J.B. Hunt Transport Services Inc. of Lowell (Nasdaq: JBHT) on Tuesday reported falling income for the seventh straight quarter, but shares of the company jumped on better-than-expected results.
Income for the third quarter was $152.1 million, down 18.8% from $187.4 million from a year ago. Earnings per share came to $1.49, down from $1.80.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share.
Third-quarter revenue was $3.07 billion for fiscal 2024, down 4% from $3.2 billion in the same quarter a year ago. It was the seventh straight quarter of falling revenue, but it surpassed Street forecasts. Five analysts surveyed by Zacks expected $3.04 billion.
The company said it saw a 5% drop in revenue per load in its Intermodal division and a 6% drop in revenue per load in its Truckload division.
Shares of the company rose 7% in after-hours trading Tuesday to $187.02. Year to date, shares were down more than 10%.
Results by segment are below.
Intermodal
Quarterly revenue was $1.56 billion, basically unchanged from the year before. Operating income was $111.8 million, down from $127.9 million. Total loads were 547,988, up from 521,221 while revenue per load was $2,841, down from $2,984.
Dedicated Contract Services
Quarterly revenue was $845.9 million, down from $892.3 million, and operating income was $95.5 million, down from $102.4 million. DCS had slightly more than one million loads, down 65,000 from a year ago, while revenue per load was $5,073, down from $5,215.
Integrated Capacity Solutions
Quarterly revenue was $278.2 million, down from $298 million, and operating income was a loss of $3.3 million, up from a loss of $9.3 million. The company said its Marketplace for J.B. Hunt 360° generated $92.2 million of ICS’s revenue, down from $168.5 million.
Final Mile Services
Quarterly revenue was $218.3 million, down from $225.9 million, and operating income was $12 million, down from $12.9 million.
Truckload
Quarterly revenue was $173.2 million, down from $196.3 million, while operating income was $8.2 million, up from $7.7 million.
Sign up for Daily E-news
