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JBHT · J.B. Hunt Transport Services

50 filings

10-Q

JBHT 10-Q Quarterly Reports

J.B. Hunt Transport Services - 50 quarterly reports

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

JBHT filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 102 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25
  1. 2026-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2026

    J.B. Hunt Transport Services, Inc. reported third-quarter 2026 total operating revenues of $3.68 billion, up from $3.05 billion in the third quarter of 2025, and operating income of $247.1 million versus $242.7 million a year earlier. Net earnings were $172.4 million, or $1.82 per diluted share, compared with $170.8 million, or $1.76 per diluted share, in the prior-year quarter. The filing attributes the revenue growth mainly to higher volumes and revenue per load in JBI, ICS and JBT, while Rents and purchased transportation rose 31.9% and fuel costs rose 58.8%, compressing segment margins in DCS and FMS. For the first nine months of 2026, total operating revenues were $10.23 billion versus $8.90 billion, and operating income was $713.6 million versus $618.6 million. Net earnings were $495.0 million, or $5.21 per diluted share, compared with $417.2 million, or $4.24 per diluted share. Operating cash flow fell to $1.11 billion from $1.29 billion, mainly on working capital timing. The company repaid its $700 million 3.875% senior notes at maturity in March 2026 and repurchased about 1,479,000 shares for $351.7 million during the first nine months. At September 30, 2026, total debt was $1.12 billion, cash was $3.8 million, and shareholders' equity was $3.63 billion. The company expects net capital expenditures of approximately $700 million for 2026 and declared a regular quarterly dividend of $0.45 per share on October 21, 2026, payable November 20, 2026.

    Oct 23, 2026
  2. 2026-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2026

    J.B. Hunt Transport Services, Inc. reported a strong second quarter 2026, with total operating revenues of $3.50 billion, up from $2.93 billion in the second quarter 2025, and operating income of $259.5 million versus $197.3 million a year earlier. Net earnings were $181.0 million, or $1.91 per diluted share, compared with $128.6 million, or $1.31 per diluted share, in the prior-year quarter. Management attributed the revenue growth mainly to higher volumes in JBI, ICS and JBT, higher revenue per load, and increased DCS productivity. Fuel surcharge revenue rose sharply to $641.5 million from $351.9 million, and rents and purchased transportation expense increased 32.4%, reflecting greater use of third-party carriers and higher purchased transportation rates. For the first six months of 2026, total operating revenues were $6.55 billion and net earnings were $322.6 million, or $3.39 per diluted share. Cash flow from operations was $723.3 million, down from $806.2 million, mainly due to working capital timing. Net capital expenditures were $144.9 million for the six months, and management expects net capital expenditures of $600 million to $800 million for full-year 2026. The company retired $700 million of 3.875% senior notes at maturity in March 2026, funded partly by borrowings. Total long-term debt rose to $1,145.3 million from $766.9 million, and cash and cash equivalents were $4.2 million at June 30, 2026. During the quarter, the company repurchased 391,758 shares for $97.8 million, leaving $791 million available under its repurchase authorization, and declared a regular quarterly dividend of $0.45 per share payable in August 2026. The company stated it was in compliance with all financing covenants at June 30, 2026, and its disclosure controls were concluded to be effective.

    Jul 24, 2026
  3. 2026-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2026

    J.B. Hunt Transport Services, Inc. reported first-quarter 2026 net earnings of $141.6 million, or $1.49 per diluted share, versus $117.7 million, or $1.17 per diluted share, in the first quarter of 2025. Total operating revenues rose to $3.06 billion from $2.92 billion, an increase of 4.6% as stated in the filing, while operating income increased to $207.0 million from $178.7 million. Growth was led by JBI, JBT and ICS load volumes, with ICS and JBT also citing higher revenue per load. The filing notes that ICS operating performance declined as gross profit margin fell to 12.0% from 15.3%, driven by higher purchased transportation costs. Cash and balance sheet activity was dominated by debt refinancing. Net cash provided by operating activities was $353.0 million, down from $404.2 million, mainly due to working capital timing. The company repaid $700 million of 3.875% senior notes at their March 2026 maturity, funded in part by a $475.0 million term loan draw and $1.30 billion of total long-term debt at quarter end. Trade receivables rose to $1.33 billion, and cash ended the quarter at $4.6 million. The company repurchased about 383,000 shares for $80.1 million, leaving $888.2 million available under its repurchase authorization, and declared a $0.45 quarterly dividend payable May 22, 2026. Management expects net capital expenditures of $600 million to $800 million for calendar 2026, and it guided to an annual effective tax rate of 24.0% to 25.0%. Management stated that it was in compliance with all covenants at March 31, 2026, and the disclosure controls were concluded effective.

    Apr 24, 2026
  4. 2025-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2025

    J.B. Hunt Transport Services, Inc. reported third-quarter 2025 total operating revenues of $3.05 billion, down 0.5% from $3.07 billion in the third quarter of 2024, with operating income rising to $242.7 million from $224.1 million and net earnings increasing to $170.8 million from $152.1 million. Diluted earnings per share were $1.76 versus $1.49 a year earlier. For the first nine months of 2025, total operating revenues were $8.90 billion versus $8.94 billion, operating income was $618.6 million versus $624.2 million, and net earnings were $417.2 million versus $415.4 million. The third-quarter improvement was driven mainly by JBI and DCS, while ICS and FMS remained weak on an operating basis. Cash generated by operations rose to $1.29 billion for the nine months from $1.17 billion. The company repurchased approximately 5,427,000 shares for $783.4 million during the nine months, and on October 22, 2025, its Board authorized an additional $1 billion of share repurchases to take effect after the remaining balance under the August 2024 authorization is used. Total shareholders' equity fell to $3.57 billion at September 30, 2025, from $4.01 billion at December 31, 2024, and the quarterly dividend was declared at $0.44 per share. Balance sheet items to watch include the $699.6 million current portion of long-term debt, consisting of $700 million of 3.875% senior notes due March 2026, which management intends to repay from cash, its revolving credit line, or other long-term financing. The company expects net capital expenditures of $550 million to $600 million for 2025. The filing also notes that the company was in compliance with all covenants and that it had recorded a liability for state use tax audit exposure that it is vigorously appealing.

    Oct 24, 2025
  5. 2025-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2025

    J.B. Hunt Transport Services, Inc. reported operating revenues of $2.93 billion for the second quarter of 2025, flat compared with the second quarter of 2024, and operating income of $197.3 million versus $205.7 million a year earlier. Net earnings were $128.6 million, or $1.31 per diluted share, compared with $135.9 million, or $1.32 per diluted share, in the prior-year quarter. For the first six months of 2025, total operating revenues were $5.85 billion, net earnings were $246.4 million, and diluted EPS was $2.48, versus $2.54 in the first half of 2024. Operating income decreased to $376.0 million from $400.1 million. The segment picture was mixed. Intermodal (JBI) revenue rose 2% in the quarter on a 6% increase in load volumes, but its operating income fell 4% to $95.7 million on lower yields and higher insurance, medical and maintenance costs. Dedicated Contract Services (DCS) revenue was roughly flat at $847 million, while Final Mile Services (FMS) revenue fell 10% and its operating income fell 60% to $8.0 million. Integrated Capacity Solutions (ICS) narrowed its operating loss to $3.6 million, aided by a 15.5% gross profit margin. On the balance sheet, the company issued $750 million of 4.90% senior notes due 2030 in March 2025 and used the proceeds to repay $500 million of term loans. It repurchased $552.9 million of common stock in the first half, including $318.8 million in the second quarter, and had $334.7 million remaining under its authorization. Shareholders' equity declined to $3.66 billion from $4.01 billion at year-end 2024. Current debt of $699.4 million includes the $700 million of 3.875% senior notes due March 2026, which management intends to repay from cash, its revolving credit line, or other long-term financing. The company also declared a $0.44 quarterly dividend on July 23, 2025.

    Jul 24, 2025
  6. 2025-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2025

    J.B. Hunt Transport Services, Inc. reported first-quarter 2025 total operating revenues of $2.92 billion, down from $2.94 billion in the first quarter of 2024, with operating revenues excluding fuel surcharge revenues relatively flat. Operating income fell to $178.7 million from $194.4 million, and net earnings declined to $117.7 million from $127.5 million. Diluted earnings per share were $1.17 versus $1.22 a year earlier. Results were pressured by lower operating income in JBI, DCS and FMS, partly offset by an improvement in ICS, where the operating loss narrowed to $2.7 million from $17.5 million. Cash flow and capital allocation were central themes. Net cash provided by operating activities was $404.2 million, compared with $466.5 million a year earlier. The company issued $750 million of 4.90% senior notes due 2030 in March 2025 and used proceeds to retire $500 million of term loans. The company repurchased about 1.4 million shares for $234.1 million, leaving $650.2 million available under its repurchase plan. Total long-term debt, including the current portion, was $1.58 billion at March 31, 2025, and the company said it was in compliance with all covenants. The filing states that the company expects net capital expenditures of $500 million to $700 million for calendar 2025 and expects its annual effective tax rate to fall between 24.0% and 25.0%. A quarterly dividend of $0.44 per share was declared on April 24, 2025, payable May 23, 2025.

    Apr 25, 2025
  7. 2024-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2024

    J.B. Hunt Transport Services, Inc. reported third-quarter 2024 total operating revenues of $3.07 billion, down 3% from $3.16 billion in the third quarter of 2023, with operating income of $224.1 million versus $241.7 million and net earnings of $152.1 million versus $187.4 million. Diluted earnings per share were $1.49 compared with $1.80. For the first nine months of 2024, total operating revenues were $8.94 billion, a 6% decrease from $9.53 billion, while net earnings were $415.4 million (diluted EPS of $4.03) versus $574.8 million (diluted EPS of $5.50). The filing attributes the revenue decline mainly to lower revenue per load in JBI and JBT, lower volumes in ICS, JBT and DCS, and weaker demand in FMS, partly offset by load volume growth in JBI. Insurance and claims expense rose 25.2% in the quarter, and the effective tax rate was 25.2%. Balance sheet and cash flow data show cash and cash equivalents of $120.0 million at September 30, 2024, and total long-term debt of $1.03 billion, down from $1.33 billion at year-end 2023, after the $250 million 3.85% senior notes matured in March 2024. Current portion of long-term debt is $500.0 million. Net cash provided by operating activities was $1.17 billion for the nine months, compared with $1.53 billion a year earlier, and net capital expenditures were approximately $488.1 million. The company expects net capital expenditures of approximately $625 million for calendar 2024. Management states it has sufficient liquidity for the foreseeable future and that it was in compliance with all financing covenants. Capital return remained significant: the company repurchased $428 million of stock in the first nine months (including $200 million in the third quarter), and on August 16, 2024 its Board authorized an additional $1 billion of repurchases, leaving $967 million available at quarter-end. Quarterly dividends of $0.43 per share were declared for the third quarter and again on October 17, 2024, payable November 22, 2024.

    Oct 25, 2024
  8. 2024-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2024

    J.B. Hunt Transport Services, Inc. (JBHT) reported lower results for the second quarter and first six months of 2024. Total operating revenues were $2.93 billion in the second quarter, a 7% decrease from $3.13 billion a year earlier, and $5.87 billion for the first six months, an 8% decrease. Operating income fell to $205.7 million in the quarter from $270.7 million, and net earnings fell to $135.9 million from $189.6 million. Diluted earnings per share were $1.32 versus $1.81 in the prior-year quarter. The filing attributes the revenue decline mainly to lower revenue per load in Intermodal (JBI) and lower volumes in ICS, JBT and DCS, partially offset by growth in FMS. The Integrated Capacity Solutions (ICS) segment posted an operating loss of $13.3 million in the second quarter, versus a $4.4 million loss a year earlier, though its gross profit margin improved to 14.8% from 13.0%. Intermodal operating income declined 31% to $99.2 million, and Dedicated Contract Services (DCS) operating income fell 15% to $96.4 million. The company remains active in capital returns: it repurchased about $203.1 million of stock in the second quarter and paid $0.43 quarterly dividends, while $163 million remained under its repurchase authorization. Balance sheet and liquidity remained solid. Cash and equivalents were $53.5 million at June 30, 2024, and the company repaid a $250 million senior note at maturity in March 2024. Net cash from operating activities was $827 million for the first six months, down from $1.10 billion, and net capital expenditures were about $408.9 million, with 2024 guidance of $650 million to $700 million. Management stated it was in compliance with all debt covenants and expects its 2024 annual tax rate to be between 24.0% and 25.0%.

    Jul 26, 2024
  9. 2024-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2024

    J.B. Hunt Transport Services, Inc. (JBHT) reported first-quarter 2024 total operating revenues of $2.94 billion, down 9% from $3.23 billion in the first quarter 2023, with decreases in JBI and JBT revenue per load, lower ICS volumes, and slightly lower DCS truck count and productivity, partially offset by FMS growth. Operating income fell to $194.4 million from $277.5 million, and net earnings declined to $127.5 million from $197.8 million. Diluted earnings per share were $1.22 versus $1.89 a year earlier. The filing notes that the net earnings margin was 4.3% compared with 6.1% in the prior-year quarter. The Integrated Capacity Solutions (ICS) segment swung to an operating loss of $17.5 million from a $5.4 million loss, driven by a 21% decrease in gross profit and higher insurance expense, while Intermodal (JBI) operating income dropped 40% to $101.9 million. The Final Mile Services (FMS) segment was the only one to grow operating income, to $15.1 million from $6.6 million. Net cash provided by operating activities was $466.5 million, and net capital expenditures were approximately $166.2 million, with management expecting $800 million to $1.0 billion for full-year 2024. Balance sheet activity included repayment of the $250 million 3.85% senior notes at maturity in March 2024, leaving $1.37 billion of long-term debt, and cash of $64.2 million. The company repurchased about 126,000 shares for $25.1 million during the quarter, with $366 million remaining under its authorization. The Board declared a $0.43 quarterly dividend in April 2024. Management stated the company was in compliance with all debt covenants and expects its liquidity sources to meet requirements for the foreseeable future.

    Apr 26, 2024
  10. 2023-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2023

    J.B. Hunt Transport Services, Inc. reported lower results for the third quarter and first nine months of 2023. Total operating revenues were $3.16 billion in the third quarter, an 18% decrease from $3.84 billion a year earlier. Operating income fell to $241.7 million from $362.2 million, and net earnings were $187.4 million, or $1.80 per diluted share, compared with $269.4 million, or $2.57 per diluted share, in the third quarter of 2022. For the nine months, total operating revenues were $9.53 billion, down 15% from $11.16 billion, and net earnings were $574.8 million, or $5.50 per diluted share, versus $768.0 million, or $7.28 per diluted share. The decline was driven mainly by the Integrated Capacity Solutions (ICS) segment, which posted an operating loss of $9.4 million in the third quarter after earning $13.4 million a year earlier, as revenue fell 48% to $298 million and overall volumes decreased 38%. The Intermodal (JBI) segment's operating income decreased 41% to $128.0 million in the quarter. Dedicated Contract Services (DCS) revenue fell 4% in the quarter but grew 2% for the nine months, and DCS operating income rose to $318.6 million for the nine months. Operating cash flow rose to $1.53 billion for the nine months from $1.36 billion, while net capital expenditures reached approximately $1.32 billion and the company expects $1.5 billion to $1.7 billion for 2023. The company completed its acquisition of substantially all of the brokerage assets of BNSF Logistics, LLC for $85.0 million in cash, effective September 30, 2023, and declared a regular quarterly dividend of $0.42 per share. Management stated that the company was in compliance with all financing covenants at September 30, 2023, and that its liquidity is sufficient for its operating and capital requirements for the foreseeable future.

    Oct 27, 2023
  11. 2023-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2023

    J.B. Hunt Transport Services, Inc. reported a weaker second quarter 2023, with total operating revenues of $3.13 billion, down from $3.84 billion in the second quarter 2022, and net earnings of $189.6 million, down from $255.3 million. Diluted earnings per share were $1.81 versus $2.42 a year earlier. Operating income fell to $270.7 million from $353.1 million. Management attributed the revenue decline primarily to lower revenue per load in ICS, JBI and JBT, lower fleet productivity in DCS, and lower volumes in JBI, ICS and DCS. Integrated Capacity Solutions (ICS) swung to an operating loss of $4.4 million from operating income of $23.2 million, and JBI operating income dropped 29% to $142.9 million. For the first six months of 2023, total operating revenues were $6.36 billion, down 13% from $7.33 billion, and net earnings were $387.3 million versus $498.7 million. Operating cash flow rose to $1.10 billion from $784.5 million, mainly due to working capital timing. Net capital expenditures were $853.8 million for the six months, and management expects 2023 net capital expenditures of $1.5 billion to $1.8 billion. Total long-term debt stood at $1.20 billion, with $249.8 million classified as current because of senior notes due March 2024, and the company had $295.9 million in cash at quarter end. The company repurchased $83.9 million of its stock in the first half and declared a regular quarterly dividend of $0.42 per share on July 19, 2023. Management stated it was in compliance with all debt covenants and expects its liquidity to be sufficient for its foreseeable requirements.

    Jul 27, 2023
  12. 2023-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2023

    J.B. Hunt Transport Services, Inc. reported first-quarter 2023 total operating revenues of $3.23 billion, down from $3.49 billion in the first quarter of 2022, a 7% decrease. Operating revenue excluding fuel surcharge revenue decreased 10%. Net earnings fell to $197.8 million, or $1.89 per diluted share, from $243.3 million, or $2.29 per diluted share, a year earlier. Operating income declined to $277.5 million from $334.3 million. The decline was driven mainly by weaker volumes and lower revenue per load in the Integrated Capacity Solution (ICS) and Intermodal (JBI) segments, while Dedicated Contract Services (DCS) grew revenue 13% and operating income 29%. Cash flow and balance sheet activity were mixed. Net cash provided by operating activities rose to $487.6 million from $291.8 million, driven mainly by timing of working capital, while capital additions to property and equipment were $461.3 million. Total long-term debt fell to $991.7 million from $1.26 billion at December 31, 2022, as the current portion of $249.8 million, which includes the 3.85% senior notes due March 2024, was reclassified to current liabilities. The company repurchased about 183,000 shares for $30.8 million and paid a $0.42 quarterly dividend. Management stated it is committed to approximately $1.8 billion of capital spending over 2023 and 2024, of which about $1.2 billion is planned for 2023. The company stated it was in compliance with all debt covenants and that its liquid assets, operating cash flow and revolving credit line should be sufficient for its requirements for the foreseeable future. Management also said it expects an annual effective tax rate of 24.0% to 25.0% for 2023.

    Apr 28, 2023
  13. 2022-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2022

    J.B. Hunt Transport Services, Inc. reported third-quarter 2022 total operating revenues of $3.84 billion, up from $3.14 billion a year earlier, with operating income of $362.2 million versus $273.8 million and net earnings of $269.4 million versus $199.8 million. Diluted earnings per share were $2.57, compared with $1.88 in the prior-year quarter. For the nine months ended September 30, 2022, total operating revenues reached $11.16 billion, operating income was $1.05 billion, and net earnings were $768.0 million, with diluted EPS of $7.28. The Intermodal (JBI) and Dedicated Contract Services (DCS) segments drove much of the growth, while Integrated Capacity Solutions (ICS) revenue declined in the quarter. The filing notes a $30 million second-quarter 2022 expense for excess insurance claims reserves and an Insurance-Related Charge across segments. Cash flow and capital allocation were significant themes. Net cash provided by operating activities was $1.36 billion for the nine months, while additions to property and equipment totaled $1.09 billion. The company repurchased $300 million of common stock during the nine months and paid $125.2 million in dividends. Cash and cash equivalents fell to $84.3 million at September 30, 2022, and the company replaced its $750 million senior credit facility with a new facility authorizing up to $1.5 billion, of which $300.0 million was outstanding on the revolver at period end. Total long-term debt rose to $1.24 billion from $945.3 million at year-end 2021, after the $350 million 3.30% senior notes matured in August 2022. The company also completed two acquisitions in 2022: Zenith Freight Lines for $87.1 million in cash (Final Mile Services) and Alterri Distribution Center for $31.0 million in cash (Intermodal). Management stated it is committed to approximately $2.2 billion of capital spending over 2022 to 2024, with about $738 million planned for 2022. The filing states that the company was in compliance with its financing covenants and that management believes liquidity is sufficient for the foreseeable future.

    Nov 4, 2022
  14. 2022-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2022

    J.B. Hunt Transport Services, Inc. reported a strong second quarter 2022, with total operating revenues of $3.84 billion, up from $2.91 billion in the second quarter 2021, and operating income of $353.1 million versus $241.5 million a year earlier. Net earnings were $255.3 million, or $2.42 per diluted share, compared with $172.2 million, or $1.61 per diluted share, in the prior-year quarter. Total operating revenue excluding fuel surcharge revenue increased 21%, and the filing attributes the growth to higher JBI volumes and revenue per load, higher average truck counts in DCS, growth in JBT and ICS, and the Zenith acquisition in FMS. Operating expenses rose 30.7%, led by rents and purchased transportation, salaries and wages, and fuel, and the quarter included a $30 million charge for claims exceeding insurance coverage layer limits. For the first six months of 2022, net earnings were $498.7 million and diluted EPS was $4.72. Net cash provided by operating activities was $784.5 million, while net cash used in investing activities was $685.0 million, driven by $667.7 million in additions to property and equipment, and net cash used in financing activities was $331.2 million, including $239.3 million of treasury stock purchases. Cash fell to $123.8 million at June 30, 2022, from $355.5 million at December 31, 2021. The company had no borrowings outstanding under its $750 million senior revolving credit line, which expires in September 2023. The company is committed to approximately $2.4 billion of capital spending for 2022 to 2024, with about $1.0 billion planned for 2022. The Board authorized an additional $500 million share repurchase program on July 20, 2022, and declared a regular quarterly dividend of $0.40 per share payable on August 19, 2022. The filing also notes a $350 million senior note due August 2022, which management intends to repay from existing cash, the revolving line, or other long-term financing.

    Jul 29, 2022
  15. 2022-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2022

    J.B. Hunt Transport Services, Inc. reported a strong first quarter of 2022, with total operating revenues of $3.49 billion, up from $2.62 billion in the first quarter of 2021, and operating income of $334.3 million versus $207.7 million a year earlier. Net earnings were $243.3 million, or $2.29 per diluted share, compared with $146.6 million, or $1.37 per diluted share, in the prior-year period. The filing states that all five operating segments reported revenue growth, led by JBI and supported by strong growth at JBT and ICS, while FMS swung to an operating loss of $0.2 million. Costs rose sharply alongside revenue. Rents and purchased transportation increased 35.9%, fuel costs rose 67.6%, and salaries, wages and employee benefits increased 23.2%, reflecting higher purchased transportation rates, fuel prices, and driver pay in a tight labor market. Cash flow was more mixed: net cash from operations was $291.8 million versus $364.7 million a year earlier, while investing outflows of $376.1 million reflected higher equipment purchases and the $86.9 million cash acquisition of Zenith Freight Lines. Cash and equivalents fell to $144.5 million, and the company had no borrowings outstanding under its $750 million revolving credit facility. The company expects its 2022 capital commitments to total approximately $3.0 billion over 2022 to 2024, with about $1.5 billion planned for 2022, and it declared a regular quarterly dividend of $0.40 per share payable May 27, 2022. Management stated it was in compliance with all financing covenants and expects to maintain its investment-grade rating. The company also reported that a state use tax audit assessment is under appeal, with a recorded liability for probable exposure.

    May 2, 2022
  16. 2021-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2021

    J.B. Hunt Transport Services, Inc. reported third-quarter 2021 total operating revenues of $3.14 billion, up from $2.47 billion in the third quarter of 2020, with operating income rising to $273.8 million from $175.5 million and net earnings of $199.8 million, or $1.88 per diluted share, versus $125.5 million, or $1.18 per diluted share, a year earlier. For the first nine months of 2021, total operating revenues were $8.67 billion, net earnings were $518.6 million, and diluted earnings per share were $4.86. The company stated that all five operating segments grew revenue in the quarter, with ICS and JBT benefiting from a capacity-constrained freight environment, and that rising rail and truck purchased transportation rates, driver pay and fuel costs drove higher operating expenses. Cash flow and balance sheet activity were also significant. Net cash provided by operating activities was $969.8 million for the first nine months of 2021, compared with $911.0 million a year earlier. The company purchased $136.9 million of treasury stock in the nine-month period, and $366 million remained under its repurchase authorization at September 30, 2021. Net capital expenditures for 2021 are now expected to be between $950 million and $1.05 billion. Cash and cash equivalents totaled $529.6 million at quarter end, with no borrowings outstanding under the $750 million senior revolving line of credit. The current portion of long-term debt rose to $354.7 million because the $350 million of 3.30% senior notes are due August 2022, which the company intends to repay using its revolver or other long-term financing. The filing also describes ongoing COVID-19 effects, including the Delta variant and new federal vaccination requirements tied to U.S. Government contracts. In legal proceedings, the Eighth Circuit affirmed in part and reversed in part the Arkansas Federal Court's denial of relief in the BNSF arbitration matter, and an Amended Judgment was entered on October 21, 2021. Management believes resolution of pending claims and litigation will not have a material adverse effect on financial condition, results of operations or liquidity.

    Oct 28, 2021
  17. 2021-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2021

    J.B. Hunt Transport Services, Inc. reported strong second-quarter 2021 results, with total operating revenues of $2.91 billion, up from $2.15 billion in the second quarter of 2020, and net earnings of $172.2 million, or $1.61 per diluted share, compared with $121.7 million, or $1.14 per diluted share, a year earlier. Operating income rose to $241.5 million from $175.2 million. For the first six months of 2021, total operating revenues were $5.53 billion and net earnings were $318.8 million, or $2.98 per diluted share. Growth was led by Integrated Capacity Solutions (ICS), which more than doubled revenue to $608 million in the quarter and swung to $3.1 million of operating income from a $13.1 million loss, and by Intermodal (JBI) and Truckload (JBT). Management cited a strong rate environment, higher load volumes, and tighter driver supply, which pushed up rents and purchased transportation, driver pay, and fuel costs. Balance sheet and cash flow remained solid. Cash and cash equivalents rose to $570.9 million at June 30, 2021, and the revolving credit line of $750 million was undrawn. Net cash provided by operating activities was $668.7 million for the first six months of 2021. Total debt was $1.30 billion, and the company was in compliance with all financial covenants. The company repurchased 484,039 shares for $81.3 million in the second quarter, and the Board declared a quarterly dividend of $0.30 per share, up from $0.28 earlier in 2021. Management raised its expected 2021 net capital expenditures to $1.1 billion to $1.2 billion, from its earlier reduced plan. The filing notes ongoing COVID-19 uncertainty, including the Delta variant, and rail network service restrictions that constrained intermodal capacity and volumes during the quarter. It also discloses an ongoing dispute with BNSF Railway over revenue divisions under a Joint Service Agreement, with an appeal pending at the Eighth Circuit, and state use tax assessments that the company is contesting.

    Aug 3, 2021
  18. 2021-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2021

    J.B. Hunt Transport Services, Inc. reported first-quarter 2021 total operating revenues of $2.62 billion, up from $2.28 billion in the first quarter of 2020, with the filing stating a 15% increase (17% excluding fuel surcharge revenues). Operating income rose to $207.7 million from $154.7 million, and net earnings increased to $146.6 million from $104.8 million. Diluted earnings per share were $1.37 versus $0.98 a year earlier. The company attributed revenue growth mainly to its Integrated Capacity Solutions (ICS) and Truckload (JBT) segments, which captured capacity in the Marketplace for J.B. Hunt 360, along with higher revenue in Final Mile Services (FMS) and Dedicated Contract Services (DCS), partially offset by lower load volumes in Intermodal (JBI). Weather disruptions affected all segments in the quarter, most significantly JBI. Cash flow and balance sheet metrics were strong. Net cash provided by operating activities was $365 million, compared with $249 million a year earlier, and cash and cash equivalents stood at $553 million at March 31, 2021. The $750 million senior revolving credit line had no outstanding borrowings, and total debt was $1.30 billion. Management raised its expected 2021 net capital expenditures to $1.2 billion to $1.3 billion, mainly for intermodal containers and trailers used in the 360box program, and the company's quarterly dividend was increased to $0.30 per share, announced April 22, 2021. The filing notes ongoing COVID-19 uncertainty and continuing litigation with BNSF Railway over the revenue division under their Joint Service Agreement, which the company is appealing to the Eighth Circuit. Management believes the other claims will not have a material adverse effect, but it also disclosed state use tax assessments it is vigorously appealing.

    May 3, 2021
  19. 2020-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2020

    J.B. Hunt Transport Services, Inc. reported third-quarter 2020 total operating revenues of $2.47 billion, up from $2.36 billion in the third quarter of 2019, with operating income of $175.5 million versus $167.9 million and net earnings of $125.5 million versus $118.4 million. Diluted earnings per share were $1.18 compared with $1.10 a year earlier. For the first nine months of 2020, total operating revenues were $6.90 billion, compared with $6.72 billion, while operating income fell to $505.4 million from $528.8 million and net earnings declined to $352.0 million from $371.6 million. Management attributed the nine-month profit decline largely to lower results in the Intermodal (JBI) and Truckload (JBT) segments and an operating loss in Integrated Capacity Solutions (ICS), where gross profit margin fell to 7.6% in the quarter from 12.7% a year earlier, amid a more competitive pricing environment. The filing describes ongoing COVID-19 disruption. The company paused some planned 2020 capital expenditures and now expects net capital expenditures of $150 million to $175 million for the remainder of 2020. Cash was $318.5 million at September 30, 2020, with no borrowings under its $750 million revolving credit line, and senior notes totaled $1.30 billion. Management said it was in compliance with all debt covenants and expects to keep its investment-grade rating. The company also continues to pursue an appeal in its arbitration dispute with BNSF Railway, after a federal court in Arkansas confirmed the arbitration awards in July 2020 but denied the company's request for additional enforcement relief. The board declared a quarterly dividend of $0.27 per share in October 2020, payable November 20, 2020.

    Oct 29, 2020
  20. 2020-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2020

    J.B. Hunt Transport Services, Inc. reported second-quarter 2020 total operating revenues of $2.15 billion, down from $2.26 billion in the second quarter of 2019, a decrease the filing states as 5%. Excluding fuel surcharge revenue, revenues decreased less than one percent. Operating income fell to $175.2 million from $193.1 million, and net earnings declined to $121.7 million from $133.6 million, with diluted EPS of $1.14 versus $1.23. The company attributes the pressure primarily to lower load volumes in its Intermodal (JBI) and Integrated Capacity Solutions (ICS) segments, a more competitive pricing environment in ICS, and COVID-19-related network disruptions and costs. Management notes that the pandemic has created significant uncertainty and could continue to affect volumes and margins through the remainder of 2020. For the first six months of 2020, total operating revenues rose to $4.43 billion, up 2% from $4.35 billion, while operating income declined to $329.9 million from $360.9 million. Net earnings were $226.5 million versus $253.2 million a year earlier. Cash flow from operations was $640.0 million, and the company ended the period with $274.7 million in cash and no borrowings outstanding under its $750 million revolving credit line. Management reduced planned capital spending, now expecting net capital expenditures of $335 million to $385 million for the remainder of 2020, and stated it expects to maintain its investment-grade rating. The company also disclosed that it repurchased about $75 million of common stock in the first half of 2020, none in the second quarter, and declared a regular quarterly dividend of $0.27 per share payable in August 2020. A legal matter with BNSF Railway over revenue divisions under a Joint Service Agreement advanced when the Arkansas federal court confirmed the arbitration awards on July 21, 2020, while denying additional enforcement relief.

    Jul 28, 2020
  21. 2020-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2020

    J.B. Hunt Transport Services, Inc. reported first-quarter 2020 total operating revenues of $2.28 billion, up from $2.09 billion in the first quarter of 2019 (a 9.1% increase per the filing), but operating income fell to $154.7 million from $167.8 million and net earnings declined to $104.8 million from $119.6 million. Diluted EPS was $0.98 versus $1.09. Rents and purchased transportation rose 13.6% and salaries, wages and employee benefits rose 11.2%, which the filing attributes to higher load volume, driver pay, and a $12.3 million one-time COVID-19 related bonus. An $8.2 million charge related to the BNSF arbitration final award also weighed on results. Segment results were mixed. DCS operating income rose 46% to $72.9 million on higher fleet productivity, while ICS swung to an operating loss of $18.9 million, with gross profit margin falling to 9.6% from 16.5%, and FMS posted a $3.3 million operating loss. The filing notes that COVID-19 disruptions to load volumes began in March and could continue through 2020. Management reduced expected 2020 net capital expenditures for the remainder of the year to $450 million to $475 million and stated that it had no outstanding balance on its $750 million revolving line of credit at March 31, 2020, with cash of $48 million. The company repurchased about 800,000 shares for $75 million during the quarter, leaving $520 million of its combined repurchase authorization. Total debt was $1.30 billion, and management stated it was in compliance with all covenants and expects to maintain its investment-grade rating. The Board declared a regular quarterly dividend of $0.27 per share, payable May 22, 2020.

    May 1, 2020
  22. 2019-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2019

    J.B. Hunt Transport Services, Inc. reported third-quarter 2019 total operating revenues of $2.36 billion, up from $2.21 billion in the third quarter of 2018, with operating income of $167.9 million versus $174.7 million a year earlier. Net earnings were $118.4 million, or $1.10 diluted earnings per share, compared with $131.1 million, or $1.19 per diluted share, in the prior-year quarter. The filing states that operating revenue excluding fuel surcharges increased 9%, driven mainly by Dedicated Contract Services (DCS) growth, while Intermodal (JBI) and Integrated Capacity Solutions (ICS) faced margin pressure. Third-quarter results absorbed $44.2 million of charges tied to the BNSF arbitration Final Award and related legal fees, cost and interest claimed by BNSF, plus a $20 million casualty claim settlement recorded in the second quarter within DCS. For the first nine months of 2019, total operating revenues were $6.71 billion, up from $6.30 billion, while operating income fell to $528.8 million from $558.3 million and net earnings were $371.6 million, or $3.42 per diluted share. DCS segment operating income rose to $189.0 million from $134.0 million, while ICS operating income fell to $0.8 million from $34.0 million. Cash flow from operations was $937.6 million for the nine months, and the company spent $684.9 million in investing activities, including the $98.2 million Cory acquisition that expanded its Final Mile Services offering. Total debt rose to $1.29 billion after the issuance of $700 million of 3.875% senior notes due 2026, which repaid $250 million of notes that matured in March 2019. The company repurchased about 2.4 million shares for $226 million in the first nine months, leaving $145 million under its authorization, and declared a $0.26 quarterly dividend payable in November 2019. Management expects 2019 net capital expenditures of $650 million to $675 million and an annual tax rate of 24.5%. The company stated it was in compliance with all debt covenants at September 30, 2019.

    Nov 1, 2019
  23. 2019-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2019

    J.B. Hunt Transport Services, Inc. reported total operating revenues of $2.26 billion for the second quarter of 2019, up from $2.14 billion a year earlier, but operating income fell to $193.1 million from $214.8 million and net earnings declined to $133.6 million from $151.7 million. Diluted earnings per share were $1.23 versus $1.37. The decline was driven by higher operating expenses, most notably salaries, wages and employee benefits (up 15.0%), insurance and claims (up 83.3%, including a $20.0 million Final Mile Services claim charge within DCS), and depreciation and amortization (up 15.4%). Segment results were mixed: Dedicated Contract Services revenue rose 28% to $680 million with operating income up 3% to $60.5 million, while Intermodal (JBI) operating income fell 7% to $124.4 million and Integrated Capacity Solutions swung to a $0.6 million operating loss. For the first six months of 2019, operating revenues were $4.35 billion and net earnings were $253.2 million, compared with $4.09 billion and $269.8 million in the prior-year period. Operating cash flow rose to $606.7 million, while net capital expenditures were approximately $475 million. Total debt increased to $1.37 billion at June 30, 2019, following the issuance of $700 million of 3.875% senior notes due 2026 and the repayment of $250 million of notes at maturity. The company also repurchased approximately 1.98 million shares for $190 million during the six months, leaving $181 million remaining under its authorization. Management disclosed an unresolved arbitration with BNSF Railway under the Joint Service Agreement. The company has recorded pretax charges totaling $134 million related to the Interim Award, and further awards could result in a liability that is material to financial condition or results of operations. Management also noted that the company was in compliance with all debt covenants at June 30, 2019.

    Jul 26, 2019
  24. 2019-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2019

    J.B. Hunt Transport Services, Inc. reported first-quarter 2019 total operating revenues of $2.09 billion, up from $1.95 billion in the first quarter of 2018, while operating income was essentially flat at $167.8 million versus $168.8 million. Net earnings rose to $119.6 million from $118.1 million, and diluted earnings per share were $1.09 compared with $1.07. Growth was driven by the Dedicated Contract Services (DCS) segment, where revenue rose to $602 million from $494 million and operating income increased to $50.3 million from $40.6 million, offset by a decline in Intermodal (JBI) operating income to $103.3 million from $114.2 million on a 7% decrease in load volume. Operating expenses grew faster than revenue, led by salaries, wages and employee benefits, which rose to $516.3 million from $450.3 million, and general and administrative expenses, which rose to $45.0 million from $32.3 million. Balance sheet and cash flow activity were shaped by debt and an acquisition. The company issued $700 million of 3.875% senior notes due 2026, repaid $250 million of 2.40% senior notes at maturity, and reduced its revolving line of credit balance to zero. Long-term debt rose to $1.28 billion from $898.4 million at year-end 2018. The company acquired substantially all assets of Cory 1st Choice Home Delivery for $98.5 million in cash, adding $28.4 million of goodwill and $65.5 million of intangible assets to the Dedicated Contract Services segment. Net cash provided by operating activities was $251 million, and net cash used in investing activities was $311 million. The most significant open item for investors is the arbitration with BNSF Railway over revenue division under the Joint Service Agreement. The company recorded pretax charges totaling $134 million in the fourth quarter of 2018 related to the arbitration, and the filing states that a further adverse decision could result in a liability material to financial condition or results of operations. The company also disclosed that it declared a quarterly dividend of $0.26 per share, payable May 17, 2019.

    Apr 26, 2019
  25. 2018-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2018

    J.B. Hunt Transport Services, Inc. reported third-quarter 2018 total operating revenues of $2.21 billion, up from $1.84 billion in the third quarter of 2017, and operating income of $174.7 million versus $165.0 million. Net earnings rose to $131.1 million, or $1.19 per diluted share, compared with $100.4 million, or $0.91 per diluted share, a year earlier. For the first nine months of 2018, total operating revenues were $6.30 billion and net earnings were $400.9 million, or $3.63 per diluted share. Results were pressured by an $18.3 million pre-tax charge tied to an interim arbitration award in the ongoing BNSF Joint Service Agreement dispute, and an $8.6 million insurance and claims charge in JBI and an $8.4 million charge in DCS, both primarily related to settlement of driver lawsuits. The company states that the arbitration outcome could be material if decided adversely. The balance sheet reflects a shift in capital structure. Long-term debt fell to $820.9 million from $1,085.6 million at year-end 2017, largely because $248.7 million of senior notes due March 2019 were reclassified to current. On September 25, 2018, the company replaced its $500 million revolving credit facility with a $750 million facility maturing in 2023. Net cash provided by operating activities for the nine months was $777.6 million, while net cash used in investing activities was $586.3 million, reflecting higher equipment purchases. Management expects net capital expenditures of $750 million to $800 million for calendar 2018. In the filing, the company also disclosed a $15 million class settlement for California driver wage-and-hour lawsuits, subject to court approval, and a quarterly dividend of $0.24 per share declared in October 2018. The company reported that it was in compliance with all debt covenants at September 30, 2018.

    Oct 29, 2018
  26. 2018-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2018

    J.B. Hunt Transport Services, Inc. reported second-quarter 2018 total operating revenues of $2.14 billion, up from $1.73 billion in the second quarter of 2017, and net earnings of $151.7 million, or $1.37 diluted earnings per share, compared with $97.9 million, or $0.88 per diluted share, a year earlier. For the first six months of 2018, total operating revenues were $4.09 billion and net earnings were $269.8 million, or $2.44 diluted earnings per share. Operating income rose to $214.8 million for the quarter and $383.6 million for the six months. The company attributed growth primarily to higher revenue per load and volume in its Intermodal (JBI) and Integrated Capacity Solutions (ICS) segments, along with DCS productivity gains and Final Mile Services expansion. Cost pressures included higher rents and purchased transportation, driver wages and recruiting costs, and fuel expense, which increased 46.1% in the quarter. Balance sheet and cash flow data show operating cash flow of $529.0 million for the first six months of 2018, versus $443.4 million a year earlier, while net cash used in investing activities rose to $355.4 million on higher equipment purchases. Total debt declined to $755.6 million from $1,085.6 million at December 31, 2017, and the company reclassified $249.4 million of senior notes due March 2019 to current liabilities. The company stated it intends to repay those notes using its revolving line of credit or other long-term financing. Management expects net capital expenditures of $750 million to $775 million in calendar 2018. The filing also discloses a pending California driver class-action, in which a court granted partial summary judgment to plaintiffs on whether the activity-based compensation system violates California law, with trial scheduled for the third quarter of 2018; the company previously recorded a $10 million reserve for these claims but says it cannot reasonably estimate the possible loss beyond that. A separate arbitration with BNSF Railway over division of revenue remains pending, and the company cannot predict its outcome.

    Jul 27, 2018
  27. 2018-Q1-A

    J.B. Hunt Transport Services Quarterly Report (Amendment) for Q1 Ended Mar 31, 2018

    J.B. Hunt Transport Services, Inc. reported first-quarter 2018 total operating revenues of $1.95 billion, up 20% from $1.63 billion in the first quarter of 2017. Operating income rose to $168.8 million from $149.4 million, and net earnings increased to $118.1 million from $102.7 million. Diluted earnings per share were $1.07 compared with $0.92. Growth was led by the JBI (intermodal) segment, where revenue rose 14% to $1.07 billion and operating income rose 20%, and by ICS, where revenue rose 41% and operating income rose 99%. DCS revenue rose 26%, but its operating income fell 9%, and JBT revenue fell 1%. The company's operating expenses grew faster than revenue, at 20.3%, with fuel and fuel taxes up 33.8% and net interest expense up 34.3% due to higher effective interest rates on debt. Net cash provided by operating activities was $262 million, compared with $286 million a year earlier, and net capital expenditures were approximately $179 million. Total debt fell to $1.00 billion from $1.09 billion at December 31, 2017, and the company did not repurchase shares during the quarter, leaving $521 million of its combined repurchase authorization. The company declared a regular quarterly dividend of $0.24 per share, payable May 18, 2018. This Amendment No. 1 on Form 10-Q/A restates the entire original report, filed April 27, 2018, solely to correct a typographical error in MD&A. The original stated that Eastern network load volume was down 12%; the corrected filing states that it grew 12% compared with the first quarter of 2017. The financial statements are unchanged. The filing also notes an ongoing arbitration with BNSF Railway over revenue division and a California driver class action in which the company recorded a $10 million reserve in 2017.

    May 4, 2018
  28. 2018-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2018

    J.B. Hunt Transport Services, Inc. reported first-quarter 2018 total operating revenues of $1.95 billion, up from $1.63 billion in the first quarter of 2017, a 20% increase (17% excluding fuel surcharge revenues). Operating income rose to $168.8 million from $149.4 million, and net earnings increased to $118.1 million from $102.7 million. Diluted earnings per share were $1.07 versus $0.92 a year earlier. Growth was led by the Intermodal (JBI) and Integrated Capacity Solutions (ICS) segments, with Dedicated Contract Services (DCS) revenue up 26%, while DCS operating income fell 9% and Truckload (JBT) revenue slipped 1%. Costs rose faster than the top line in several areas. Total operating expenses increased 20.3%, with fuel and fuel taxes up 33.8%, rents and purchased transportation up 19.6%, and salaries, wages and employee benefits up 18.4%. The company attributed the wage increase to driver pay and a tighter supply of qualified drivers. Net interest expense increased 34.3% on higher effective interest rates, and the effective tax rate fell to 26.0% from 28.0%, reflecting the Tax Cuts and Jobs Act. Net cash provided by operating activities was $261.6 million, while net cash used in investing activities rose to $179.3 million on higher equipment purchases. Balance sheet activity centered on debt. Total debt was $1.00 billion at March 31, 2018, down from $1.09 billion at December 31, 2017, and $247.6 million of senior notes became current ahead of their March 2019 maturity, which the company intends to repay using its revolving credit line or other long-term financing. The company was in compliance with all covenants, and it did not repurchase shares during the quarter, leaving $521 million of its repurchase authorization available. The quarterly dividend was raised to $0.24 per share, and management expects net capital expenditures of $440 million to $460 million for the remainder of 2018.

    Apr 27, 2018
  29. 2017-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2017

    J.B. Hunt Transport Services, Inc. reported third-quarter 2017 total operating revenues of $1.84 billion, up from $1.69 billion a year earlier, with operating revenues excluding fuel surcharges increasing 8%. Operating income fell to $165.0 million from $183.0 million, and net earnings declined to $100.4 million from $109.4 million, with diluted EPS of $0.91 versus $0.97. For the nine months, total operating revenues were $5.20 billion (up 8% from $4.83 billion), while operating income decreased to $478.0 million from $526.7 million and net earnings to $301.0 million from $314.5 million. Management attributed the margin pressure to higher driver wages, insurance and claims costs, rail purchased transportation rates, and operating disruptions from hurricanes Harvey, Irma and Maria. The balance sheet grew with the July 31, 2017 acquisition of Special Logistics Dedicated, LLC (SLD) for $137.6 million in cash, which produced approximately $60 million of definite-lived intangibles and approximately $56 million of goodwill, both assigned to the Dedicated Contract Services segment. Long-term debt rose to $1.08 billion from $986.3 million at year-end 2016, mainly from the revolving line of credit, which was used to fund the acquisition. Net cash provided by operating activities was $628.5 million for the nine months, and the company did not repurchase shares in the third quarter, with $521 million remaining under its repurchase authorizations. The company disclosed a pending arbitration with BNSF Railway regarding the division of revenue, and a Ninth Circuit decision on July 31, 2017 that vacated the judgment in its favor in the California driver class-action litigation, with a petition for rehearing en banc pending. The company stated it cannot reasonably estimate the possible loss from these lawsuits. Capital expenditures for 2017 are expected in the range of $475 million to $500 million.

    Oct 27, 2017
  30. 2017-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2017

    J.B. Hunt Transport Services, Inc. reported total operating revenues of $1.73 billion for the second quarter of 2017, up from $1.62 billion a year earlier, with operating revenues excluding fuel surcharges up 5%. Operating income fell to $163.6 million from $175.8 million, as total operating expenses rose 8.6%, outpacing revenue growth. Net earnings were $97.9 million, or $0.88 diluted EPS, compared with $105.0 million, or $0.92, in the prior-year quarter. For the first six months, net earnings were $200.6 million, or $1.80 diluted EPS, compared with $205.1 million in 2016, and the effective tax rate was lowered to 32.9% by a one-time after-tax benefit of $13.6 million. The pressure on profitability came from several areas. Insurance and claims expense rose 43.8% in the quarter on higher incident volume and accident severity, and rents and purchased transportation increased 9.6%. The ICS segment swung to an operating loss of $0.2 million, while JBT and DCS operating income also declined. JBI operating income rose 4% to $109.7 million. Operating cash flow for the first six months was $443.4 million, versus $474.1 million a year earlier, and the company repurchased about $180 million of stock during the period. Balance-sheet and capital items include total debt of $943.2 million, a debt-to-equity ratio of 0.67, and $521 million remaining under share repurchase authorizations. The company expects net capital expenditures of $450 million to $475 million for 2017 and agreed on July 20, 2017 to acquire Special Logistics Dedicated, LLC for $136 million, to be financed with its revolving credit facility. Ongoing items include a California driver class action, which the company says it cannot reasonably estimate the loss from, and an arbitration with BNSF Railway over revenue division.

    Jul 28, 2017
  31. 2017-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2017

    J.B. Hunt Transport Services, Inc. reported first-quarter 2017 total operating revenues of $1.63 billion, up from $1.53 billion in the first quarter of 2016, with operating revenues excluding fuel surcharge revenues of $1.46 billion versus $1.43 billion. Operating income declined to $149.4 million from $167.9 million, as total operating expenses rose 8.7% against the 6.6% revenue increase. Net earnings were $102.7 million, or $0.92 diluted earnings per share, compared with $100.1 million, or $0.88 per diluted share, in the prior-year quarter. The income tax line benefited from a one-time after-tax benefit of $13.6 million for federal research and development tax credits and domestic production tax deductions for 2012 through 2016, which lowered the effective tax rate to 28.0% from 38.0%. Segment results were mixed. Dedicated Contract Services (DCS) revenue rose 10% to $392 million with operating income flat at $44.8 million, while Integrated Capacity Solutions (ICS) revenue rose 14% to $209 million but its operating income fell 59% to $4.4 million. Intermodal (JBI) revenue increased 5% to $937 million, though its operating income declined 8% to $95.3 million amid competitive pricing pressure and higher costs. Truckload (JBT) operating income fell 46% to $4.9 million. Insurance and claims expense rose 32%, and fuel and fuel taxes rose 35.7%. Cash flow and capital allocation remained central. Net cash from operating activities was $285.6 million, and the company repurchased about 1.33 million shares for $129.8 million during the quarter. Total debt stood at $950.6 million, with a debt-to-equity ratio of 0.69. On April 20, 2017, the Board authorized an additional $500 million share repurchase and declared a quarterly dividend of $0.23 per share, up from $0.22. The company also disclosed an arbitration with BNSF Railway over the division of revenue under their Joint Service Agreement, and the outcome cannot currently be predicted.

    Apr 28, 2017
  32. 2016-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2016

    J.B. Hunt Transport Services, Inc. reported third-quarter 2016 total operating revenues of $1.69 billion, up from $1.59 billion in the third quarter of 2015, with operating revenues excluding fuel surcharges increasing 8%. Operating income declined to $183.0 million from $193.8 million, and net earnings fell to $109.4 million from $115.1 million, with diluted earnings per share of $0.97 versus $0.99. Operating expenses rose 8.3% outpacing revenue growth of 6.6%, driven by rents and purchased transportation (up 9.9%) on higher rail purchased transportation rates and load volume, and salaries, wages and benefits (up 6.5%) on higher driver pay. For the first nine months of 2016, total operating revenues were $4.83 billion, a 6% increase, and net earnings were $314.5 million compared with $310.5 million a year earlier. Segment performance was mixed: Intermodal (JBI) operating income fell to $116.9 million in the quarter, Dedicated Contract Services (DCS) rose 16% to $52.5 million, Integrated Capacity Solutions (ICS) revenue grew 35% but operating income fell 26%, and Truckload (JBT) operating income dropped 55% to $5.1 million. Cash flow from operations was $684.0 million for the nine months, and total debt was $943.7 million at September 30, 2016, with $276 million remaining under the $500 million share repurchase authorization. The company expects net capital expenditures of $500 million to $525 million in calendar 2016, and it declared a quarterly dividend of $0.22 per share in October 2016. Management attributed margin pressure to lower customer rates, higher driver and insurance costs, and tepid customer demand, while the company stated it believes its liquidity will be sufficient for operating and capital requirements for the foreseeable future.

    Oct 28, 2016
  33. 2016-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2016

    J.B. Hunt Transport Services, Inc. reported second-quarter 2016 total operating revenues of $1.62 billion ($1,615,026 thousand), up from $1.54 billion in the second quarter of 2015, and operating income of $175.8 million versus $173.7 million a year earlier. Net earnings were $105.0 million, or $0.92 per diluted share, compared with $103.4 million, or $0.88 per diluted share, in the prior-year quarter. Operating revenues excluding fuel surcharges increased 9% in the quarter, driven primarily by load growth in the JBI and ICS segments, while fuel surcharge revenues fell to $131.7 million from $179.3 million, and fuel and fuel taxes expense declined 15.8%. For the first six months of 2016, total operating revenues were $3.14 billion, a 5% increase, and net earnings were $205.1 million, or $1.80 per diluted share. Operating cash flow rose to $474.1 million from $453.5 million, and net capital expenditures were approximately $258 million, with management expecting $525 million to $550 million for calendar 2016. Total debt declined to $957.6 million from $998.0 million at year-end 2015, and the company repurchased $100 million of common stock during the first half under a $500 million authorization, with $351 million remaining. The filing also notes that the company is a defendant in California-based driver class actions, for which it states it cannot reasonably estimate a possible loss, and that it believes other pending claims will not have a material adverse effect. Management reported that disclosure controls were effective as of June 30, 2016.

    Jul 28, 2016
  34. 2016-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2016

    J.B. Hunt Transport Services, Inc. reported first-quarter 2016 total operating revenues of $1.53 billion, up from $1.44 billion in the first quarter of 2015, a 6% increase (13% excluding fuel surcharge revenues). Operating income rose to $167.9 million from $155.2 million, and net earnings were $100.1 million, or $0.88 per diluted share, compared with $91.9 million, or $0.78 per diluted share, a year earlier. Growth was driven mainly by load volume gains in the Intermodal (JBI) segment, with load volume up 12%, and by Dedicated Contract Services (DCS), where revenue rose 4% and segment operating income rose 25%. Integrated Capacity Solutions (ICS) volumes grew 45%, and its operating income increased 63%. Cash generation and capital allocation were central to the quarter. Net cash provided by operating activities was $305 million, versus $256 million a year earlier, and the company spent $100 million repurchasing about 1,305,000 shares under its $500 million authorization, leaving $351 million available at March 31, 2016. Total debt was $961.3 million, and the total debt to equity ratio was 0.75. The company also raised its quarterly dividend to $0.22 per share from $0.21. Management expects net capital expenditures of $410 million to $430 million for the remainder of 2016. Risks noted in the filing include a pending Ninth Circuit appeal in California driver class-action litigation, for which management said it cannot reasonably estimate a possible loss. Operating expenses also rose, with general and administrative expenses up 56.7% due to higher charitable contributions and professional fees, and salaries, wages and benefits up 9.7% amid a tighter supply of qualified drivers. Fuel costs fell 27.4% on lower fuel prices.

    Apr 29, 2016
  35. 2015-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2015

    J.B. Hunt Transport Services, Inc. reported third-quarter 2015 total operating revenues of $1.59 billion, down 1% from $1.60 billion a year earlier, as lower fuel surcharge revenue and weaker-than-expected customer demand offset customer rate increases and load growth across all four segments. Excluding fuel surcharge revenue from both periods, revenues rose 8%. Operating income increased to $193.8 million from $172.1 million, and net earnings rose to $115.1 million, or $0.99 diluted earnings per share, from $102.4 million, or $0.87. For the first nine months of 2015, net earnings were $310.5 million, or $2.65 diluted EPS, compared with $264.5 million, or $2.23 a year earlier, on total operating revenues of $4.57 billion, which were flat year over year. Cash generation was strong, with net cash provided by operating activities of $697 million for the first nine months of 2015, versus $486 million in the prior-year period. The company issued $350 million of 3.30% senior notes due 2022 in August 2015 and repaid a $250 million note at maturity in September 2015. Total long-term debt rose to $993.4 million from $683.5 million at December 31, 2014. Shareholder returns were significant: the company purchased about $212.2 million of common stock in the first nine months, and its Board authorized a new $500 million repurchase program on October 22, 2015, alongside a regular quarterly dividend of $0.21 per share. Management cited a tighter supply of qualified drivers and higher driver pay as drivers of salaries, wages and benefits growth, which rose 7.5% in the quarter. The company disclosed pending California driver class-action litigation, for which it stated it cannot reasonably estimate a possible loss. Net capital expenditures were approximately $431 million for the first nine months, and the company expects net capital expenditures of $570 million to $590 million for calendar 2015.

    Oct 23, 2015
  36. 2015-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2015

    J.B. Hunt Transport Services, Inc. reported second-quarter 2015 total operating revenues of $1,539,957 thousand ($1.54 billion), roughly flat against $1,547,867 thousand in the second quarter of 2014, as customer rate increases and volume growth in several segments were offset by lower fuel surcharge revenue, which fell to $179,326 thousand from $279,231 thousand. Operating income rose to $173,735 thousand from $159,230 thousand, and net earnings increased to $103,419 thousand from $93,408 thousand. Diluted earnings per share were $0.88 versus $0.79 a year earlier. Management attributed the operating income gain to segment performance, particularly Dedicated Contract Services (operating income of $40.6 million versus $30.3 million), while noting approximately $6.4 million in JBI costs and other corporate-wide streamlining and technology redevelopment costs that also affected results, with general and administrative expenses rising to $27,670 thousand from $11,547 thousand. For the six months ended June 30, 2015, net earnings were $195,351 thousand versus $162,071 thousand, and diluted EPS was $1.66 versus $1.36. Net cash provided by operating activities rose to $453,537 thousand from $301,001 thousand, while net cash used in investing activities declined to $319,343 thousand from $352,843 thousand, reflecting lower equipment purchases. Total debt was $893.2 million at June 30, 2015, compared with $934.0 million at December 31, 2014, and the company repurchased $34.4 million of stock in the first half. The company expects net capital expenditures of $600 million to $625 million for calendar 2015 and reported $222.4 million in commitments to acquire revenue equipment and facilities for the remainder of the year. The filing also discloses that the company is a defendant in California-based driver class actions, where it cannot reasonably estimate a possible loss, and that its working capital ratio fell to 1.01 from 1.14 at year-end 2014. The company declared a regular quarterly dividend of $0.21 per share payable August 14, 2015.

    Jul 30, 2015
  37. 2015-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2015

    J.B. Hunt Transport Services, Inc. reported net earnings of $91.9 million, or $0.78 per diluted share, for the quarter ended March 31, 2015, compared with $68.7 million, or $0.58 per diluted share, in the first quarter of 2014. Total operating revenues rose to $1.44 billion from $1.41 billion, a 2% increase, and rose 10% excluding fuel surcharge revenues. Operating income increased to $155.2 million from $117.3 million, driven by lower fuel expense (fuel and fuel taxes fell 31.8%) and higher volumes and rates in the Dedicated Contract Services (DCS) and Intermodal (JBI) segments. By segment, JBI operating income rose 12% to $104.3 million on 6% volume growth, DCS operating income rose 130% to $35.8 million on a 7% revenue increase, and JBT operating income rose 248% to $8.5 million. ICS revenue was flat at $163 million, with load volumes up 17% offset by lower revenue per load. Operating cash flow was $255.5 million, up from $159.0 million, and total debt was $878.2 million at quarter-end, compared with $934.0 million at December 31, 2014. The company repurchased about 79,500 shares for $6.4 million during the quarter and declared a quarterly dividend of $0.21 per share, up from $0.20 a year earlier. Management noted that salaries, wages and benefits rose 8.6% and depreciation and amortization rose 18.0%, and it expects net capital expenditures of $625 million to $650 million for 2015. Separately, the company remains a defendant in California driver class-action lawsuits, for which it cannot reasonably estimate a possible loss.

    Apr 24, 2015
  38. 2014-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2014

    J.B. Hunt Transport Services, Inc. reported third-quarter 2014 total operating revenues of $1.60 billion, up from $1.44 billion in the third quarter of 2013, a 12% increase per the filing's MD&A. Operating income rose to $172.1 million from $150.7 million, and net earnings increased to $102.4 million from $89.5 million. Diluted earnings per share were $0.87 versus $0.75 a year earlier. Growth was driven mainly by higher load volume in the JBI intermodal segment and by the ICS Integrated Capacity Solutions segment, which grew revenue 35% to $185 million, while the JBT truck segment's revenue declined on a 6% reduction in fleet size. For the first nine months of 2014, revenues reached $4.56 billion (up 11%) and net earnings were $264.5 million, compared with $250.5 million. Cost pressures were visible in the filing: insurance and claims expense rose 57.8% in the quarter, salaries, wages and benefits rose 12.9% amid tighter driver supply, and the DCS dedicated segment's operating income slipped for the nine-month period to $80.2 million from $80.9 million. JBI also cited slow train speeds and limited dray fleet capacity hurting network fluidity. Balance sheet and capital activity were significant. Long-term debt rose to $587.1 million, and total debt was $837.1 million at September 30, 2014, against $708.4 million at year-end 2013, after the company issued $250 million of 2.40% senior notes due 2019 and $250 million of 3.85% notes due 2024 in March 2014 and repaid a $100 million 6.08% note and a term loan. Net capital expenditures for the first nine months were about $479 million, and management expects $660 million to $670 million for calendar 2014. The company declared a $0.20 quarterly dividend and had $263 million remaining under its share repurchase authorization, with no repurchases in the quarter.

    Oct 30, 2014
  39. 2014-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2014

    J.B. Hunt Transport Services, Inc. reported total operating revenues of $1.55 billion for the second quarter of 2014, up from $1.38 billion in the second quarter of 2013, and operating income of $159.2 million versus $147.4 million. Net earnings were $93.4 million, or $0.79 diluted earnings per share, compared with $87.7 million, or $0.73 per diluted share, a year earlier. For the first six months of 2014, total operating revenues were $2.95 billion and net earnings were $162.1 million, or $1.36 per diluted share. Revenue growth was led by the Intermodal (JBI) and Integrated Capacity Solutions (ICS) segments, while Dedicated Contract Services (DCS) and Truck (JBT) contributed through productivity and rate improvements. Operating expense growth outpaced revenue growth in the quarter, driven by driver pay and recruiting costs, and by insurance and claims expense, which rose 64.2% in the quarter. Balance sheet and cash flow changes were significant during the period. Total debt rose to $874.0 million at June 30, 2014, from $708.4 million at year-end 2013, following $499.6 million in new long-term debt proceeds, including $250 million of 2.40% senior notes due 2019 and $250 million of 3.85% senior notes due 2024. The company repaid $250 million of debt during the first half, including the $100 million 6.08% senior notes paid early in April 2014. Net cash used in investing activities was $352.8 million, mainly for equipment additions of $438.0 million, and the company expects net capital expenditures of $680 million to $690 million for calendar 2014. Management also repurchased $75 million of common stock in the second quarter and declared a regular quarterly dividend of $0.20 per share. Management highlighted several operating pressures, including service disruptions, slower rail velocity, and driver shortages that affected JBI and DCS productivity during the first half. The company also disclosed that a judgment was entered in its favor in the lead California driver class-action, though the plaintiffs have appealed to the Ninth Circuit and the company cannot reasonably estimate the possible loss from the remaining lawsuits.

    Jul 29, 2014
  40. 2014-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2014

    J.B. Hunt Transport Services, Inc. reported first-quarter 2014 total operating revenues of $1.41 billion (1,406,908 thousand), up from $1.29 billion in the first quarter of 2013, with operating income of $117.3 million versus $125.0 million a year earlier. Net earnings were $68.7 million, or $0.58 per diluted share, compared with $73.3 million, or $0.61 per diluted share, in the prior-year quarter. The filing attributes the revenue growth primarily to a 5% increase in JBI load volumes, new and fully implemented DCS customer contracts, and a 29% increase in ICS revenue per load, while costs rose faster: total operating expenses increased 10.5% against the 8.9% revenue increase. Salaries, wages and employee benefits rose 15.4%, and insurance and claims rose 24.0%, with management citing winter weather, rail service disruptions and a tight driver supply as drivers of higher costs and lower productivity in the DCS and JBI segments. Balance sheet and cash flow changes were driven by financing activity. The company issued $250 million of 2.40% senior notes due 2019 and $250 million of 3.85% senior notes due 2024 on March 6, 2014, and entered into a $250 million interest rate swap on the 2019 notes. Total debt rose to $852.2 million at March 31, 2014, from $708.4 million at December 31, 2013. Cash and cash equivalents increased to $124.2 million, and the company paid $100 million of 6.08% senior notes in full on April 1, 2014. Net cash provided by operating activities was $159.0 million, versus $206.8 million in the prior-year period, and management expects net capital expenditures of $675 million to $700 million for calendar 2014. The Board increased the quarterly dividend to $0.20 per share from $0.15 and declared another $0.20 dividend on April 24, 2014.

    Apr 25, 2014
  41. 2013-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2013

    J.B. Hunt Transport Services, Inc. reported third-quarter 2013 total operating revenues of $1.44 billion, up from $1.30 billion in the third quarter of 2012, an increase the filing describes as 11%. Operating income rose to $150.7 million from $133.1 million, and net earnings increased to $89.5 million from $78.2 million. Diluted earnings per share were $0.75 versus $0.65 a year earlier. For the nine months, revenues reached $4.11 billion and net earnings were $250.5 million, or $2.10 per diluted share. Growth was led by the Intermodal (JBI) segment, where load volume rose 12% in the quarter and segment operating income increased 21%, and by the Dedicated Contract Services (DCS) segment, where revenue rose 17% on new long-term contracts. The Truck (JBT) segment shrank, with revenue down 17% on an 18% reduction in fleet size. Profitability pressures appeared in the Integrated Capacity Solutions (ICS) segment, where gross profit margin fell to 10.4% from 12.8% on tighter third-party carrier capacity, and in DCS, which incurred about $2.5 million of implementation costs in the quarter. Salaries, wages and benefits and rents and purchased transportation grew faster than revenue in the quarter. Operating cash flow for the nine months was $411.2 million, while net capital expenditures reached $334 million and the company expects $425 million to $450 million for calendar 2013. Balance sheet and capital allocation changes were notable. Total debt was $687.5 million at quarter end, with $250.0 million classified as current, and the company repurchased $64.7 million of stock in the first nine months. The board declared a quarterly dividend of $0.15 per share on October 29, 2013. The company disclosed that it is a defendant in California class-action wage and hour lawsuits, with a first trial date set for the second quarter of 2014, and it stated it cannot reasonably estimate the possible loss.

    Oct 30, 2013
  42. 2013-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2013

    J.B. Hunt Transport Services, Inc. reported record-level second-quarter 2013 results in its Form 10-Q for the quarter ended June 30, 2013. Total operating revenues rose to $1,382.9 million for the three months, up from $1,255.1 million, and operating income increased to $147.4 million from $137.2 million. Net earnings were $87.7 million, or $0.73 per diluted share, versus $80.5 million, or $0.67 per diluted share, a year earlier. For the six months, net earnings were $161.0 million ($1.35 diluted EPS) compared with $148.1 million ($1.24 diluted EPS). Growth was led by the Intermodal (JBI) and Integrated Capacity Solutions (ICS) segments, with JBI revenue up to $855 million on a 12% increase in load volume. The Truck (JBT) segment was the notable laggard, with revenue down 20% to $101 million and operating income falling to $2.9 million from $8.8 million, reflecting a 16% reduction in fleet size. Dedicated Contract Services (DCS) revenue grew 13% to $303 million, but its operating income declined to $29.7 million amid implementation costs for new long-term customer contracts. On the balance sheet, total debt was $674.1 million at June 30, 2013, down from $685.3 million at year-end 2012, and the company repurchased about 900,000 shares for $65 million during the quarter under its $500 million authorization, leaving $388 million available. Capital expenditures for 2013 are expected in the range of $425 million to $450 million. The filing also discloses pending California driver class-action lawsuits, for which the company states it cannot reasonably estimate a possible loss.

    Jul 30, 2013
  43. 2013-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2013

    J.B. Hunt Transport Services, Inc. reported first-quarter 2013 total operating revenues of $1.29 billion, up from $1.17 billion in the first quarter of 2012, an increase the filing describes as 11%. Operating income rose to $125.0 million from $116.6 million, and net earnings increased to $73.3 million from $67.7 million. Diluted earnings per share were $0.61 compared with $0.57 a year earlier. Growth was led by the JBI intermodal segment, whose revenue rose 15% on a 13% increase in load volume, and the ICS segment, whose revenue rose 26%. The JBT truck segment shrank, with revenue down 21% on a 21% reduction in fleet size and operating income falling to $1.1 million from $4.9 million. Cash flow and balance sheet were strengthened over the period. Net cash from operating activities was $206.8 million versus $146.3 million, helped by higher payables and timing of payments. Total debt fell to $593.3 million from $685.3 million at December 31, 2012, and the debt-to-equity ratio improved to 0.68 from 0.87. The company made no dividend payment in the first quarter of 2013 because it had pulled the regular dividend forward into December 2012, though it declared a $0.15 quarterly dividend on April 25, 2013. Management expects net capital expenditures of $425 million to $450 million for 2013 and has committed about $277 million for the remainder of the year. Operating costs grew slightly faster than revenue, with total operating expenses up 11.2%, driven by a 15.9% increase in rents and purchased transportation. Management cited higher insurance and claims expense from two large prior-period claims, and DCS segment implementation costs of about $1.7 million, with roughly $2.5 million more expected. The company also faces a class-action lawsuit by California-based drivers over unpaid wages and meal and rest periods, and it said it cannot reasonably estimate the possible loss.

    Apr 26, 2013
  44. 2012-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2012

    J.B. Hunt Transport Services, Inc. reported third-quarter 2012 total operating revenues of $1.30 billion ("$1,295,792 thousand"), up 11% from $1.17 billion in the third quarter 2011, with operating income of $133.1 million versus $118.7 million and net earnings of $78.2 million, or $0.65 diluted earnings per share, compared with $68.7 million, or $0.57 per diluted share, a year earlier. For the first nine months of 2012, total operating revenues rose 12% to $3.72 billion, operating income increased to $386.9 million from $321.9 million, and diluted earnings per share were $1.89 versus $1.50. Segment performance was mixed. The Intermodal (JBI) segment drove growth, with revenue up 15% to $794 million for the quarter on a 15% increase in load volume and operating income up 25% to $97.9 million. The Integrated Capacity Solutions (ICS) segment grew revenue 30% to $121 million, while the Dedicated Contract Services (DCS) segment's operating income fell to $25.6 million from $29.7 million due to new-account implementation costs. The Truck (JBT) segment was weaker, with revenue down 8% and operating income of $4 million versus $6.8 million, as tractor count fell roughly 9%. Balance sheet and liquidity improved. Total debt declined to $644.9 million at September 30, 2012, from $768.0 million a year earlier, and stockholders' equity rose to $781.2 million from $567.5 million at December 31, 2011. Operating cash flow was $417.3 million for the nine months, versus $488.2 million in the prior-year period, and management expects net capital expenditures of $350 million to $375 million for 2012. The company also declared a regular quarterly dividend of $0.14 per share, and it had no share repurchases during the quarter.

    Oct 26, 2012
  45. 2012-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2012

    J.B. Hunt Transport Services, Inc. reported second-quarter 2012 total operating revenues of $1.26 billion, up 9.2% from $1.15 billion in the second quarter of 2011, with net earnings rising 22.5% to $80.5 million ($0.67 diluted EPS versus $0.53). Operating income increased to $137.2 million from $113.4 million, driven by the JBI intermodal segment (operating income of $93.4 million versus $76.5 million) and the DCS segment. Rents and purchased transportation rose 14.9%, reflecting higher load volume that drove third-party rail and truck carrier usage, while fuel costs fell 6%. For the first six months of 2012, revenues reached $2.42 billion, up 12.6%, and net earnings were $148.1 million ($1.24 diluted EPS). Net cash provided by operating activities was $261 million, down from $308 million, mainly due to timing of accounts payable payments. Total debt stood at $679.5 million at June 30, 2012, and the company expects net capital expenditures of $375 million to $400 million for calendar 2012. The filing also notes a California driver class action for which the company cannot reasonably estimate a possible loss. The company declared a regular quarterly dividend of $0.14 per share, payable August 17, 2012, and had $503 million remaining under its share repurchase authorizations, though it made no repurchases in the second quarter.

    Jul 31, 2012
  46. 2012-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2012

    J.B. Hunt Transport Services, Inc. reported first-quarter 2012 total operating revenues of $1.17 billion, up from $1.00 billion in the first quarter of 2011, a 16.5% increase. Fuel surcharge revenues rose to $227.2 million from $169.2 million. Operating income increased to $116.6 million from $89.8 million, and net earnings rose to $67.7 million from $50.1 million. Diluted earnings per share were $0.57, compared with $0.40 a year earlier. All four business segments (Intermodal (JBI), Dedicated Contract Services (DCS), Truck (JBT), and Integrated Capacity Solutions (ICS)) contributed to revenue growth, and JBI and DCS drove most of the operating income gains. The JBT segment's operating income declined to $4.9 million from $5.8 million. Operating costs grew more slowly than revenue. Total operating expenses rose 15.2%, and the operating ratio improved to 90.0% of revenues from 91.0%. Rents and purchased transportation, the largest expense at 47.7% of revenues, rose 22.6%, reflecting higher load volume and fuel costs passed through third-party carriers. Net cash provided by operating activities was $146.3 million, and capital expenditures were $112.7 million gross, or about $84 million net of equipment sale proceeds. The company did not repurchase any shares during the quarter, and it raised its quarterly dividend to $0.14 per share. Total debt was $702.1 million at March 31, 2012, compared with $749.2 million at December 31, 2011, and the company stated it was in compliance with all covenants. The company expects net capital expenditures of $370 million to $390 million for calendar 2012. Its disclosed California driver class-action lawsuits cannot be reasonably estimated, though management believes other pending claims will not have a material adverse effect.

    Apr 27, 2012
  47. 2011-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2011

    J.B. Hunt Transport Services, Inc. reported third-quarter 2011 total operating revenues of $1.17 billion, up from $986.0 million in the third quarter of 2010, with fuel surcharge revenues of $223.9 million versus $131.2 million. Operating income rose to $118.7 million from $91.5 million, and net earnings increased to $68.7 million, or $0.57 per diluted share, compared with $52.2 million, or $0.41 per diluted share, a year earlier. For the first nine months of 2011, total operating revenues were $3.32 billion, operating income was $321.9 million, and diluted EPS was $1.50 versus $1.10. The filing states that operating expenses rose 17.7% in the quarter against an 18.8% increase in revenues, with fuel and fuel taxes expense up 39.2% and rents and purchased transportation up 23.7%. All four segments grew operating income in the quarter: JBI (Intermodal) rose to $78.4 million from $60.3 million, DCS to $29.7 million from $22.1 million, JBT to $6.8 million from $6.5 million, and ICS to $3.8 million from $2.7 million. Management attributed the intermodal improvement mainly to volume growth and price increases, and the dedicated business to improved cost controls and new contracts. Balance sheet and cash flow changes were notable. Total debt was $768 million at September 30, 2011, up from $654.2 million at December 31, 2010, and the debt-to-equity ratio rose to 1.54 from 1.14. Net cash provided by operating activities was $488.2 million for the nine months, while additions to property and equipment were $365.9 million. The company repurchased $246.4 million of treasury stock in the nine months, and its Board authorized an additional $500 million buyback on October 27, 2011. The filing also states that the company is defending California class-action wage and meal-and-rest-period claims and cannot reasonably estimate a possible loss.

    Oct 28, 2011
  48. 2011-Q2

    J.B. Hunt Transport Services Quarterly Report for Q2 Ended Jun 30, 2011

    J.B. Hunt Transport Services, Inc. reported a strong second quarter 2011, with total operating revenues of $1,149.9 million, up from $942.8 million in the second quarter of 2010, and net earnings of $65.7 million, or $0.53 per diluted share, compared with $52.1 million, or $0.40 per diluted share, a year earlier. Higher fuel prices lifted fuel surcharge revenues to $225.2 million from $130.7 million. Operating income rose to $113.4 million from $91.3 million. For the first six months, operating revenues were $2,150.6 million and net earnings were $115.8 million, or $0.94 per diluted share. The JBI intermodal segment drove much of the growth, with segment revenue up 29% in the quarter on an 18% increase in load volume. Cash generation and leverage moved in opposite directions. Net cash provided by operating activities was $307.7 million for the six months, versus $208.8 million a year earlier, while net cash used in investing activities rose to $210.9 million, mainly for equipment additions tied to the JBI container and chassis fleet. Total debt was $664.3 million at June 30, 2011, up from $617.1 million a year earlier. The company refinanced the $200 million 5.31% senior notes that matured in March 2011 with a $200 million variable-rate term loan, and it repurchased $85.3 million of treasury stock in the six months. The filing states that management expects net capital expenditures of $450 million to $480 million for calendar 2011. The filing also flags several items for investors. The company is renewing its $350 million revolving line of credit, which expires in March 2012. It is a defendant in California class-action lawsuits brought by current and former drivers, and it states it cannot reasonably estimate a possible loss. The company reported that it was in compliance with all financial covenants at June 30, 2011. Its Board declared a regular quarterly dividend of $0.13 per share on July 21, 2011.

    Jul 29, 2011
  49. 2011-Q1

    J.B. Hunt Transport Services Quarterly Report for Q1 Ended Mar 31, 2011

    J.B. Hunt Transport Services, Inc. reported first-quarter 2011 total operating revenues of $1,000.8 million, up from $844.7 million in the first quarter of 2010, an 18.5% increase as stated in the filing. Fuel surcharge revenues were $169.2 million versus $107.8 million a year earlier. Operating income rose to $89.8 million from $67.4 million, and net earnings increased to $50.1 million, or $0.40 per diluted share, compared with $37.5 million, or $0.29 per diluted share, in the prior-year quarter. Growth was led by the JBI intermodal segment, where revenue rose 23% to $577 million on a 15% increase in load volume. Cash flow from operations increased to $136.6 million from $86.7 million. Net cash used in investing activities was $112.4 million, reflecting higher equipment additions, and the company spent $55.4 million repurchasing treasury stock. Total debt rose to $698.2 million at March 31, 2011, from $541.0 million a year earlier, and the working capital ratio was 1.1. The company entered a $200 million variable rate term loan in March 2011 and stated it had $194 million remaining under its $500 million share repurchase authorization. Management expects net capital expenditures of $410 million to $440 million for calendar 2011. The filing discloses a pending class-action lawsuit by current and former California-based drivers alleging unpaid wages and missed meal and rest periods. The company stated it cannot reasonably estimate the possible loss, and it believes other claims will not have a material adverse effect on its financial condition, results of operations or liquidity.

    Apr 29, 2011
  50. 2010-Q3

    J.B. Hunt Transport Services Quarterly Report for Q3 Ended Sep 30, 2010

    J.B. Hunt Transport Services, Inc. reported third-quarter 2010 total operating revenues of $986.0 million, up from $833.7 million in the third quarter of 2009, and operating income of $91.5 million versus $71.0 million a year earlier. Net earnings rose to $52.2 million, or $0.41 per diluted share, compared with $40.0 million, or $0.31 per diluted share, in the prior-year quarter. For the first nine months of 2010, total operating revenues were $2.77 billion and net earnings were $141.8 million, or $1.10 per diluted share. The filing attributes the growth primarily to higher load volumes in the Intermodal (JBI) segment and strong growth in the Dedicated Contract Services (DCS) segment, while Integrated Capacity Solutions (ICS) margins compressed. The balance sheet shifted over the period. In September 2010 the company issued $250 million of 3.375% senior notes due 2015 and used part of the proceeds to repay its revolving line of credit, which had no balance at quarter end. Total debt was approximately $649 million at September 30, 2010, compared with $565 million at December 31, 2009. Of that amount, $200 million of 5.31% senior notes mature in March 2011 and are classified as a current liability, which lowered the working capital ratio to 0.93 from 1.46 at December 31, 2009. Stockholders' equity fell to $594.5 million from $643.9 million, reflecting share repurchases of approximately $175 million under a $500 million authorization, with $325 million remaining. Cash flow from operations was $330.2 million for the nine months, up from $248.2 million, while net capital expenditures were about $145 million. The company also disclosed that it is a defendant in class-action lawsuits brought by current and former California-based drivers, and it cannot reasonably estimate a possible loss from them.

    Oct 29, 2010