J.B. Hunt Reports Rise in Profits, Yet Misses Estimates
by October 15, 2013 2:26 pm 114 views
J.B. Hunt released Tuesday its earnings report for the quarter that ended Sept. 30, and the data show a 14 percent rise in profit from the previous year.
The Lowell-based transport company reported 2013 third quarter net earnings of $89.5 million or $0.75 per share, vs. $78.2 million, or $0.65 per share, in the third quarter of 2012.
In spite of the profit rise, the Lowell-based transport company fell short of market analysts’ expectations, which projected earnings to reach $0.78 per share during the quarter, according to RTTNews.
Strong income increases from load growth and a rise in freight turns were weakened by higher driver recruiting costs, equipment costs, fuel costs and service payments to third party carriers, as well as lower tractor utilization, according to the company’s report.
The report also indicated operating income totaled $151 million, up from $133 million for the third quarter 2012, and total operating revenue grew to $1.44 billion, from $1.30 billion, an increase of 11 percent.