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J.B. Hunt Transport Services, Inc. Reports Earnings For The Third Quarter 2013

Our net capital expenditures for the nine months ended September 30, 2013 approximated $334 million compared to $279 million for the same period 2012. At September 30, 2013, we had cash and cash equivalents of $6 million.

We did not purchase any shares of our common stock during the quarter. At September 30, 2013 we had approximately $388 million remaining under our share repurchase authorization. Actual shares outstanding at September 30, 2013 approximated 117.9 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, 2012. 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 September 30
2013 2012
% Of % Of
Amount   Revenue Amount   Revenue
 
Operating revenues, excluding fuel surcharge revenues $ 1,165,965 $ 1,046,769
Fuel surcharge revenues 269,885 249,023
Total operating revenues 1,435,850 100.0 % 1,295,792 100.0 %
 
Operating expenses
Rents and purchased transportation 724,417 50.5 % 646,049 49.9 %
Salaries, wages and employee benefits 289,789 20.2 % 260,911 20.1 %
Fuel and fuel taxes 114,147 7.9 % 114,694 8.9 %
Depreciation and amortization 64,291 4.5 % 57,773 4.5 %
Operating supplies and expenses 55,378 3.9 % 48,281 3.7 %
Insurance and claims 13,878 1.0 % 13,745 1.1 %
General and administrative expenses, net of asset dispositions 10,172 0.6 % 9,369 0.6 %
Operating taxes and licenses 8,168 0.6 % 7,451 0.6 %
Communication and utilities 4,881 0.3 % 4,467 0.3 %
Total operating expenses 1,285,121 89.5 % 1,162,740 89.7 %
Operating income 150,729 10.5 % 133,052 10.3 %
Net interest expense 5,835 0.4 % 6,346 0.5 %
Earnings before income taxes 144,894 10.1 % 126,706 9.8 %
Income taxes 55,422 3.9 % 48,465 3.8 %
Net earnings $ 89,472 6.2 % $ 78,241 6.0 %
Average diluted shares outstanding 119,357 120,281
Diluted earnings per share $ 0.75 $ 0.65
 
                     
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
 
Nine Months Ended September 30
2013 2012
% Of % Of
Amount   Revenue Amount   Revenue
 
Operating revenues, excluding fuel surcharge revenues $ 3,325,070 $ 2,990,971
Fuel surcharge revenues 785,225 725,873
Total operating revenues 4,110,295 100.0 % 3,716,844 100.0 %
 
Operating expenses
Rents and purchased transportation 2,062,745 50.2 % 1,818,890 48.9 %
Salaries, wages and employee benefits 835,765 20.3 % 766,820 20.6 %
Fuel and fuel taxes 340,987 8.3 % 348,332 9.4 %
Depreciation and amortization 187,304 4.6 % 170,120 4.6 %
Operating supplies and expenses 149,918 3.6 % 133,632 3.6 %
Insurance and claims 38,759 0.9 % 37,385 1.0 %
General and administrative expenses, net of asset dispositions 33,581 0.9 % 19,718 0.5 %
Operating taxes and licenses 23,723 0.6 % 21,916 0.6 %
Communication and utilities 14,338 0.3 % 13,166 0.4 %
Total operating expenses 3,687,120 89.7 % 3,329,979 89.6 %
Operating income 423,175 10.3 % 386,865 10.4 %
Net interest expense 18,320 0.4 % 20,263 0.5 %
Earnings before income taxes 404,855 9.9 % 366,602 9.9 %
Income taxes 154,337 3.8 % 140,225 3.8 %
Net earnings $ 250,518 6.1 % $ 226,377 6.1 %
Average diluted shares outstanding 119,552 120,022
Diluted earnings per share $ 2.10 $ 1.89
 
                             
Financial Information By Segment
(in thousands)
(unaudited)
               
 
Three Months Ended September 30
2013 2012
% Of % Of
Amount   Total Amount   Total

Revenue

 
Intermodal $ 890,099 62 % $ 793,759 62 %
Dedicated 318,951 22 % 272,624 21 %
Integrated Capacity Solutions 137,405 10 % 121,268 9 %
Truck 96,861   7 % 116,699   9 %
Subtotal 1,443,316 101 % 1,304,350 101 %
Intersegment eliminations (7,466 ) (1 %) (8,558 ) (1 %)
Consolidated revenue $ 1,435,850   100 % $ 1,295,792   100 %
 
 

Operating income

 
Intermodal $ 118,034 78 % $ 97,943 74 %
Dedicated 29,254 19 % 25,592 19 %
Integrated Capacity Solutions 2,839 2 % 5,496 4 %
Truck 648 1 % 4,006 3 %
Other (1) (46 ) (0 %) 15   0 %
Operating income $ 150,729   100 % $ 133,052   100 %
 
 
Nine Months Ended September 30
2013 2012
% Of % Of
Amount   Total Amount   Total

Revenue

 
Intermodal $ 2,541,093 62 % $ 2,249,918 61 %
Dedicated 900,658 22 % 795,786 21 %
Integrated Capacity Solutions 391,551 10 % 327,814 9 %
Truck 299,873   7 % 371,035   10 %
Subtotal 4,133,175 101 % 3,744,553 101 %
Intersegment eliminations (22,880 ) (1 %) (27,709 ) (1 %)
Consolidated revenue $ 4,110,295   100 % $ 3,716,844   100 %
 
 

Operating income

 
Intermodal $ 325,507 77 % $ 270,742 70 %
Dedicated 80,905 19 % 86,939 22 %
Integrated Capacity Solutions 12,174 3 % 11,516 3 %
Truck 4,699 1 % 17,731 5 %
Other (1) (110 ) (0 %) (63 ) (0 %)
Operating income $ 423,175   100 % $ 386,865   100 %
 
 
(1) Includes corporate support activity
 
                         
Operating Statistics by Segment
(unaudited)
               
Three Months Ended September 30
2013 2012
 

Intermodal

 
Loads 411,548 368,709
Average length of haul 1,693 1,697
Revenue per load $ 2,163 $ 2,153
Average tractors during the period * 4,033 3,522
 
Tractors (end of period)
Company-owned 3,452 3,134
Independent contractor 598 413
Total tractors 4,050 3,547
 
Net change in trailing equipment during the period 2,009 1,901
Trailing equipment (end of period) 63,920 57,913
Average effective trailing equipment usage 62,448 56,088
 
 

Dedicated

 
Loads 485,994 395,912
Average length of haul 190 198
Revenue per truck per week** $ 4,023 $ 4,146
Average trucks during the period*** 6,099 5,153
 
Trucks (end of period)
Company-owned 5,606 4,819
Independent contractor 10 15
Customer-owned (Dedicated operated) 600 410
Total trucks 6,216 5,244
 
Trailing equipment (end of period) 18,355 13,176
Average effective trailing equipment usage 19,828 14,555
 
 

Integrated Capacity Solutions

 
Loads 93,880 90,009
Revenue per load $ 1,464 $ 1,347
Gross profit margin 10.4% 12.8%
Employee count (end of period) 490 428
Approximate number of third-party carriers (end of period) 34,000 31,400
 
 

Truck

 
Loads 95,302 109,268
Average length of haul 434 462
Loaded miles (000) 41,151 49,885
Total miles (000) 47,969 58,313
Average nonpaid empty miles per load 74.5 77.4
Revenue per tractor per week** $ 3,758 $ 3,783
Average tractors during the period * 1,989 2,406
 
Tractors (end of period)
Company-owned 1,193 1,425
Independent contractor 758 956
Total tractors 1,951 2,381
 
Trailers (end of period) 7,698 9,095
Average effective trailing equipment usage 6,744 7,982
 
 
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
 
                         
Operating Statistics by Segment
(unaudited)
               
Nine Months Ended September 30
2013 2012
 

Intermodal

 
Loads 1,177,910 1,047,641
Average length of haul 1,691 1,696
Revenue per load $ 2,157 $ 2,148
Average tractors during the period * 3,860 3,362
 
Tractors (end of period)
Company-owned 3,452 3,134
Independent contractor 598 413
Total tractors 4,050 3,547
 
Net change in trailing equipment during the period 4,958 3,407
Trailing equipment (end of period) 63,920 57,913
Average effective trailing equipment usage 59,511 53,578
 
 

Dedicated

 
Loads 1,331,134 1,114,939
Average length of haul 195 203
Revenue per truck per week** $ 4,079 $ 4,145
Average trucks during the period*** 5,729 4,978
 
Trucks (end of period)
Company-owned 5,606 4,819
Independent contractor 10 15
Customer-owned (Dedicated operated) 600 410
Total trucks 6,216 5,244
 
Trailing equipment (end of period) 18,355 13,176
Average effective trailing equipment usage 18,939 13,615
 
 

Integrated Capacity Solutions

 
Loads 289,543 232,259
Revenue per load $ 1,352 $ 1,411
Gross profit margin 11.7% 12.5%
Employee count (end of period) 490 428
Approximate number of third-party carriers (end of period) 34,000 31,400
 
 

Truck

 
Loads 297,212 344,672
Average length of haul 430 472
Loaded miles (000) 126,914 160,987
Total miles (000) 148,624 187,024
Average nonpaid empty miles per load 74.0 75.8
Revenue per tractor per week** $ 3,835 $ 3,866
Average tractors during the period* 2,035 2,494
 
Tractors (end of period)
Company-owned 1,193 1,425
Independent contractor 758 956
Total tractors 1,951 2,381
 
Trailers (end of period) 7,698 9,095
Average effective trailing equipment usage 7,132 8,072
 
 
* 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)
       
        September 30, 2013       December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents $ 5,968 $ 5,589
Accounts Receivable 584,914 466,011
Prepaid expenses and other       57,150       82,932
Total current assets       648,032       554,532
Property and equipment 3,150,319 2,904,706
Less accumulated depreciation       1,112,933       1,019,232
Net property and equipment       2,037,386       1,885,474
Other assets       27,016       24,635
      $ 2,712,434     $ 2,464,641
 
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $ 250,000 $ 100,000
Trade accounts payable 304,799 266,722
Claims accruals 61,823 47,442
Accrued payroll 61,173 70,647
Other accrued expenses 11,793 17,199
Deferred income taxes       750       750
Total current liabilities       690,338       502,760
 
Long-term debt 437,474 585,347
Other long-term liabilities 56,723 53,050
Deferred income taxes 547,422 531,624
Stockholders' equity       980,477       791,860
      $ 2,712,434     $ 2,464,641
 
 
 
Supplemental Data
(unaudited)
                 
        September 30, 2013       December 31, 2012
 
Actual shares outstanding at end of period (000)       117,856       117,529
 
Book value per actual share outstanding at end of period     $ 8.32     $ 6.74
 
 
                 
Nine Months Ended September 30
2013 2012
 
Net cash provided by operating activities (000)     $ 411,228     $ 417,339
 
Net capital expenditures (000)     $ 333,624     $ 279,037




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