Earnings report roundup: J.B. Hunt, Marten, Knight, Landstar, Heartland, Werner, Swift

Fleets around the country are in the midst of reporting their first quarter earnings. Here are a few notable fleets to report so far:

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Marten: Marten Transport (No. 46 on the CCJ Top 250)  reported a first quarter gross revenue increase of 1.2 percent to $161.3 million. Operating revenue was up 10.3 percent to $140.7 million from $127.5 million in 2014’s first quarter. Marten’s average company-owned tractor age has decreased slightly from 1.9 years to 1.8 years. The number of company-owned tractors grew 6 percent from 2,234 to 2,368. The company’s balance sheet is debt free.[/gttable]

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Werner: Werner Enterprises (No. 10 in the CCJ Top 250) saw its first quarter earnings per share increase 60 percent to 32 cents. Total first quarter revenue was up 0.7 percent to $495.7 million. Werner benefited from not having to deal with as much weather-induced costs as the first quarter of last year, it says.  Werner ended the quarter with $75 million in debt on its balance sheet, which would be halved on a net debt basis. Werner’s overall operating income margin improved to 7.7 percent.[/gttable]

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J.B. Hunt: J.B. Hunt (No. 6) saw its first quarter earnings per share increase to 78 cents, a 35 percent increase over 2014’s first quarter. Intermodal revenue grew by 1 percent, while operating income grew 11.9 percent. The company’s truck business had revenues fall 1.4 percent while operating income increased 248.4 percent. Last year’s operating income for its truck segment suffered from weather-related productivity issues, driver retention challenges and increased driver and maintenance costs, it says, hence the large increase.[/gttable]

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Heartland: Heartland Express’ (No. 28) operating revenue decreased 16 percent from first quarter 2014 to $188 million. Revenue decreased less precipitously by 10 percent to $161 million. Salaries, wages and benefits were up from 39.7 percent in 2014’s first quarter to 44 percent, mostly attributed to a 10 percent driver pay hike. The company’s 20-cent earnings per share is a 25 percent increase over first quarter 2014. [/gttable]

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Knight: Knight Transportation (No. 26) saw its first quarter earnings per share increase 57 percent to 36 cents. The main factor in the better-than-expected performance appears to be a better-than-expected operating ratio. Overall revenue, excluding fuel surcharges, climbed nearly 25.1 percent over first quarter 2014 to $257.2 million.[/gttable]

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Landstar: Landstar’s (No. 9) earnings per share increased 9.8 percent year over year to 67 cents. Revenue was up 10.8 percent compared to last year’s first quarter. Demand for freight transportation services continued to build during the quarter, the company said. System-wide load count increased 7 percent. Landstar remains net debt free after ending the quarter with $115 million in cash and cash equivalents.[/gttable]

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Swift: Swift (No. 3) saw a slight operating revenue increase of 0.6 percent year over year to $1.015 billion in the the quarter. Revenue excluding fuel surcharges showed a greater improvement due to cheaper fuel. Swift’s revenue grew 9.5 percent from $817 million in 2014’s first quarter to $894.9 million. The truckload segment generated 6.2 percent year over year revenue growth, and operating income grew around 87.2 percent. The intermodal segment posted 5.9 percent year over year revenue growth, driven by an 8.6 percent increase in the number of loads. The central refrigerated segment saw revenue decrease 3 percent from $83.6 million in 2014’s first quarter to $81.1 million.[/gttable]