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J.B. Hunt Transport Services, Inc. Reports Record Revenues And Earnings For The First Quarter 2012

Operating income for the current quarter decreased compared to the same quarter of 2011. Lower maintenance costs and improvements in miles per gallon were offset by higher fuel costs, increases in driver and independent contractor costs, higher safety expenses, and fewer gains on equipment sales compared to the first quarter of 2011.

Integrated Capacity Solutions (ICS)
  • First Quarter 2012 Segment Revenue: $97 million; up 30%
  • First Quarter 2012 Operating Income: $4.1 million; up 58%

ICS revenue increased 30% vs. first quarter 2011 primarily due to a 14% increase in load volume, higher fuel costs and higher pricing in our transactional business. Operating income increased 58% over the same period in 2011 primarily from the increased revenue, improved overhead cost controls and favorable customer collections. Gross profit margin declined slightly to 14.3% in the current quarter vs. 14.7% last year due to increased rates paid to carriers from tighter supply and increased fuel costs. ICS’s carrier base increased 14% and our employee count increased 14.5% compared to first quarter 2011.

Cash Flow and Capitalization:

At March 31, 2012, we had a total of $702 million outstanding on various debt instruments compared to $698 million at March 31, 2011, and $749 million at December 31, 2011.

Our net capital expenditures for the first quarter 2012 approximated $84 million compared to $112 million for the first quarter 2011. At March 31, 2012, we had cash and cash equivalents of $5.7 million.

We did not purchase any shares of our common stock during the quarter. At March 31, 2012, we had approximately $503 million remaining under two separate share repurchase authorizations. Actual shares outstanding at March 31, 2012 approximated 117 million.

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2011. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.
 
 
 
 
 
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
       
Three Months Ended March 31
2012 2011
% Of % Of
Amount   Revenue Amount   Revenue
 
Operating revenues, excluding fuel surcharge revenues $ 938,683 $ 831,600
Fuel surcharge revenues 227,239   169,180  
Total operating revenues 1,165,922 100.0 % 1,000,780 100.0 %
 
Operating expenses
Rents and purchased transportation 556,117 47.7 % 453,705 45.3 %
Salaries, wages and employee benefits 250,044 21.4 % 232,027 23.2 %
Fuel and fuel taxes 120,554 10.3 % 108,975 10.9 %
Depreciation and amortization 56,120 4.8 % 51,357 5.1 %
Operating supplies and expenses 39,811 3.4 % 36,648 3.7 %
Insurance and claims 11,045 1.0 % 9,847 1.0 %
General and administrative expenses, net of asset dispositions 3,995 0.4 % 6,880 0.7 %
Operating taxes and licenses 7,142 0.6 % 6,648 0.6 %
Communication and utilities 4,497   0.4 % 4,870   0.5 %
Total operating expenses 1,049,325   90.0 % 910,957   91.0 %
Operating income 116,597 10.0 % 89,823 9.0 %
Net interest expense 6,987   0.6 % 8,434   0.9 %
Earnings before income taxes 109,610 9.4 % 81,389 8.1 %
Income taxes 41,926   3.6 % 31,294   3.1 %
Net earnings $ 67,684   5.8 % $ 50,095   5.0 %
Average diluted shares outstanding 119,750   123,966  
Diluted earnings per share $ 0.57   $ 0.40  
 
 
 
 
 
 
Financial Information By Segment
(in thousands)
(unaudited)
 
Three Months Ended March 31
2012 2011
% Of % Of
Amount   Total Amount   Total
 

Revenue
 
Intermodal $ 694,116 60 % $ 576,903 58 %
Dedicated 255,852 22 % 238,456 24 %
Truck 128,156 11 % 119,097 12 %
Integrated Capacity Solutions 97,052   8 % 74,745   7 %
Subtotal 1,175,176 101 % 1,009,201 101 %
Intersegment eliminations (9,254 ) (1 %) (8,421 ) (1 %)
Consolidated revenue $ 1,165,922   100 % $ 1,000,780   100 %
 
 

Operating income
 
Intermodal $ 79,430 68 % $ 62,638 70 %
Dedicated 28,149 24 % 18,616 21 %
Truck 4,884 4 % 5,835 6 %
Integrated Capacity Solutions 4,064 4 % 2,579 3 %
Other (1) 70   0 % 155   0 %
Operating income $ 116,597   100 % $ 89,823   100 %
 
 
(1) Includes corporate support activity
 
 
 
 
 

 
Operating Statistics by Segment
(unaudited)
     
Three Months Ended March 31
2012 2011
 

Intermodal
 
Loads 324,142 279,346
Average length of haul 1,704 1,741
Revenue per load $ 2,141 $ 2,065

Average tractors during the period*
3,185 2,702
 
Tractors (end of period)
Company-owned 2,956 2,648
Independent contractor 299   88  
Total tractors 3,255 2,736
 
Net change in trailing equipment during the period 331 2,600
Trailing equipment (end of period) 54,837 48,266
Average effective trailing equipment usage 50,596 45,847
 
 

Dedicated
 
Loads 351,187 345,653
Average length of haul 208 201
Revenue per truck per week** $ 4,069 $ 4,004
Average trucks during the period*** 4,881 4,652
 
Trucks (end of period)
Company-owned 4,600 4,340
Independent contractor 18 20
Customer-owned (Dedicated operated) 244   353  
Total trucks 4,862 4,713
 
Trailing equipment (end of period) 11,163 11,241
Average effective trailing equipment usage 12,435 12,727
 
 

Truck
 
Loads 116,904 106,263
Average length of haul 498 533
Loaded miles (000) 57,551 56,206
Total miles (000) 66,264 63,986
Average nonpaid empty miles per load 73.8 70.1

Revenue per tractor per week**
$ 3,822 $ 3,672

Average tractors during the period*
2,615 2,550
 
Tractors (end of period)
Company-owned 1,563 1,632
Independent contractor 998   865  
Total tractors 2,561 2,497
 
Trailers (end of period) 9,285 9,319
Average effective trailing equipment usage 8,154 8,167
 
 

Integrated Capacity Solutions
 
Loads 68,138 59,813
Revenue per load $ 1,424 $ 1,250
Gross profit margin 14.3 % 14.7 %
Employee count (end of period) 379 331
Approximate number of third-party carriers (end of period) 29,800 26,100
 
 
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
 
 
 
 
 
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
     
      March 31, 2012       December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents $ 5,713 $ 5,450
Accounts Receivable 447,706 411,479
Prepaid expenses and other     82,667       96,613
Total current assets     536,086       513,542
Property and equipment 2,713,194 2,658,143
Less accumulated depreciation     952,680       931,273
Net property and equipment     1,760,514       1,726,870
Other assets     26,262       26,920
    $ 2,322,862     $ 2,267,332
 
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $ 100,000 $ 50,000
Trade accounts payable 301,636 251,625
Claims accruals 41,931 42,364
Accrued payroll 53,570 77,107
Other accrued expenses     46,283       17,419
Total current liabilities     543,420       438,515
 
Long-term debt 602,119 699,177
Other long-term liabilities 46,988 45,382
Deferred income taxes 500,039 516,715
Stockholders' equity     630,296       567,543
    $ 2,322,862     $ 2,267,332
 
 
 
 
Supplemental Data
(unaudited)
               
      March 31, 2012       December 31, 2011
 
Actual shares outstanding at end of period (000)     117,085       116,932
 
Book value per actual share outstanding at end of period   $ 5.38     $ 4.85
 
 
               
Three Months Ended March 31
2012 2011
 
Net cash provided by operating activities (000)   $ 146,272     $ 136,583
 
Net capital expenditures (000)   $ 83,782     $ 112,346
 
 

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