J.B. Hunt Posts Higher Third Quarter Profit
October 15, 2013
J. B. Hunt Transport Services has announced third quarter 2013 net earnings of $89.5 million, compared to third quarter 2012 net earnings of $78.2 million.
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Total operating revenue for the current quarter was $1.44 billion, compared with $1.3 billion for the third quarter 2012.
Load growth of 11.6% in the company’s intermodal business, implementation of new private fleet conversions in its dedicated services and an increase in revenue per load in logistics business, helped drive segment revenue increases of 12%, 17% and 13%, respectively.
Truck segment revenue decreased by 17%, primarily due to a smaller fleet and lower tractor utilization.
Current quarter total operating revenue, excluding fuel surcharges, also increased 11% versus the comparable quarter 2012.
Operating income for the current quarter totaled $151 million vs. $133 million for the third quarter 2012.
The increase in operating income from load growth, higher intermodal box turns and freight mix was partially offset by increases in driver recruiting costs, higher rates paid to third party carriers for dray, brokerage and truckload services, higher driver mileage pay, higher equipment costs, and lower tractor utilization in its truck division due to moderate customer demand and new hours of service regulations.
More details are available on the J.B. Hunt website.