J.b. Hunt Posts Record First Quarter
by April 13, 2011 7:00 pm 59 views
J.B. Hunt Transport Services, Inc., announced record first quarter earnings despite a struggling economy, rising fuel prices and rough winter weather.
The Lowell-based trucking firm posted quarterly net income of $50.1 million, compared to $37.5 million one year ago. The 34% rise in profits was attributed to the company’s diversification.
“Our blend of complementary and diversified services resulted in a 34% increase in earnings over the same period last year and a record high for any first quarter," said newly installed J.B. Hunt CEO John Roberts. "With the effects of winter weather and rapidly rising fuel costs, it was a tough quarter to get through as well as we did. Our great people in the business segments and in the corporate support groups got it done. I am very proud of the entire team."
J.B. Hunt’s total operating revenue for the current quarter was $1 billion, up 18% from $845 million for the first quarter 2010. All four segments contributed increases in operating revenue.