J.B. Hunt Quarterly Revenue Rise Led by Intermodal
J.B. Hunt Transport Services Inc. said second-quarter earnings rose 20%, but the truckload carrier missed estimates because of soft demand, according to the Reuters news agency
J.B. Hunt Transport Services Inc. said second-quarter earnings rose 20%, but the truckload carrier missed estimates because of soft demand, according to the Reuters news agency.
Operating revenue rose to $759 million from $679 million. Revenue from its truck segment increased 1%, compared with a 12% increase in revenue at its intermodal segment.
Quarterly net income rose to $54.6 million, or 33 cents a share, from $45.6 million, or 27 cents per share, a year earlier as freight rate increases helped to offset higher costs. Analysts, on average, expected the Lowell, Arkansas-based company to earn 34 cents a share, according to Reuters Estimates.
The company said that the general freight economy had slowed during the quarter, but saw no signs that it was headed for a significant downturn. Demand began to pick up toward the end of the quarter, J.B. Hunt said.
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