J.B. Hunt’s 1Q Income Drops 6%
J.B. Hunt Transport Services’ net income slipped 6% in the first quarter to $68.7 million, or 58 cents per share, from $73.3 million, or 61 cents per share, due to winter weather that raised costs and reduced revenue growth.
Revenue rose to $1.41 billion from $1.29 billion, the company said April 14.
“It was evident that the weather in the first quarter, particularly in January and February, played a significant role in both our growth and profitability,” CEO John Roberts said in a statement.
He said that “feedback from our customers about their business expectations gives us encouragement that growth should return.”
Income excluding taxes and interest fell 4% at the intermodal unit to $93.2 million. On the same basis, dedicated contract income fell 30% to $15.6 million, brokerage profit rose nearly 20% to $6.1 million and truck unit net income more than doubled to $2.4 million.
J.B. Hunt ranks No. 4 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.