J.B. Hunt Profit Up 66% in Q1


J.B. Hunt Transport Services Inc. of Lowell (Nasdaq: JBHT) reported Monday first-quarter income for fiscal 2022 of $243.3 million, an increase of nearly 66% from $146.6 million a year ago.

The income came on quarterly revenue of $3.49 billion, up from $2.6 billion. The company reported earnings per share of $2.29, up from $1.37.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings per share of $1.91, and nine analysts surveyed by Zacks estimated $3.26 billion in revenue.

Intermodal

Quarterly revenue was $1.6 billion, up from $1.18 billion. The company reported operating income of $200.9 million, up from $107.5 million. J.B. Hunt said volume increased 7% from the previous year’s quarter and revenue per load increased 28%.

Dedicated Contract Services

Quarterly revenue was $741.3 million, up from $579.9 million, and operating income was $77.1 million, up from $74.3 million. The company said higher revenue was offset by labor costs and pandemic-related disruptions.

Integrated Capacity Solutions

Quarterly revenue was $675.4 million, up from $524.9 million, and operating income was $24.9 million, up from $7.3 million. The company said volume increased 12% from the previous year’s quarter, and revenue per load increased 14%.

Final Mile Services

Quarterly revenue was $218.5 million, up from $201.9 million, and operating income was a negative $180,000, a decrease from $8.5 million. The company said increased revenue was due to adding customers but was offset by labor costs increases and fees associated with the acquisition of Zenith Freight Lines in February.

Truckload

Quarterly revenue was $264.3 million, up from $149.5 million, and operating income was $31.5 million, up from $10.2 million. The company said volume increased 17%, thanks to adding 3,000 new trailers in the quarter, which represented an increase of more than one-third, and revenue per load increased 47%.

The Associated Press contributed to this report.