J.B. Hunt 1Q Net Earnings Soar

J.B. Hunt Transport Services Inc. of Lowell announced a 206 percent increase in first-quarter net earnings in 2002 as compared to the same period last year.

The company announced on April 15 its first-quarter earnings for 2002 were $4.9 million, or diluted earnings per share of 13 cents, compared with $1.6 million, or 5 cents per diluted share, in 2001.

Although Hunt said earnings were impacted negatively by the current economic recession in the United States, it enjoyed a 101.2 percent operating ratio.

Total operating revenue for the current quarter was $510 million, compared with $495 million during the first quarter of 2001. Revenue was affected by a reduction in fuel surcharge revenue of $18.4 million due to lower fuel prices in the first quarter of 2002. Excluding this reduction in fuel surcharge revenue, total revenue increased 7 percent. During the first quarter of 2002, revenues of the company’s Truck segment declined 8 percent, while the Intermodal segment revenue rose 10 percent over the comparable period of 2001. Dedicated segment revenue increased 12 percent during the current quarter.

Hunt said the improvement was particularly rewarding in the first quarter given the lack of adequate freight levels shipped.