J.B. Hunt Transport Services announced today, July 18, that profit for the second quarter of 2006 rose 1 percent on greater volumes in key segments, and higher freight rates and fuel surcharges. The company said in the second quarter it earned $55.3 million, compared to $54.6 million in the same period of 2005.
Revenue rose 10 percent to $838.3 million, compared to $759.2 million in the same period a year ago. J.B. Hunt cited revenue from fuel surcharges, which rose more than 57 percent to $114.2 million from $759,206 in the year-ago period. The company also said it repurchased about 7.8 million shares of its stock in the quarter at a cost of about $190 million.
“We continue to be encouraged by the operating results of all three of our business segments,” said Kirk Thompson, president and chief executive officer of the Lowell, Ark.-based truckload firm.
J.B. Hunt said it had nearly 400 more trucks on the road in the most recent quarter than it did a year ago; most were dedicated to intermodal transport, where business rose 5 percent and pricing power increased by 4 percent versus last year. Freight rates rose about 4 percent in the most recent quarter, the company said.