J.B. Hunt announces record third quarter results

Total operating revenue for the current quarter was $1.17bn, compared with $986m for the third quarter of 2010. All four segments contributed to this increase in operating revenue. Load growth of 15% in Intermodal (JBI) and 14% in Integrated Capacity Solutions (ICS) helped drive 24% and 21% increases in segment revenue, respectively. The company’s Dedicated Contract Services (DCS) segment increased operating revenue by 16%, primarily from new accounts, while Truck (JBT) segment revenue rose 2% due to higher rates and an increase in fuel surcharges. Total operating revenue for the quarter, excluding fuel surcharges, increased 11% vs. the comparable quarter 2010.

Operating income for the quarter totalled $119m compared to $91m for the third quarter 2010. Again, all four segments contributed to this increase in operating income with JBI accounting for nearly $18m of the increase, while DCS, ICS and JBT combined to add approximately $9.0m.

Net earnings rose 32% to $68.7m in the quarter from $52.2m in 2010, primarily due to the growth of revenue, the reduction in charitable contribution expense and other cost efficiencies. The effective income tax rate for the quarter was 38.5% in both 2011 and 2010.

"Combining the right mix of services and the commitment of our people, we overcame less predictable freight patterns and some weather related events to produce another record quarter. We continued to invest capital in businesses that show resiliency despite the ongoing concern many have expressed about the economy. Intermodal, DCS and ICS all delivered double digit growth year over year in both revenue and operating income, while our Truck business yielded modest growth in both categories. In addition to improving trends in our business units, we were also able to repurchase approximately 4.0 million shares of stock during the current quarter using our strong balance sheet and cash flow generation," said John N. Roberts, JBHT President and CEO.

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