J.B. Hunt 2Q Up 22 Percent to $80.5 Million

J.B. Hunt Transport Services Inc. of Lowell on Monday attributed second-quarter profit of $80.45 million to steady demand and higher volumes in two of its segments.

Reporting just as the markets closed, the carrier posted earnings up 22 percent from the $65.7 million it recorded in the same quarter last year. Earnings per share reached 67 cents, up from 53 cents per share during the same time last year.

Revenue rose 9 percent to $1.26 billion in the quarter.

The company matched the average earnings estimate of 67 cents per share from 28 analysts surveyed by Thomson Reuters.

Load growth boosted revenue for J.B. Hunt's intermodal and Integrated Capacity Solutions, or logistics, segments, up 13 percent and 23 percent, respectively.

Its Dedicated Contract Services segment gained 1 percent in revenue, but the truck segment revenue dropped 3 percent.

"Favorable changes in freight mix, strong seasonal spot pricing, steadily declining fuel costs and improvements in fuel efficiency were partially offset by increases in driver wages, independent contractor costs, lower utilization and higher empty miles," the company said in a news release.

J.B. Hunt's shares (Nasdaq: JBHT) fell 76 cents, or 1.29 percent, on Monday to close at $58.33 on the Nasdaq. Shares have traded between $34.42 and $61.18 in the past year.