J.B. Hunt 3Q Down 50 Percent

Lowell trucking firm J.B. Hunt Transport Services Inc. on Oct. 15 reported third-quarter earnings down 50 percent from the same period last year. But the net income of $4.5 million, or 12 cents per diluted share, far exceeded Thomson Financial/First call’s consensus estimate of 4 cents per share.

The performance “exceeded management expectations and earlier guidance due primarily to better than anticipated earnings in September,” the company stated in a news release.

Revenue for the quarter increased 5.5 percent to $537.2 million, led by a 9 percent gain in the intermodal segment and an 8 percent increase in dedicated (contract) revenue. Truck segment revenue was up 1 percent.The company cited improvements in equipment utilization and a 3.4 percent increase in freight rates as positives for the quarter.

Last year the company’s logistics division contributed 17 cents per share to net earnings over nine months. But Hunt has recorded a 4 cents-per-share loss this year for Transplace, the logistics spin-off formed by Hunt and several other companies.

Nine-month revenue increased 11 percent, adjusted for logistics revenue, to $1.554 billion. The company reported year-to-date earnings of 41 cents per share, down from 71 cents per share for the first nine months of 2000.