Press release
J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the First Quarter 2023
First Quarter 2023 Revenue: $3.23 billion; down 7% First Quarter 2023 Operating Income: $277.5 million; down 17% First Quarter 2023 EPS: $1.89 vs. $2.29;
About this update from J.b. Hunt Transport Services, Inc.
[{"type":"text","content":"\n\nFirst Quarter 2023 Revenue: $3.23 billion; down 7%\n\n\n\nFirst Quarter 2023 Operating Income: $277.5 million; down 17%\n\n\n\nFirst Quarter 2023 EPS: $1.89 vs. $2.29; down 18%\n\n\n\n LOWELL, Ark.--(BUSINESS WIRE)--\nJ.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced first quarter 2023 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $197.8 million, or diluted earnings per share of $1.89 versus first quarter 2022 net earnings of $243.3 million, or $2.29 per diluted share.\n\n\nTotal operating revenue for the current quarter was $3.23 billion compared with $3.49 billion for the first quarter 2022, a decrease of 7%. The decline in revenue was primarily driven by declines in volume of 25% in Integrated Capacity Solutions™ (ICS), 5% in Intermodal (JBI) and 17% in Final Mile Services® (FMS); and a 17% decline in revenue per load in Truckload (JBT). Revenue declines in ICS, JBI, FMS and JBT were partially offset by Dedicated Contract Services® (DCS®) revenue growth of 13%, primarily driven by a 7% increase in average revenue producing trucks. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased approximately 10% versus the first quarter 2022.\n\n\nTotal freight transactions in the Marketplace for J.B. Hunt 360°® decreased 38% to $370 million in the first quarter 2023 compared to $600 million in the prior year quarter. ICS revenue on the platform decreased 42% to $251 million versus a year ago. JBT and JBI executed $88 million and $32 million, a decrease of 24% and 41%, respectively, of their third-party dray, independent contractor and power-only capacity through the platform during the quarter.\n\n\nOperating income for the current quarter decreased 17% to $277.5 million versus $334.3 million for the first quarter 2022. Operating income decreased from first quarter 2022 primarily due to lower volumes and pressure on customer rate and cost recovery efforts across ICS, JBI and JBT. On a consolidated basis, increases in professional driver and non-driver wages, insurance-related costs, and equipment-related and maintenance expenses contributed to the year-over-year decline in operating income. In addition, first quarter 2023 included a $6 million net loss from the sale of equipment compared to a $17 million net gain in the prior year quarter. These items wer...