The company posted second quarter 2000 net earnings of $11.1 million on revenues of $584 million, versus net earnings of $10.8 million on revenues of $498 million for the same period last year. Revenue grew 5% in both the Truck and Intermodal business segments. Dedicated Contract Services revenue rose 53% during the second quarter while revenues in the non-asset based Logistics segment grew 37%.
While truck rates rose some, intermodal rates were essentially flat compared to 1999, the company said. Fuel costs were historically high during second quarter but most of the cost increase was recovered through fuel surcharges. Second quarter earnings were a sale and lease-back transaction late in 1999 that decreased J.B. Hunt’s effective income tax rate.
Operating revenues for the six months ending June 30 were $1.12 billion, up 15% from second half 1999. Truck segment revenue was up 9%, Intermodal revenue was up 1%, DCS revenue was up 47%, and Logistics revenue was up 36%. Net earnings for the period were $16.1 million versus $21.4 million a year ago. Fuel costs for the six months reduced net earnings by 15 cents per diluted share.