J.B. Hunt’s 1Q Income Drops 16%
J.B. Hunt Transport Services’ first-quarter net income fell 16% to $30.8 million, or 24 cents per share, from $36.4 million, or 28 cents, a year earlier.
Revenue fell 18% to $722.8 million, the company said late Monday.
The company’s trucking segment took an operating loss of $5.8 million, compared with a loss of $500,000 a year ago, while revenue fell 45% to $102 million, the company said.
The decline in truck revenues was primarily a result of the company’s ongoing long-term strategy to reduce the size of its tractor fleet and due to weaker demand, the company said in a statement.
Intermodal segment operating income fell 20% to $41.3 million, while revenue fell 10% to $391 million.
Its dedicated contract services segment’s operating income fell 5% to $17.4 million, while revenue declined 21% to $179 million.
J.B. Hunt is ranked No.8 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
