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J.B. Hunt’s Revenue, Income Rises in Q2

2 min read

J.B. Hunt Transport Services Inc. of Lowell reported Tuesday second-quarter fiscal 2022 revenue of $3.8 billion, up from $2.91 billion in the same quarter a year ago.

Income for the second quarter was $255.3 million, up from $172.2 million the previous year. Earnings per share was $2.42, up from $1.61, a 50.3% increase.

The revenue numbers exceeded Wall Street predictions. The average estimate of seven analysts surveyed by Zacks Investment Research was for $3.59 billion in revenue and the average estimate of 10 analysts was for $2.31 EPS.

“We are pleased with our performance in the second quarter despite challenges around key factors of our business, including labor, equipment availability, and rail service,” said J.B. Hunt CEO John Roberts during a conference call. “The quarter did present evidence of a cyclical shift in market balance in certain areas of our business, and we see macro data that informs us about our current position, such as spot rates and used truck values.

“That said, and most importantly, our results for the quarter continue to reveal the changes we have worked to implement to enhance our position in each segment of the company based on lessons learned and experiences gained over many, many years and cycles.”

The company’s results by segments were:

Intermodal

Quarterly revenue was $1.8 billion, up from $1.3 billion. The company reported operating income of $202.5 million, up from $134.6 million. J.B. Hunt said there was an 8% increase in volume and 32% increase and revenue per load.

Dedicated Contract Services

Quarterly revenue was $863 million, up from $621.2 million, and operating income was $89.2 million, up from $79 million. J.B. Hunt said revenue per truck per week increased 14% and the company had more than 2,100 more tractors in its fleet compared to the same quarter a year ago.

Integrated Capacity Solutions

Quarterly revenue was $632.2 million, ip from $607.2 million, and operating income was $23.6 million, up from $3.1 million. J.B. Hunt said $392 million of the segment’s revenue came from its Marketplace for J.B. Hunt 360°, down from $396 million a year ago.

Truckload

Quarterly revenue was $268.8 million, up from $183.6 million, and operating income was $24.9 million, up from $14.2 million. J.B. Hunt said volume was up 14% and the company added 3,800 trailers compared to a year ago.

Final Mile Services

Quarterly revenue was $257.4 million, up from $212.3 million, and operating income was $12.8 million, up from $10.7 million. J.B. Hunt said its $87 million acquisition of Zenith Freight Lines in January helped to generate $28 million in revenue during the second quarter.

The Associated Press contributed to this report.

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