J.B. Hunt’s 2Q Income Drops
Truckload carrier J.B. Hunt Transport Services’ second-quarter net income fell to $50.6 million, or 39 cents a share, from $63.9 million, or 45 cents, in the same period last year.
Revenue rose 14% to $977 million, the company said, while operating income slipped 2% to $94 million.
Trucking segment revenue fell 14% to $192 million, while operating income plunged 79% to $3.4 million, the company said late Monday.
“We continue to be challenged by steep rises in fuel prices and, as typical in the truckload industry, unrealistic fuel economy assumptions in most customer-specific fuel surcharge programs,” J.B. Hunt said in a statement.
Fuel increased dramatically during the quarter, climbing 70 cents per gallon, or 18%, from its low in early April, the company said.
The intermodal segment fared better, with revenue gaining 28% to $496 million, while operating income rose 22% to $66.2 million.
Its dedicated contract carriage business saw its revenue rise 3% to $243 million, while operating income fell 11% to $22.2 million.
J.B. Hunt is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
