late 2000, with 16 leasing tractors at year end. Capital and dividend policy shifted in 2000. Net cash from operations was $125 million, and the company relied increasingly on operating and capital leases for revenue equipment, with capital lease obligations of $94.2 million at year end. The board discontinued quarterly cash dividends in February 2000, and Moody's downgraded the senior unsecured debt to Baa3 in January 2001. Total debt and capitalized lease obligations were $401 million at year end.
Mar 12, 2001
1999
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1999
J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT) reported fiscal 1999 operating revenues of $2.05 billion, up from $1.84 billion in 1998, but net earnings fell to $31.9 million, or $.89 diluted earnings per share, from $46.8 million, or $1.28 per diluted share, in 1998. Operating income dropped to $77.4 million from $103.0 million, and the operating ratio rose to 96.2% from 94.4%. Management attributed the pressure to rail service delays that limited Van revenue growth to 3%, higher fuel costs (fuel and fuel taxes rose 23.1%), increased revenue equipment maintenance and tire costs, and a 24% increase in insurance and claims expense as collision severity rose. Segment results were mixed: the Dedicated Contract Services segment grew revenue 51% to $320.2 million and operating income to $24.1 million, and the Logistics (JBHL) segment grew revenue 22%, while Van/Intermodal operating income fell to $44.4 million from $81.1 million. Balance sheet and capital allocation changes were significant. Total debt fell to $328 million from $433 million, largely after a fourth-quarter 1999 sale and leaseback of containers with net book value of approximately $175 million, and long-term debt declined to $267.6 million from $417.0 million. Net cash provided by operating activities was $136 million in 1999. On February 16, 2000, the Board discontinued the quarterly cash dividend, which had been $.20 per share annually, and announced an intent to repurchase up to 500,000 shares with the funds previously used for dividends. The company also disclosed that it intends to report four segments (Intermodal, Truck, JBHL and DCS) beginning in the first quarter of 2000. Management reported no material Year 2000 problems through the filing date, with total Year 2000 costs of approximately $1.7 million. The auditor, KPMG LLP, issued an unqualified opinion, and management believes pending litigation will not have a material adverse effect on the company.
Mar 2, 2000
1998
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1998
J.B. Hunt Transport Services, Inc. reported record-level growth in its 1998 fiscal year, with operating revenues of $1.84 billion, up 18.5% from $1.55 billion in 1997, and net earnings of $46.8 million, or $1.28 diluted earnings per share, compared with $11.4 million, or $.31 per diluted share, in 1997. Operating income rose to $103.0 million from $42.9 million, and the operating ratio improved to 94.4% from 97.2%. The Van/Intermodal segment drove most of the gain, with gross revenue of $1.38 billion (up 19%) and operating income of $81.1 million versus $28.2 million, while the JBHL logistics segment grew revenue 25% to $317 million and the DCS dedicated contract segment grew 41% to $212 million. The company's balance sheet expanded during the year. Total assets rose to $1.17 billion from $1.02 billion, and long-term debt increased to $417.0 million from $322.8 million, largely after the company sold $100 million of 7.00% senior notes due 2004 in September 1998. Net cash provided by operating activities was $183 million, while net cash used in investing activities was $261 million, mainly for new revenue equipment. Total debt to equity was 1.15, and the company was in compliance with its financial covenants at year-end. Management highlighted several risks, including driver recruitment and retention, fuel prices, and Year 2000 readiness. The company estimates total Year 2000 compliance costs of $1.5 million, excluding capitalized financial systems upgrades, and says it has not yet received enough responses from key customers and suppliers to fully assess their readiness. The Board declared a quarterly dividend of $.05 per share in January 1999.
Mar 3, 1999
1997
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1997
J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT), a diversified transportation services and logistics company headquartered in Lowell, Arkansas, reported 1997 operating revenues of $1,554.3 million, up from $1,486.7 million in 1996, while net earnings fell to $11.4 million, or $.31 per share, from $22.1 million, or $.58 per share. The filing attributes the earnings decline to the new over-the-road driver compensation package, which raised average van driver pay by 33% effective February 1997, and to higher purchased transportation costs tied to growth in intermodal and logistics business. The operating ratio rose to 97.2% from 95.9%, while operating income dropped to $42.9 million from $60.4 million. Management says the new pay program reduced van driver turnover to 45% in 1997 from 86% in 1996, and that lower collision frequency and reduced accident costs partly offset the higher wage expense. The company is refocusing on two service lines, dry-van truckload (including intermodal) and logistics (including dedicated contract), after selling its small parcel, hazardous commodities and flatbed operations. Logistics and dedicated contract services generated $405 million of revenue in 1997, and intermodal operations generated $576 million. Net cash from operating activities was $160.7 million in 1997, and the company repurchased 1.468 million shares during the year, reducing shares outstanding to 35,653,708 as of February 27, 1998. Total assets were $1,021.9 million and total debt was $340 million at year-end, with stockholders' equity of $338.0 million. The company is in compliance with its financial covenants, and management expects to fund 1998 revenue equipment spending from operating cash flow and existing borrowing facilities. The Year 2000 remediation project is estimated at $820,000 and is to be completed by the end of 1998, with about $325,000 expensed through December 31, 1997.
Mar 10, 1998
1996
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1996
J.B. Hunt Transport Services, Inc. reported operating revenues of $1.49 billion for fiscal 1996, up from $1.35 billion in 1995, and net earnings of $22.1 million, or $.58 per share, compared with a net loss of $2.2 million, or $(.06) per share, in 1995. The 1995 results included $17.3 million of special charges to write down idle and under-performing assets. The operating ratio improved to 95.9% from 98.4%, and operating income rose to $60.4 million from $21.3 million. Growth came mainly from logistics management ($75.9 million revenue increase) and dedicated contract services ($16.3 million), while dry-van revenue rose $79.0 million. Purchased transportation, which rose 19%, was the largest cost driver tied to the growth in logistics and dedicated business. The company's balance sheet remained substantial, with total assets of $1.04 billion, long-term debt of $332.6 million, and stockholders' equity of $357.3 million. Total debt was $382.3 million, and the total debt to equity ratio was 1.07. Net cash from operating activities was $143 million in 1996, and net capital expenditures declined to $129 million from $155 million. The company repurchased 1,159,100 shares during 1996 under an October 1996 authorization for up to 2.0 million shares, and it declared a quarterly dividend of $.05 per share in January 1997. Management highlighted a planned driver compensation program effective February 25, 1997, which includes an average 33% wage increase for about 4,000 over-the-road van drivers. Management estimated the program would cost approximately $50.0 million per year, to be funded by shifting costs from driver recruiting and training, safety, and improved equipment utilization. The company also cited significantly higher accident rates in the first half of 1996, which led to a July 1996 decision to limit over-the-road tractor speeds to 59 miles per hour.
Feb 26, 1997
1995
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1995
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), an Arkansas holding company, reported a net loss of $2,170 thousand, or $(.06) per share, for fiscal 1995 on operating revenues of $1,352,225 thousand, up from $1,207,601 thousand in 1994. The result reflected $17,296 thousand of special charges recorded in the fourth quarter to reduce the carrying value of idle and under-performing assets, primarily associated with the company's decision to exit the auto hauling business. Excluding those charges, the operating ratio was 97.1%, compared with 93.0% in 1994, and the reported operating ratio was 98.4%. Operating income fell to $21,345 thousand from $84,896 thousand in 1994. Growth came from intermodal, dedicated contract and logistics services. Intermodal revenue rose 19% in 1995, dedicated revenue rose approximately 110%, and logistics revenue rose 22%. Purchased transportation expense increased 26%, and insurance and claims expense increased 34%, with management pointing to a small number of severe accidents in late 1995. Management also cited lower gains on equipment dispositions ($8.1 million versus $12.3 million) and softer dry van and intermodal freight rates as pressures on earnings. The balance sheet showed total assets of $1,016,782 thousand and stockholders' equity of $356,939 thousand, with total debt of $369.3 million. Net cash provided by operating activities was $175 million. The company amended certain debt agreements in January 1996 and stated it was in compliance with all financial covenants. The board declared a $.05 quarterly dividend in January 1996.
Apr 1, 1996
1994-A
J.B. Hunt Transport Services Annual Report (Amendment), Year Ended Dec 31, 1994
This amendment to J.B. Hunt Transport Services, Inc.'s Form 10-K for the year ended December 31, 1994 is a limited filing. It restates Item 12 (Security Ownership of Certain Beneficial Owners and Management) and incorporates by reference the information required for Items 10, 11 and 12 from the Notice and Proxy Statement for the Annual Stockholders' Meeting, covering director election, board committees, executive officers, voting securities and ownership, executive compensation, a proposal to approve the Amended Management Incentive Plan, ratification of auditors, and Section 16 requirements. The filing states that the proxy statement had not yet been mailed as of March 17, 1995, and would be filed no later than April 30, 1995. The amendment also revises page 28 of the original 10-K and provides an exhibit index. The index lists the Amended and Restated Articles of Incorporation dated May 19, 1988, the Bylaws, material contracts incorporated by reference, and employee stock purchase, management incentive and employee retirement plans. It identifies Exhibit 21, a list of nine subsidiaries including J.B. Hunt Transport, Inc., J.B. Hunt Logistics, Inc., and Mexican subsidiaries; Exhibit 23, consent of KPMG Peat Marwick LLP; and Exhibit 27, a financial data schedule for 1994. The filing contains no financial results, revenue, earnings or operating metrics, so investor-relevant content is limited to governance matters and the corporate structure described in the exhibit index.
May 3, 1995
1994
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1994
J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT), an Arkansas holding company, reported operating revenues of $1.21 billion for fiscal 1994, up from $1.02 billion in 1993, and net earnings of $40.4 million, or $1.05 per share, versus $38.2 million, or $1.00 per share, the prior year. The company describes itself as the largest publicly-held truckload carrier in the United States, and its growth was driven by intermodal dry van volume, specialized carrier operations and logistics and dedicated contract services. Purchased transportation rose sharply to $288.2 million from $187.7 million, reflecting intermodal and third-party growth, while depreciation rose 33% to $110.7 million, and operating income increased to $84.9 million from $78.6 million. The balance sheet expanded, with total assets of $993.7 million and stockholders' equity of $377.9 million at year-end 1994. Long-term debt was $299.2 million, and current maturities of long-term debt rose to $68.1 million, largely from commercial paper supporting the $250 million program. Net capital expenditures were $219 million in 1994, and management expects capital spending to decline in 1995 because more than 70% of the dry van fleet has been converted to new containers. Commitments to purchase approximately $160 million of revenue and service equipment were outstanding at year-end. The company paid quarterly dividends of $.05 per share, totaling $.20 for 1994, and reported 2,032 stockholders of record as of February 28, 1995. Management described employee relations as excellent, while the company noted it had experienced driver shortages during the first half of 1994 and higher driver recruitment costs.
Mar 29, 1995
1993
J.B. Hunt Transport Services Annual Report, Year Ended Dec 31, 1993
J.B. Hunt Transport Services, Inc. (Services) is a diversified transportation company focused on full-load containerizable freight in North America, operating as an irregular route common motor carrier regulated by the ICC. In 1993 operating revenues rose to $1,020,921 thousand (about $1.02 billion) from $911,982 thousand in 1992, and operating income reached $78,626 thousand versus $69,090 thousand. Net earnings were $38,221 thousand, or $1.00 per share, compared with $38,758 thousand, or $1.08 per share, in 1992, which included a $1,825 thousand cumulative effect of a change in tire accounting. The filing attributes revenue growth mainly to intermodal railroad volume and specialized carrier operations, while a shortage of qualified drivers in the second half of 1993 limited fleet and revenue growth. The company's balance sheet expanded substantially during 1993. Total assets increased to $862,442 thousand from $715,741 thousand, and long-term debt rose to $303,499 thousand from $216,254 thousand, including a $100 million issue of 6.25% unsecured notes due 2003 sold in September 1993. Net capital investments were $197 million in 1993 and $249 million in 1992, funded by operations and debt. The company has committed to purchase approximately $208 million of revenue and service equipment, net of $24 million in expected sale or trade-in proceeds, and it reported approximately $100 million of uncommitted credit lines available with no borrowings outstanding at year end. The company reported that its intermodal strategy involves substantial investment in multi-purpose containers and chassis over the next two to three years, along with the disposition of significant numbers of van trailers, which may affect future earnings through used equipment prices. Dividends were $.20 per share in 1993, and the Board declared a $.05 quarterly dividend in January 1994. Management's effective tax rate rose to 41% in 1993 due to a higher federal rate, and the company reported 10,476 employees at year end, none represented by a collective bargaining unit.
Mar 31, 1994