Revenue, Profit Down at J.B. Hunt in Q1

A J.B. Hunt final-mile vehicle on the road (Photo provided by J.B. Hunt)

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J.B. Hunt Transport Services Inc. of Lowell (Nasdaq: JBHT) on Tuesday reported first-quarter revenue for fiscal 2024 of $2.9 billion, down 9.4% from $3.2 billion in the same quarter a year ago.

Income for the quarter was $127.5 million, down 35.5%  from $197.8 million. Earnings per share came to $1.22, down from $1.89.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.53 per share and revenue of $3.12 billion.

It is the sixth consecutive quarter J.B. Hunt has reported a decline in revenue and the fifth consecutive quarter it has reported a decline in income. The company said it had a 9% decrease in revenue per load in its Intermodal and Truckload segments and a 22% drop in total loads in its Integrated Capacity Solutions division, which saw a steep drop in revenue and operating income.

Shares of the company fell more than 5% in after-hours trading Tuesday to $182.99. Year to date, shares were down 6.4%

Results by segment are below.

Intermodal

Quarterly revenue was $1.4 billion, down from $1.5 billion. Operating income was $101.9 million, down from $168.7 million.

Dedicated

Quarterly revenue was $860 million, down from $867.1 million, and operating income was $93.6 million, down from $102.6 million.

Integrated Capacity Solutions

Quarterly revenue was $285.3 million, down from $384.8 million. Operating income was a loss of $17.5 million, down from a loss of $5.4 million. The company said its Marketplace for J.B. Hunt 360° generated $105.5 million of ICS’s revenue, down from $250.6 million.

Final Mile Services

Quarterly revenue was $229.3 million, up from $225.1 million. Operating income was $15.1 million, up from $6.6 million.

Truckload

Quarterly revenue was $178.3 million, down from $205.9 million. Operating income was $1.2 million, down from $4.99 million.