J.B. Hunt reports record 3Q net earnings

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J B Hunt

J.B. Hunt Transport Services on Thursday, Oct. 13, announced record third-quarter 2011 net earnings of $68.7 million compared to third-quarter 2010 net earnings of $52.2 million. Total operating revenue was $1.17 billion compared with $986 million, with all four of the Lowell, Ark.-based company’s segments contributed to the increase.

Load growth of 15 percent in Intermodal and 14 percent in Integrated Capacity Solutions helped drive 24 percent and 21 percent increases in segment revenue, respectively. The Dedicated Contract Services segment increased operating revenue by 16 percent, primarily from new accounts, while Truck segment revenue rose 2 percet due to higher rates and an increase in fuel surcharges. Current quarter total operating revenue, excluding fuel surcharges, increased 11 percent.

Operating income totaled $119 million vs. $91 million with all four segments contributing, with JBI accounting for nearly $18 million of the increase, while DCS, ICS and JBT combined to add about $9.0 million. Net earnings rose 32 percent primarily due to the growth of revenue and other cost efficiencies.

“Combining the right mix of services and the commitment of our people, we overcame less predictable freight patterns and some weather-related events to produce another record quarter,” said John Roberts, president and chief executive officer. “We continued to invest capital in businesses that show resiliency despite the ongoing concern many have expressed about the economy.”