J.B. Hunt Transport Services announced record third-quarter net earnings of $68.7 million and operating revenue of $1.17 billion, up 19% from a year ago, led by growth in its intermodal business.
The Lowell, Ark., company reported diluted earnings per share of 57 cents vs. third quarter 2010 of 41 cents per diluted share. (Third quarter 2010 results included $4 million of pretax expense related to a commitment to the Arkansas Children’s Hospital, which reduced net earnings by 2 cents per diluted share.)
Total operating revenue for the current quarter was $1.17 billion, up 11% from the $986 million for the third quarter 2010.
All four segments contributed to this increase in operating revenue. Load growth of 15% in Intermodal and 14% in Integrated Capacity Solutions helped drive 24% and 21% increases in segment revenue, respectively. The Dedicated Contract Services segment increased operating revenue by 16%, primarily from new accounts, while Truck segment revenue rose 2% due to higher rates and an increase in fuel surcharges.
Operating income for the current quarter totaled $119 million vs. $91 million for the third quarter 2010. Again, all four segments contributed to this increase in operating income, with intermodal operations accounting for nearly $18 million of the increase.
Net earnings rose 32% to $68.7 million in the current quarter from $52.2 million 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,” said John N. Roberts, JBHT President and CEO. “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.”
Printer Friendly Version
Email This Story
RSS
Fleets: Related News
10/14/2011 – J.B. Reports Record Revenues, Earnings
J.B. Hunt Transport Services announced record third-quarter net earnings of $68.7 million and operating revenue of $1.17 billion, up 19% from a year ago, led by growth in its intermodal business….
More
10/13/2011 – Performance Team Adds 1.5 Million Square Feet of Distribution Space
Third-party logistics provider Performance Team opened five new locations in three states, adding 1.5 million square feet of new distribution space….
More
10/13/2011 – Con-way Multimodal Opens Bentonville, Ark. Office
Con-way Multimodal has opened a new branch office in Bentonville, Ark. This is the fourth Con-way Multimodal location in addition to operations in Ann Arbor, Mich.; Portland, Ore.; and Aurora Ill….
More
10/11/2011 – Celadon Grabs 6.3% Stake in USA Truck, Merger Talks to Come
Celadon Group Inc. of Indianapolis has reportedly bought a 6.3 percent stake in Van Buren, Ark.-based USA Truck Inc. and is asking for talks on a potential merger….
More
10/11/2011 – Quality Distribution to Acquire Greensville Transport
Quality Distribution’s wholly-owned subsidiary, Boasso America Corporation, has entered into a definitive agreement to acquire 100% of the outstanding stock of Greensville Transport Company for $8.5 million….
More
10/11/2011 – American West Enters Into Service Agreement With Worldwide Logistics
American West, a transportation company based in Los Osos, Calif. serving the continental U.S. and Canada and specializing in furniture transport, has entered into a service agreement with Worldwide Logistics….
More
10/10/2011 – ABF’s David McAllister Goes Platinum
David McAllister, an ABF city driver from Salisbury, Mass., has driven accident-free for more than 60,000 consecutive hours. That accomplishment has earned him the ABF Platinum Safe Driving Award….
More
10/10/2011 – Davidson Transfer and Storage Receives “2011 Best of Baltimore” Award
The Secor Group, a global logistics and mobility services company, announced today that Davidson Transfer and Storage Company, a wholly owned subsidiary, has received the U.S. Commerce Association 2011 Best of Baltimore Award in the Moving Services Category….
More
10/7/2011 – Frozen Food Express Restructures Dry Freight Services
Frozen Food Express Industries will no longer provide dry freight services via a dedicated fleet of dry van trailers, but will maintain limited service via the company’s temperature-controlled trailers….
More
9/30/2011 – Saddle Creek to Buy 40 Freightliner-Cummins Natural Gas Tractors
Saddle Creek, a nationwide third-party logistics provider, is buying alternative fuel vehicles for its for-hire fleet as part of a commitment to sustainability, the company said. It has agreed to purchase 40 Freightliner natural gas trucks and plans to add 40 more in early 2012….
More
9/27/2011 – YRC Streamlines Top Management
YRC Worldwide Monday announced Jeff Rogers as YRC president and Mike Naatz as Holland president, and eliminated four executive positions….
More
9/26/2011 – FedEx Reports Higher Revenue and Earnings
FedEx reported earnings of $1.46 per diluted share for its first fiscal quarter, which ended Aug. 31, compared to $1.20 per diluted share a year ago, a year-over-year increase of 22%….
More
9/23/2011 – Con-way Freight Names Lehmkuhl President
Greg Lehmkuhl has been named president of Con-way Freight, Con-way’s regional and national less-than truckload subsidiary and largest operating unit….
More
9/23/2011 – Prime Inc. Revamping Pennsylvania Terminal
Prime inc. is renovating its Plaza terminal at its Pittston, Pa., location….
More
9/23/2011 – Prime Sued for Sexual DIscrimination
Springfield, Mo.-based New Prime Inc., better known as Prime Inc., discriminated against female truck driver applicants when it required that they be trained by female trainers only, the U.S. Equal Employment Opportunity Commission charged in a lawsuit it filed Thursday….
More
9/22/2011 – ABF President/CEO Retiring
Arkansas Best, Fort Smith, Ark., announced that Wesley B. Kemp, current president and CEO of its largest subsidiary, ABF Freight System, will retire on Dec. 31….
More
9/22/2011 – Con-way Freight Launches Phone App for Customers
Con-way Freight launched its newly enhanced Con-way Freight Tools app for web-registered users….
More
9/21/2011 – Schneider Logistics Offering Innovative Shared LTL Service
Schneider Logistics unveiled a new service for shippers with reoccurring less-than-truckload moves. Integrated Delivery Services (IDS) uses Schneider’s Supply Chain management technology, cross-docking abilities and dedicated trucking experience to provide a new, cost-effective supply chain solution for shippers willing to share the ride….
More
9/21/2011 – Greatwide Adds ‘Green’ to Fleet
Greatwide Logistics, Dallas, announced the deployment of three alternative-fuel vehicles in its fleet….
More
9/21/2011 – Gordon Trucking Implements Hair Testing
Gordon Trucking, Pacific, Wash., has begun drug screening all applicants via hair samples with the goal of reducing new driver accidents within the first crucial months of employment. …
More
9/20/2011 – Old Dominion Opens Another Service Center in Pennsylvania
Old Dominion Freight Line opened a new service center in Altoona, Pa., in response to significant growth in the region….
More
9/19/2011 – YRC Completes Restructuring
Shareholders of YRC Wordwide Friday voted overwhelmingly in favor of its restructuring….
More
9/16/2011 – UPS To Offer Customer-Controlled Package Delivery Service
UPS announced the launch of UPS My Choice, a new service that places greater control over home delivery in the hands of the consumer….
More
9/16/2011 – A. Duie Pyle to Celebrate Allentown, Penn., Expansion
A. Duie Pyle is planning a celebration of its expanding capabilities in Pennsylvania with the recent opening of the company’s newest Service Center in Allentown. A special event for local customers and dignitaries will be held on Wednesday, Oct. 12….
More
9/13/2011 – Old Dominion Opens Service Center in Madison, Wis.
Old Dominion Freight Line opened its newest service center in Madison, WIs., after experiencing sustained growth in the region….
More
9/12/2011 – Pacer Testing LNG Trucks in Southern California Operations
Pacer International is testing a number of liquefied natural gas powered trucks for its Southern California Cartage fleet. The trucks will operate through Pacer’s cartage subsidiary, Pacer Cartage….
More
9/8/2011 – Arizona Court Rules Swift Must Face Employee Claims in Court
After eight years of legal proceedings, an Arizona Supreme Court ruling has concluded that truckers working for Swift who claim the company routinely shorts drivers for mileage may take their case to trial….
More
9/8/2011 – Ryder and Staples to Use CNG Tractors in Southern California
Ryder announced that it and Staples have agreed to add 10 heavy-duty compressed natural gas tractors to Ryder’s dedicated fleet servicing Staples, the world’s largest office products company….
More
9/7/2011 – Kenan Advantage Group Grows Gas Business with JBK Acquisition
Kenan Advantage Group, a large tank truck transporter and logistics provider based in North Canton, Ohio, has completed its acquisition of Jack B. Kelley Inc., which it says is the largest independent transporter of industrial gases in the United States….
More
9/7/2011 – Schneider Ramping up New Oil Field Service
Schneider National is hiring 500 new drivers as part of its new service to support hydraulic fracturing, or “fracking,” companies….
More
9/6/2011 – Old Dominion Freight Line Sued for Disability Discrimination
The U.S. Equal Employment Opportunity Commission filed suit against Old Dominion Freight Line, alleging the carrier violated federal law by discriminating against at least one truck driver because of self-reported alcohol abuse….
More
9/1/2011 – MinStar Transport Introduces Double-Deck Trailer System
MinStar Transport, a dry van carrier based in Eagan, Minn.,, launched its new Double Deck Trailer System. MinStar’s can help companies double the amount of freight carried on a single truck while reducing shipping costs….
More