J.B. Hunt Transport Services (NASDAQ: JBHT) reported third-quarter earnings per share of $1.18, 9 cents below analysts’ expectations. The result was ahead of the 2019 third-quarter result of $1.10, but that period included $0.30 per share in arbitration charges related to the final award to BNSF Railway Company.
Total revenue of $2.47 billion was 5% higher year-over-year and ahead of the consensus estimate calling for revenue of $2.36 billion. The revenue increase was largely driven by a 25% increase in brokerage revenue per load, a 22% increase in final-mile revenue as total stops increased 34% and a 16% increase in the truck division as loads were up 14%. Total revenue, excluding fuel surcharges, climbed 9% compared to the 2019 period.
Operating income was also 5% higher year-over-year at $176 million, but down 17% year-over-year excluding the $44 million in charges related to the revenue-sharing dispute with BNSF. Higher purchased transportation costs on the railroads, widening losses in brokerage, increases in driver wages and recruiting expenses, higher third-party and drayage expenses, and increases in technology spending were listed as the culprits.
Shares of JBHT are down 6% in premarket trading.
The company will host a call at 10 a.m. EDT to discuss these results with analysts. Stay tuned to FreightWaves for continuing coverage of J.B. Hunt’s earnings results.
Freight Fraud Symposium
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Rock & Roll Hall of Fame • Cleveland, OH Register NowPast the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post Office • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now
Truck stop talk
Owner operator with his own authority using rig bot android cellphone app as his log book and Uber freight, amazon freight, and DAT cellphone apps to get a load say he sometimes gets a jb hunt trailer to move
Art
Could’ve said this two months ago when JB Hunt was getting mauled on the load boards. The market flipped and JB hunt was stuck with 2/$ mile loads.