J.B. Hunt’s 1Q Profit Up, But Misses Expectations
by April 11, 2013 4:09 pm 84 views
J.B. Hunt Transport Services Inc. said Thursday higher revenue boosted its first-quarter earnings 8.38 percent over the previous year.
Shortly after the markets closed, the Lowell-based carrier reported earnings of $73.35 million, or 61 cents per share, for the quarter that ended March 31, up from last year’s earnings of $67.68 million, or 57 cents per share.
The company missed the average earnings estimate of 64 cents per share from 28 analysts surveyed by Thomson Reuters.
Revenue, including fuel surcharges, rose 10.26 percent to $1.29 billion.
David G. Mee, J.B. Hunt’s chief financial officer, said in a news release operating income rose 7 percent on higher load volume, improved freight mix and overhead cost controls.
Revenue rose 26 percent for the company’s Integrated Capacity Solutions segment; 15 percent for intermodal; and 9 percent for dedicated contract services.
Trucking segment revenue fell 21 percent, due mainly to a 21 percent reduction in fleet size and lower utilization per truck, the news release stated.
J.B. Hunt’s shares fell 65 cents, or 0.87 percent, on Thursday to close at $74.22 on the Nasdaq. Shares have traded between $50.56 and $75.73 in the past year.
Company shareholders will hold their annual meeting April 25 at its corporate office in Lowell.