J.B. Hunt’s Third-Quarter Income Slips
Truckload carrier J.B. Hunt Transport Services said late Thursday its third-quarter profit fell 12%, due to higher expenses and lower trucking revenue.
Net income slipped to $50.8 million or 38 cents a share, from $57.8 million or 39 cents a year ago, the company said in a statement.
Revenue rose 4% to $855.9 million. Operating income slipped to $96 million from $100 million a year ago.
Trucking segment revenue fell 16%, while truck operating income plunged 61%, the company said.
“While our shrinking truck business is currently showing the strains of a depressed freight economy, we have experienced tremendous success at accomplishing our previously established goals,” said Chief Executive Officer Kirk Thompson.
The company said its trailers and containers rose 11% from a year ago, mostly through additional intermodal business.
Intermodal revenue rose 17% for the quarter, while operating income gained 11%, J.B. Hunt said.
J.B. Hunt, ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, is the second-largest — and the largest publicly traded — U.S. truckload carrier.
