High Demand, Rates Push J.B. Hunt Results
by February 2, 2004 12:00 am 75 views
J.B. Hunt Transport Services Inc. of Lowell on Jan. 28 reported fourth-quarter net income up about 80 percent from the same quarter last year.
The truckload carrier also said it reversed the tax breaks it normally records for sale-leaseback deals. The Internal Revenue Service has said it might disallow those benefits. J.B. Hunt receives about 10 cents per share each year in tax benefits for a 1999 container sale-leaseback deal.
J.B. Hunt reported fourth-quarter net income of $26.5 million, or 32 cents per share, including a tax benefit reversal of $7.7 million, or 9 cents per share. Excluding the reversal, J.B. Hunt earned $34.2 million, or 41 cents per share.
Meanwhile, J.B. Hunt’s operating revenue grew to $640.7 million from $597.7 million last year.