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J.B. Hunt Revenue Again Tops $3.8B, Profit Rises 35% in Q3

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J.B. Hunt Transport Services Inc. (Nasdaq: JBHTof Lowell reported Tuesday third-quarter revenue of nearly $3.84 billion for fiscal 2022, the second consecutive quarter the company reached that revenue figure.

The company’s exact reported figure was $3.838 billion, slightly more than the $3.837 billion it reported in the second quarter in July, and it represented a significant increase from $3.14 billion in the same quarter of 2021. Income for the quarter was $269.4 million, an increase of 34.8% from $199.8 million a year ago.

Earnings per share was $2.57, up 36.7% from $1.88.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.45 per share.

J.B. Hunt said the strong quarter was powered by better production across its segments, especially in intermodal, dedicated contract services and truckload.

The company’s results by segment are below.

Intermodal

Quarterly revenue was $1.8 billion, up from $1.4 billion. The company reported operating income of $216.99 million, up from $165.1 million. J.B. Hunt said there was a 26% increase in revenue per load, with a 4% increase in loads, and the company added more than 2,000 containers to its fleet.

Dedicated Contract Services

Quarterly revenue was $893.99 million, up from $664.8 million, and operating income was $103.1 million, up from $78.1 million. The company said it increased its revenue-generating tractors by 18% and revenue per truck per week increased 14%.

Integrated Capacity Solutions

Quarterly revenue was $590.9 million, up from $666.2 million, and operating income was $13.5 million, down from $14.75 million. J.B. Hunt said $391 million of ICS revenue was generated by its Marketplace for J.B. Hunt 360°, down from $397 million.

Truckload

Quarterly revenue was $273.6 million, up from $203.6 million, and operating income was $19 million, up from $14.7 million. The company said it increased its trailer count by 40% and revenue per load was up 10%.

Final Mile Services

Quarterly revenue was $249.4 million, up from $205.9 million, and operating income was $9.6 million, up from $1.3 million. The company said approximately $28 million of the quarterly revenue resulted from the acquisition of Zenith Freight Lines in January.

The Associated Press contributed to this report.

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