J. B. Hunt Transport Services Inc., Lowell, Ark., reported record first quarter net earnings of $33 million for 2004, compared with 2003 first quarter earnings of $11 million.

Total operating revenue for the current quarter was $618 million, compared with $571 million during the first quarter of 2003. During the first quarter of 2004, Truck segment revenue, excluding fuel surcharges, increased 4%, while the Intermodal segment revenue, excluding fuel surcharges, rose 13% over the comparable period of 2003. Dedicated segment (DCS) revenue, excluding fuel surcharge revenue, increased 5% during the current quarter.
Operating income rose 144% from $24 million in 2003 to $58 million in 2004 on an 8% rise in revenues net of fuel surcharges. The overall operating ratio for the company improved 520 basis points to 90.6% compared to 95.8% in 2003.
"We are delighted at the continued improvement in our profitability," said Kirk Thompson, president and chief executive officer. "The progress toward our goal of delivering adequate profit margins in each of our business segments is progressing as planned and we are certainly pleased at the speed with which the improvements are being achieved. Producing respectable margins in the typically difficult first quarter had been an elusive objective for us in recent years. Obviously, we enjoyed substantial success during the first quarter of 2004. In fact, in what would be considered a fairly rare phenomenon, the first quarter of this year slightly surpassed the profitability of the previous year's peak third quarter."