J.B. Hunt Transport Announces Earnings
by October 30, 2000 12:00 am 86 views
Lowell-based J.B. Hunt Transport Services Inc. announced third-quarter 2000 net earnings of $9.1 million, or earnings per diluted share of 26 cents, compared with 1999 third-quarter net earnings of $5 million, or 14 cents per diluted share. J.B. Hunt Logistics contributed approximately six cents per share to earnings in the third quarter of 1999 while its successor, Transplace.com, contributed less than one cent to third-quarter 2000 earnings realized under the equity method of accounting.
Total revenue for the third quarter of 2000 was $509.4 million, compared with $523.9 million during the third quarter of 1999. The lower revenue reflects the previously announced contribution of all the company’s non-asset based logistics business to a jointly owned logistics company, Transplace.com. Adjusted for this logistics business, which was contributed effective July 1, the Company’s revenue growth for the third quarter of 2000 was approximately 21 percent.
Six of the largest publicly held truckload transportation companies merged their logistics efforts into Transplace.com. While the Hunt will share approximately 27 percent of Transplace.com’s net results of operations, all logistics revenue will be excluded from the company’s financial statements subsequent to June 30.