Press release
J.B. Hunt Transport Services, Inc. Reports Earnings for the Second Quarter 2020
Second Quarter 2020 Revenue: $2.15 billion; down 5% Second Quarter 2020 Operating Income: $175.2 million; down 9% Second Quarter 2020 EPS: $1.14 vs. $1.23
About this update from J.b. Hunt Transport Services, Inc.
[{"type":"text","content":"\n\nSecond Quarter 2020 Revenue: $2.15 billion; down 5%\n\n\nSecond Quarter 2020 Operating Income: $175.2 million; down 9%\n\n\nSecond Quarter 2020 EPS: $1.14 vs. $1.23\n\n\n LOWELL, Ark.--(BUSINESS WIRE)--\nJ.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced second quarter 2020 net earnings of $121.7 million, or diluted earnings per share of $1.14 vs. second quarter 2019 net earnings of $133.6 million, or $1.23 per diluted share.\n\n\nTotal operating revenue for the current quarter was $2.15 billion, compared with $2.26 billion for the second quarter 2019, a decrease of 5%. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased 0.5% vs. the comparable quarter 2019. Revenue performance, excluding fuel surcharge revenue, was primarily driven by a 2% volume decline in Intermodal (JBI), 11% volume decline in Integrated Capacity Solutions (ICS), and 5% fewer stops in Final Miles Services (FMS), partially offset by a 17% increase in loads in Truckload (JBT), compared to the prior year period.\n\n\nThe amount of ICS operating revenue executed through the marketplace for J.B. Hunt 360°® increased to $229 million from $222 million in second quarter 2019. In addition, JBI executed approximately $24 million of third-party dray cost and JBT executed approximately $28 million of its independent contractor costs through the platform during second quarter 2020.\n\n\nOperating income for the current quarter totaled $175.2 million versus $193.1 million for the second quarter 2019. The prior year quarter included a $20.0 million pre-tax charge in settlement of a FMS claim. Lower revenue and higher purchased transportation costs, continued investment in technology across all segments, and employee and operating supplies costs related to COVID-19, were partially offset by benefits of lower driver turnover, decreased insurance and claims costs and significantly reduced travel and entertainment costs compared to the prior year. Additionally, operating income was lower due to approximately $4.6 million of additional charges for uncollectible customer accounts.\n\n\nInterest expense in the current quarter decreased due to lower average debt levels and lower interest rates compared to the same period last year. The effective income tax rate for the quarter was 25% consistent with second quarter 2019.\n\n\nSegment ...