J.B. Hunt Blames Recession for Fallen Earnings
by February 4, 2002 12:00 am 63 views
J.B. Hunt Transport Services Inc. released its fourth-quarter earnings Jan. 30. The Lowell trucking firm said its earnings had fallen from the same time last year, though it still beat Wall Street estimates.
The company blamed the fourth-quarter results on weak freight demand caused by the recession.
Before accounting modifications, the full-truckload carrier reported income of $8 million, or 22 cents a share, compared with $10.9 million, or 31 cents a share, from the same time last year.
Dan Moore, an analyst for Stephens Inc. of Little Rock, said the investment firm expected J.B Hunt to earn 20 cents a share.
Hunt’s shares were trading at $27.86 at close of market Jan. 30. It reached $29.39 Jan. 29, marking the company’s highest level in 29 months.