The intermodal and trucking provider posted net earnings of $100.1 million for the first quarter of 2016, along with earnings per share of $0.88 cents, which surpassed analyst projections of $0.85 per share.
J.B. Hunt posted net earnings of $100.1 million for the first quarter of 2016, a 9 percent increase from the first quarter of 2015, according to the company’s most recent unaudited financial statements.
The intermodal and trucking provider posted earnings per share of $0.88 cents for the quarter, compared to $0.78 cents per share for the first quarter of 2015.
Operating revenues reached $1.53 billion for the quarter, a year-over-year increase of 6 percent.
Meanwhile, analysts polled by Thomson Reuters projected J.B. Hunt’s earnings per share for the quarter would total $0.85 cents on revenues of $1.52 billion.
J.B. Hunt’s operating income for the quarter totaled $168 million, an 8 percent increase from the first quarter of 2015. “Benefits from volume growth, improved network operations, higher equipment utilization, lower equipment maintenance costs and increased contract pricing established throughout 2015 across all business units was partially offset by increased rail purchased transportation costs, higher driver wages and recruiting costs, increased equipment ownership costs and increased costs from corporate wide technology upgrades,” JB Hunt said.
Revenues in the intermodal business segment rose 6 percent compared to the first quarter of 2015 to $895 million, reflecting the 12 percent growth in volumes and a 5 percent increase in revenue per load.
The dedicated contract services segment saw revenues inch up 4 percent year-over-year to $358 million, driven by additional customer contracts from a year ago, along with rate increases from more mature customer contracts.
Revenues in the integrated capacity solutions segment for the quarter jumped 12 percent from the first quarter of 2015 to $183 million. In addition, the segment’s volumes surged 45 percent year-over-year, while revenue per load dropped 23 percent, primarily driven down by lower fuel prices and freight mix changes due to customer demand.
Meanwhile, revenues in the truck segment for the quarter rose 5 percent from the first quarter of 2015 to $96 million on a 12 percent increase in fleet size.
Based out of Lowell, Ark., J.B. Hunt provides transportation solutions to customers throughout the United States, Canada and Mexico.
J.B. Hunt sees Q1 earnings rise 9%
