J.B. Hunt Cuts Employee Perks
by March 9, 2009 12:00 am 81 views
Wal-Mart Stores Inc. isn’t the only Northwest Arkansas heavyweight making cuts at its local operations.
We’ve heard J.B. Hunt Transport Services Inc. recently informed employees it was immediately ending company 401(k) matches, vacation carry over and annual raises.
JBHT announced its results from 2008 on Feb. 27, reporting a 6.9 percent increase in revenue to $3.73 billion. However, high fuel prices cut into operating income, which was down 2.8 percent to $358.4 million. The Lowell-based transport firm reported free cash flow of $350 million.
Earnings per share were $1.56 in 2008 versus $1.55 in 2007. Its integrated capacity solutions division was a bright spot, with revenue up 128.5 percent to $209.2 million and operating income up 146.1 percent to $10.7 million.