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J. B. Hunt Transport Services, Inc. Reports Record Revenues, Record Net Earnings And Record Earnings Per Share For Both The Fourth Quarter And Year Ended December 31, 2012

Operating income for the current quarter decreased 27% compared to the same quarter of 2011. Fourth quarter 2011 results included an approximate $0.3 million expense for severance and charitable commitments. Short term pricing improvements were offset by a lower truck count, reduced utilization, increased driver and independent contractor pay and fewer gains on the sale of equipment compared to the same period 2011.

Cash Flow and Capitalization:

At December 31, 2012, we had total debt outstanding of $685 million on various debt instruments compared to $749 million at December 31, 2011 and $645 million at September 30, 2012.

Our net capital expenditures for 2012 approximated $370 million vs. $446 million in 2011. The decrease in capital expenditures was primarily due to purchasing fewer containers and chassis for JBI and trading fewer tractors across all business units. At December 31, 2012, we had cash and cash equivalents of $5.6 million.

In the fourth quarter 2012, we used $50 million to purchase approximately 849,000 shares of our common stock. At December 31, 2012, we had approximately $453 million remaining under our share repurchase authorizations.

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 December 31
2012 2011
% Of % Of
Amount     Revenue Amount     Revenue
 
Operating revenues, excluding fuel surcharge revenues $ 1,067,194 $ 974,009
Fuel surcharge revenues 270,942 230,928
Total operating revenues 1,338,136 100.0 % 1,204,937 100.0 %
 
Operating expenses
Rents and purchased transportation 666,745 49.8 % 579,910 48.1 %
Salaries, wages and employee benefits 270,706 20.2 % 258,483 21.5 %
Fuel and fuel taxes 117,542 8.8 % 116,567 9.7 %
Depreciation and amortization 59,046 4.4 % 55,632 4.6 %
Operating supplies and expenses 44,978 3.4 % 39,636 3.3 %
Insurance and claims 16,447 1.2 % 12,399 1.0 %
General and administrative expenses, net of asset dispositions 7,513 0.6 % 8,386 0.7 %
Operating taxes and licenses 7,545 0.6 % 7,246 0.6 %
Communication and utilities 4,279 0.3 % 4,391 0.4 %
Total operating expenses 1,194,801 89.3 % 1,082,650 89.9 %
Operating income 143,335 10.7 % 122,287 10.1 %
Net interest expense 5,296 0.4 % 6,214 0.5 %
Earnings before income taxes 138,039 10.3 % 116,073 9.6 %
Income taxes 54,062 4.0 % 43,508 3.6 %
Net earnings $ 83,977 6.3 % $ 72,565 6.0 %
Average diluted shares outstanding 120,019 119,363
Diluted earnings per share $ 0.70 $ 0.61
 
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
           
Twelve Months Ended December 31
2012 2011
% Of % Of
Amount     Revenue Amount     Revenue
 
Operating revenues, excluding fuel surcharge revenues $ 4,058,165 $ 3,677,679
Fuel surcharge revenues 996,815 849,163
Total operating revenues 5,054,980 100.0% 4,526,842 100.0%
 
Operating expenses
Rents and purchased transportation 2,485,635 49.2% 2,122,811 46.9%
Salaries, wages and employee benefits 1,037,526 20.5% 1,001,953 22.1%
Fuel and fuel taxes 465,874 9.2% 463,597 10.2%
Depreciation and amortization 229,166 4.5% 213,943 4.7%
Operating supplies and expenses 178,610 3.5% 160,425 3.6%
Insurance and claims 53,832 1.1% 44,929 1.0%
General and administrative expenses, net of asset dispositions 27,231 0.6% 28,900 0.7%
Operating taxes and licenses 29,461 0.6% 27,871 0.6%
Communication and utilities 17,445 0.3% 18,180 0.4%
Total operating expenses 4,524,780 89.5% 4,082,609 90.2%
Operating income 530,200 10.5% 444,233 9.8%
Net interest expense 25,559 0.5% 28,500 0.6%
Earnings before income taxes 504,641 10.0% 415,733 9.2%
Income taxes 194,287 3.9% 158,727 3.5%
Net earnings $ 310,354 6.1% $ 257,006 5.7%
Average diluted shares outstanding 120,022 121,922
Diluted earnings per share $ 2.59 $ 2.11
                         
 
Financial Information By Segment
(in thousands)
(unaudited)
           
 
Three Months Ended December 31
2012 2011
% Of % Of
Amount     Total Amount     Total
 

Revenue

 
Intermodal $ 821,208 61 % $ 728,795 60 %
Dedicated 283,722 21 % 260,019 22 %
Integrated Capacity Solutions 128,517 10 % 98,881 8 %
Truck 112,722   9 % 127,928   11 %
Subtotal 1,346,169 101 % 1,215,623 101 %
Intersegment eliminations (8,033 ) (1 %) (10,686 ) (1 %)
Consolidated revenue $ 1,338,136   100 % $ 1,204,937   100 %
 
 

Operating income

 
Intermodal $ 104,223 73 % $ 83,882 69 %
Dedicated 29,396 20 % 27,356 22 %
Integrated Capacity Solutions 4,614 3 % 4,072 3 %
Truck 5,150 4 % 7,076 6 %
Other (1) (48 ) (0 %) (99 ) (0 %)
Operating income $ 143,335   100 % $ 122,287   100 %
 
 
 
 
 
Twelve Months Ended December 31
2012 2011
% Of % Of
Amount     Total Amount     Total

Revenue

 
Intermodal $ 3,071,127 61 % $ 2,672,955 59 %
Dedicated 1,079,508 21 % 1,031,393 23 %
Integrated Capacity Solutions 456,331 9 % 355,817 8 %
Truck 483,757   10 % 504,132   11 %
Subtotal 5,090,723 101 % 4,564,297 101 %
Intersegment eliminations (35,743 ) (1 %) (37,455 ) (1 %)
Consolidated revenue $ 5,054,980   100 % $ 4,526,842   100 %
 
 

Operating income

 
Intermodal $ 374,965 71 % $ 301,439 68 %
Dedicated 116,335 22 % 103,087 23 %
Integrated Capacity Solutions 16,130 3 % 13,109 3 %
Truck 22,880 4 % 26,670 6 %
Other (1) (110 ) (0 %) (72 ) (0 %)
Operating income $ 530,200   100 % $ 444,233   100 %
 
 
(1) Includes corporate support activity
 
Operating Statistics by Segment
(unaudited)
       
Three Months Ended December 31
2012   2011  
 

Intermodal

 
Loads 368,022 333,000
Average length of haul 1,720 1,726
Revenue per load $ 2,231 $ 2,189
Average tractors during the period * 3,582 3,109
 
Tractors (end of period)
Company-owned 3,124 2,901
Independent contractor 472   213  
Total tractors 3,596 3,114
 
Net change in trailing equipment during the period 1,049 2,584
Trailing equipment (end of period) 58,962 54,506
Average effective trailing equipment usage 56,473 52,540
 
 

Dedicated

 
Loads 407,801 354,711
Average length of haul 196 210
Revenue per truck per week** $ 4,220 $ 4,172
Average trucks during the period*** 5,294 4,915
 
Trucks (end of period)
Company-owned 4,844 4,571
Independent contractor 15 17
Customer-owned (Dedicated operated) 394   330  
Total trucks 5,253 4,918
 
Trailing equipment (end of period) 13,448 11,211
Average effective trailing equipment usage 14,884 12,472
 
 

Integrated Capacity Solutions

 
Loads 94,315 64,267
Revenue per load $ 1,363 $ 1,539
Gross profit margin 14.1 % 13.9 %
Employee count (end of period) 453 384
Approximate number of third-party carriers (end of period) 32,300 28,800
 
 

Truck

 
Loads 104,694 113,893
Average length of haul 452 506
Loaded miles (000) 46,690 56,698
Total miles (000) 55,288 65,287
Average nonpaid empty miles per load 81.6 73.9
Revenue per tractor per week** $ 3,968 $ 3,960
Average tractors during the period * 2,258 2,597
 
Tractors (end of period)
Company-owned 1,192 1,637
Independent contractor 901   948  
Total tractors 2,093 2,585
 
Trailers (end of period) 8,954 9,302
Average effective trailing equipment usage 7,724 8,124
 
 
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
 
Operating Statistics by Segment
(unaudited)
       
Twelve Months Ended December 31
2012   2011  
 

Intermodal

 
Loads 1,415,663 1,248,302
Average length of haul 1,702 1,726
Revenue per load $ 2,169 $ 2,141
Average tractors during the period * 3,417 2,924
 
Tractors (end of period)
Company-owned 3,124 2,901
Independent contractor 472   213  
Total tractors 3,596 3,114
 
Net change in trailing equipment during the period 4,456 8,840
Trailing equipment (end of period) 58,962 54,506
Average effective trailing equipment usage 54,302 49,482
 
 

Dedicated

 
Loads 1,522,740 1,444,518
Average length of haul 201 205
Revenue per truck per week** $ 4,164 $ 4,175
Average trucks during the period*** 5,057 4,811
 
Trucks (end of period)
Company-owned 4,844 4,571
Independent contractor 15 17
Customer-owned (Dedicated operated) 394   330  
Total trucks 5,253 4,918
 
Trailing equipment (end of period) 13,448 11,211
Average effective trailing equipment usage 13,932 12,711
 
 

Integrated Capacity Solutions

 
Loads 326,574 253,344
Revenue per load $ 1,397 $ 1,404
Gross profit margin 13.0 % 13.5 %
Employee count (end of period) 453 384
Approximate number of third-party carriers (end of period) 32,300 28,800
 
 

Truck

 
Loads 449,366 444,851
Average length of haul 467 514
Loaded miles (000) 207,677 225,997
Total miles (000) 242,311 259,144
Average nonpaid empty miles per load 77.1 72.7
Revenue per tractor per week** $ 3,891 $ 3,869
Average tractors during the period* 2,435 2,557
 
Tractors (end of period)
Company-owned 1,192 1,637
Independent contractor 901   948  
Total tractors 2,093 2,585
 
Trailers (end of period) 8,954 9,302
Average effective trailing equipment usage 7,985 8,089
 
 
* 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)
 
      December 31, 2012         December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents $ 5,589 $ 5,450
Accounts Receivable 466,011 411,479
Prepaid expenses and other     82,932         96,613
Total current assets     554,532         513,542
Property and equipment 2,904,706 2,658,143
Less accumulated depreciation     1,019,232         931,273
Net property and equipment     1,885,474         1,726,870
Other assets     24,635         26,920
    $ 2,464,641       $ 2,267,332
 
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $ 100,000 $ 50,000
Trade accounts payable 266,722 251,625
Claims accruals 47,442 42,364
Accrued payroll 70,647 77,107
Other accrued expenses 17,199 17,419
Deferred income taxes     750         -
Total current liabilities     502,760         438,515
 
Long-term debt 585,347 699,177
Other long-term liabilities 53,050 45,382
Deferred income taxes 531,624 516,715
Stockholders' equity     791,860         567,543
    $ 2,464,641       $ 2,267,332
 
 
 
Supplemental Data
(unaudited)
                 
      December 31, 2012         December 31, 2011
 
Actual shares outstanding at end of period (000)     117,529         116,932
 
Book value per actual share outstanding at end of period   $ 6.74       $ 4.85
 
 
                 
Twelve Months Ended December 31
2012 2011
 
Net cash provided by operating activities (000)   $ 548,044       $ 635,692
 
Net capital expenditures (000)   $ 369,679       $ 445,869




Stock quotes in this article: JBHT 

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