J.B. Hunt Transport Services’ second-quarter result was largely in line with analysts’ expectations.
The Lowell, Arkansas-based multimodal transportation provider reported earnings per share of $1.31 for the period after the market closed on Tuesday, which was 1 cent below the year-ago result.
Consolidated revenue of $2.93 billion was in line with consensus and flat year over year. Operating income dipped 4% y/y to $197 million.
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The company’s flagship intermodal unit reported a 2% y/y increase in revenue to $1.44 billion as a 6% increase in loads was partially offset by a 3% decline in revenue per load. A mix shift to the Eastern network weighed on the yield metric given the shorter length of haul. The unit’s operating ratio (inverse of operating margin) deteriorated 40 basis points y/y to 93.3%.
Dedicated revenue dipped less than 1% y/y to $847 million as a 3% decline in average trucks in service was largely offset by a 3% increase in revenue per truck per week (up 5% excluding fuel surcharges). The unit’s OR was 30 bps worse y/y at 88.9%.
A $3.6 million operating loss in the company’s brokerage segment widened slightly from the first quarter, but was nearly $10 million lower y/y. Brokered loads declined 9% y/y but revenue per load was up 6%.
J.B. Hunt (NASDAQ: JBHT) will host a call at 5 p.m. EDT on Tuesday to discuss second-quarter results.
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