J.B. Hunt Reports Earnings for Second Quarter
by July 16, 2013 2:33 pm 93 views
Lowell-based J.B. Hunt Transport Services, Inc., (NAS: JBHT) announced second quarter 2013 net earnings of $87.7 million, or diluted earnings per share of 73 cents, vs. second quarter 2012 net earnings of $80.5 million, or 67 cents per diluted share, according to a report.
Total operating revenue for the current quarter was $1.38 billion, compared with $1.26 billion for the second quarter 2012.
Load growth of 12 percent in Intermodal (JBI) and 29 percent in Integrated Capacity Solutions (ICS), helped drive a 12 percent and 20 percent increase in segment revenue, respectively.
Dedicated Contract Services (DCS) segment revenue increased by 13 percent as new, large private fleet conversions continue to be implemented, while Truck (JBT) segment revenue decreased by 20 percent, primarily from a smaller fleet and lower utilization.
Current quarter total operating revenue, excluding fuel surcharges, increased 11 percent vs. the comparable quarter 2012.
Operating income for the current quarter totaled $147 million vs. $137 million for the second quarter 2012. The increase in operating income was primarily due to load growth, partially offset by $2.5 million of implementation expenditures in DCS for two previously announced private fleet conversion contracts, a $2.4 million write-off of abandoned shared technology costs, a $1.5 million loss on the destruction of equipment involved in two train derailments, increases in equipment costs, fewer gains on revenue equipment sales and higher driver recruiting and wage costs.
Interest expense in the current quarter decreased due to slightly lower debt levels and lower interest rates from a year ago. The effective income tax rate for the quarter was 37.88 percent compared to 38.25 percent in 2012 primarily from the realization of a deferred tax benefit on the sale of property during the current period.