J.B. Hunt Transport Services’ brokerage segment, Integrated Capacity Solutions, recently eclipsed a milestone company founder Johnnie B. Hunt once thought elusive for the Lowell-based carrier. In a LinkedIn post, Shelley Simpson, executive vice president, chief commercial officer and president of highway services at J.B. Hunt, announced the brokerage segment had reached a $1 billion goal.
“Mr. Hunt once said reaching the first billion for J.B. Hunt was nearly a miracle,” Simpson wrote in late December. “Today, I got to celebrate a milestone that will forever be a favorite memory.”
In 2007, J.B. Hunt established the brokerage segment, setting a goal to be a $1 billion broker.
“Some people thought $1 billion was too far of a stretch for an asset based company,” Simpson wrote. But 18 employees accepted the challenge and worked to build the business organically. And 10 years later the business segment hit the goal, with more than 40,000 carriers, 5,000 customers and 1,000 employees. “Cheers to our first 1 billion.”
In one of the images of Simpson’s post are yellow balloons with “Thanks a Billion, 2017” on them, along with the carrier’s logo and Integrated Capacity Solutions. When asked about the achievement, J.B. Hunt declined to comment.
In 2016, the brokerage segment reported revenue of $851.550 million, or 13% of the company’s revenue. In 2017, the segment’s revenue increased 20.3% to $1.025 billion, 14% of the company’s revenue. J.B. Hunt reported fourth-quarter earnings Jan. 18.
Shares of J.B. Hunt (NASDAQ: JBHT) hit a 52-week high of $126.05 on Wednesday (Jan. 24). The lowest the stock has traded at in the past 52 weeks was $83.35.