J.B. Hunt Reports Record 1Q Income
J.B. Hunt Transport Services reported record income for its first quarter, as its trucking, intermodal and dedicated contract services segments all improved.
Net income rose to $50.1 million, or 40 cents a share, from $37.5 million, or 29 cents a share. Revenue jumped to $1 billion, from $845 million, the company said late Wednesday.
The 34% increase in earnings lifted its income to a first-quarter record for the company, CEO John Roberts said in a statement.
Truck segment operating income jumped to $5.8 million, from $600,000 a year ago. Revenue rose 6% to $119 million.
Intermodal operating income rose 32% to $62.6 million, while revenue rose 23% to $577 million.
Dedicated contract services operating income rose 1% to $18.6 million for the quarter, while revenue rose 15% to $238 million.
The carrier also cited higher pricing across its segments, including a 9% increase in trucking rate per loaded mile, excluding fuel surcharges.
J.B. Hunt is ranked No. 8 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.