J.B. Hunt Sets 3Q Earnings Mark

Kirk Thompson, president and CEO of J.B. Hunt Transport Services Inc., announced in mid-October that despite a “lackluster” economy and a resurfacing driver-shortage problem the Lowell firm tallied a record third quarter.r

The figures include net earnings of $32.7 million or 40 cents per share, a 95 percent increase compared with 2002’s comparable period when J.B. Hunt had $16.8 million in net earnings (21 cents per share). The truckload carrier said its earnings were adjusted to reflect its Aug. 29 2-for-1 stock split.r

Thompson said J.B. Hunt made a preemptive strike against a tightening driver supply by upping the starting pay in its J.B. Hunt Trucking segment. He said additional issues, such as new federal hours of service regulations, will further pressure productivity and eventually necessitate freight rate increases.r

The firm had third-quarter operating revenue of $622 million, up 7 percent from $583 during 2002’s similar quarter. J.B. Hunt said its truck segement revenue was “basically flat.” But J.B. Hunt Intermodal was up 16 percent compared with 2002’s third quarter and J.B. Hunt Dedicated Contract Services was up 4 percent.r