J.B. Hunt Transport Services Inc. of Lowell on Friday reported third-quarter net income of $125.5 million, up 6% from the same quarter last year.
On a per-share basis, the publicly traded logistics company (Nasdaq: JBHT) reported profit of $1.18, up from $1.10 in the same quarter last year.
But earnings missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
Revenue rose 5% to $2.47 billion, which beat analysts' forecasts. Five analysts surveyed by Zacks expected $2.35 billion.
The company said revenue was primarily driven by a 25% increase in revenue per load in its Integrated Capacity Solutions division, a 34% increase in the number of stops in Final Mile Services, a 9% increase in loads in its Dedicated Contract Services division and a 14% increase in loads in its Truck division. Revenue gains were partially offset by a 5% decrease in revenue per load in Intermodal and 32% decline in fuel surcharge revenue.
J.B. Hunt shares have climbed 21% since the beginning of the year. The stock has increased 27% in the last 12 months.
(The Associated Press contributed to this report.)