J.B. Hunt achieved second-quarter net earnings of $87.7 million and a 10-percent, year-over-year revenue increase to $1.38 billion.
Operating income also increased, finishing the quarter up 7 percent to $147 million.
According to reports, these are lower-than-expected results, but shares of J.B. Hunt closed higher yesterday after the news was released.
Revenue declined 20 percent to $101 million in the truck segment due to lower utilization and a decreased fleet size. Rate per mile, however, increased 2.1 percent on shorter haul lengths. Operating income, down 67 percent to $3 million, declined because of the lower utilization coupled with increased driver pay, among other factors.
Second-quarter intermodal revenue came in at $855 million, a 12 percent year-over-year increase, as operating income increased by 19 percent to $110.7 million. Officials attributed the change to moderating fuel prices and more stable freight demand. Revenue-per-load, however, stayed fairly flat due to rate increases and fuel surcharges.
In the dedicated contract services sector, revenue increased 13 percent to $303 million, but operating income fell to $29.7 million, a decrease of 11 percent. Productivity declined 4 percent owing to an increase in subleased equipment. The operating decrease was derived from $2.5 million in contract implementation costs related to two large private fleet conversions.
The integrated capacity solutions segment’s revenue rose 20 percent to $132 million, as operating income rocketed up 113 percent to $4.2 million. Increased load volume accounted for the revenue rise, and operating revenue rose due to the strong revenue numbers and an improvement in gross profit margin. - Jon Ross