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J.B. Hunt Transport Services, Inc. Reports Earnings For The Second Quarter 2012

J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced second quarter 2012 net earnings of $80.5 million, or diluted earnings per share of 67 cents vs. second quarter 2011 net earnings of $65.7 million, or 53 cents per diluted share.

Total operating revenue for the current quarter was $1.26 billion, compared with $1.15 billion for the second quarter 2011. Load growth of 13% in Intermodal (JBI) and 16% in Integrated Capacity Solutions (ICS), helped drive a 13% and 23% increase in segment revenue, respectively. Dedicated Contract Services (DCS) segment revenue increased by 1% while Truck (JBT) segment revenue decreased by 3%. Current quarter total operating revenue, excluding fuel surcharges, also increased 9% vs. the comparable quarter 2011.

Operating income for the current quarter totaled $137 million vs. $113 million for the second quarter 2011. Operating income increases from steady demand and higher volumes in JBI and ICS and lower fuel costs in DCS and JBT were partially offset by increases in rail and truck purchase transportation costs, driver wages, toll road charges, maintenance costs and safety costs compared to the same period a year ago.

Interest expense in the current quarter increased slightly due to increased debt levels. The effective income tax rate for the quarter was 38.25% vs. 38.5% in 2011.

Segment Information:

Intermodal (JBI)

  • Second Quarter 2012 Segment Revenue: $762 million; up 13%
  • Second Quarter 2012 Operating Income: $93.4 million; up 22%

Overall volumes increased 13% over the same period in 2011 in an environment of moderating fuel prices and less seasonally volatile freight demand. Eastern network growth was 21% and transcontinental growth was 8% over the second quarter 2011. Revenue grew 13% with the effect of traffic mix, customer rate increases and fuel surcharges keeping revenue per load virtually flat compared to a year ago.

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