Press release
J.B. Hunt Transport Services, Inc. Reports Earnings for the Third Quarter 2020
Third Quarter 2020 Revenue: $2.47 billion; up 5% Third Quarter 2020 Operating Income: $175.5 million; up 5% Third Quarter 2020 EPS: $1.18 vs. $1.10 LOWELL,
About this update from J.b. Hunt Transport Services, Inc.
[{"type":"text","content":"\n\nThird Quarter 2020 Revenue: $2.47 billion; up 5%\n\n\nThird Quarter 2020 Operating Income: $175.5 million; up 5%\n\n\nThird Quarter 2020 EPS: $1.18 vs. $1.10\n\n\n LOWELL, Ark.--(BUSINESS WIRE)--\nJ.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2020 net earnings of $125.5 million, or diluted earnings per share of $1.18 vs. third quarter 2019 net earnings of $118.4 million, or $1.10 cents per diluted share. Included in the third quarter 2019 results were pre-tax charges of $44.2 million or $0.30 per share related to arbitration, including legal and interest charges.\n\nTotal operating revenue for the current quarter was $2.47 billion, compared with $2.36 billion for the third quarter 2019. Revenue performance was primarily driven by a 25% increase in revenue per load in Integrated Capacity Solutions (ICS), a 34% increase in the number of stops in Final Mile Services (FMS), a 9% increase in loads in Dedicated (DCS), and a 14% increase in loads in Truck (JBT), partially offset by a 5% decrease in revenue per load in Intermodal (JBI) and 32% decline in fuel surcharge revenue. Current quarter total operating revenue, excluding fuel surcharges, increased 9% vs. the comparable quarter 2019.\n\nThe amount of ICS operating revenue executed through Marketplace for J.B. Hunt 360°® increased to $291 million from $205 million in third quarter 2019. JBI executed approximately $41 million of third-party dray cost, and JBT executed approximately $26 million of its independent contractor costs through the platform during this quarter.\n\nOperating income for the current quarter totaled $175.5 million vs. $167.9 million for the third quarter 2019. Operating income in third quarter 2019 included $44.2 million in pre-tax charges related to the final award in the arbitration with BNSF Railway Company (BNSF). Excluding these charges, operating income decreased 17% from third quarter 2019 primarily from increased rail purchase transportation costs, lower gross margins in ICS, increases in driver wages and recruiting costs, increased third-party and company dray costs, and continued investments in technology spend on new applications and legacy operating systems.\n\nInterest expense in the current quarter decreased primarily from lower interest rates compared to third quarter 2019. The effective income tax rate for the cu...