J.B. Hunt Transport Services announced record third quarter 2008 net earnings of $60.3 million, compared to earnings of $50.8 million a year previous.
Total operating revenue for the current quarter was $996 million, a 12% increase over the $892 million for the third quarter 2007. The increase in operating revenue was primarily attributable to growth in the company's Intermodal segment and its non-asset based Integrated Capacity Solutions segment, along with sharply higher fuel surcharge revenue.
Current quarter operating revenue, excluding fuel surcharges, was essentially the same as third quarter 2007. Containers and trailers grew from 58,802 to 61,406 over the same period. The growth in the fleet of containers and trailers was primarily to support additional intermodal business. The combined tractor fleet declined from 11,723 in the third quarter 2007 to 10,029 in the third quarter 2008, primarily due actions to reduce the size of the asset-based Truck segment fleet.
Operating income for the current quarter increased to $106 million vs. $96 million for the third quarter 2007.
"In this remarkable time of economic uncertainty and capital markets turmoil, we are delighted to report not only a record third quarter, but the highest EPS for any quarter in our history," said Kirk Thompson, JBHT President and CEO. "We continue to make
significant progress toward the transformation of our company from the asset-based truckload company of the past, to a diversified transportation solutions business with far less cyclicality, capital intensity and earnings volatility that is frequently associated with trucking businesses."
Total operating revenue for the current quarter was $996 million, a 12% increase over the $892 million for the third quarter 2007. The increase in operating revenue was primarily attributable to growth in the company's Intermodal segment and its non-asset based Integrated Capacity Solutions segment, along with sharply higher fuel surcharge revenue.
Current quarter operating revenue, excluding fuel surcharges, was essentially the same as third quarter 2007. Containers and trailers grew from 58,802 to 61,406 over the same period. The growth in the fleet of containers and trailers was primarily to support additional intermodal business. The combined tractor fleet declined from 11,723 in the third quarter 2007 to 10,029 in the third quarter 2008, primarily due actions to reduce the size of the asset-based Truck segment fleet.
Operating income for the current quarter increased to $106 million vs. $96 million for the third quarter 2007.
"In this remarkable time of economic uncertainty and capital markets turmoil, we are delighted to report not only a record third quarter, but the highest EPS for any quarter in our history," said Kirk Thompson, JBHT President and CEO. "We continue to make
significant progress toward the transformation of our company from the asset-based truckload company of the past, to a diversified transportation solutions business with far less cyclicality, capital intensity and earnings volatility that is frequently associated with trucking businesses."
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