J.b. Hunt Posts Big 2010 Income Gain
by January 27, 2011 7:00 pm 64 views
Lowell-based J.B. Hunt Transport Services, one of the nation’s largest transportation companies, recorded 2010 income of $199.62 million, up 46.3% compared to 2009.
And despite continued tough times in the national trucking industry, the company posted 2010 revenue of $3.79 billion, up 18.4% compared to 2009.
”We are generally pleased with the year’s progress of all of our businesses, given the sluggish and prolonged macroeconomic conditions under which we operate,” John Roberts III, president and CEO of J.B. Hunt, said in the earnings statement released before the markets opened. “Attention to revenue quality and the appropriate addition of assets across all business segments remain a constant focus.”
Hunt’s fourth quarter net income of $57.9 million was up considerably over the $47.1 million in the fourth quarter of 2009. The fourth quarter per share earnings of 46 cents also topped the analyst’s average of 45 cents per share.
The company’s trucking segment did show signs of tough sledding the industry, with fourth quarter segment revenue totaling $118 million, up just 0.1% compared to the 2009 quarter.
However, the other segments saw impressive revenue growth. Intermodal, the giant of the company, had fourth quarter revenue of $588 million, up 20% over the 2009 quarter. Dedicated contract services and integrated capacity solution segments saw fourth quarter revenue gains of 15% and 24%, respectively.
“Demand for expanded intermodal services continued as new over the road freight conversion opportunities were identified. Pricing continued to recover as railroad, driver and equipment cost increases were able to be passed through to customers as contracts came due,” the company noted in the statement.
The intermodal segment also has 45,700 containers and trailers “to be well positioned for 2011 growth,” the company said.
Shares of J.B. Hunt were trading as much at $1.20 lower in morning trading. During the past 52 weeks, the share price has ranged from a $43.12 high to a $29.45 low.