Press release
J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the Third Quarter 2023
Third Quarter 2023 Revenue: $3.16 billion; down 18% Third Quarter 2023 Operating Income: $241.7 million; down 33% Third Quarter 2023 EPS: $1.80 vs. $2.57;
About this update from J.b. Hunt Transport Services, Inc.
[{"type":"text","content":"\n\nThird Quarter 2023 Revenue: $3.16 billion; down 18%\n\n\n\nThird Quarter 2023 Operating Income: $241.7 million; down 33%\n\n\n\nThird Quarter 2023 EPS: $1.80 vs. $2.57; down 30% \n\n\n\n LOWELL, Ark.--(BUSINESS WIRE)--\nJ.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2023 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $187.4 million, or diluted earnings per share of $1.80 versus third quarter 2022 net earnings of $269.4 million, or $2.57 per diluted share.\n\n\nTotal operating revenue for the current quarter was $3.16 billion, a decrease of 18% compared with $3.84 billion for the third quarter 2022. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased 15% versus the comparable quarter 2022. This decrease was primarily driven by a 14% and 22% decrease in Intermodal (JBI) and Truckload (JBT) revenue per load (excluding fuel surcharge revenue) respectively, a 38% decrease in volume in Integrated Capacity Solutions (ICS), a 20% decrease in stops in Final Miles Services® (FMS), and a 1% decline in average revenue producing trucks in Dedicated Contract Services® (DCS®), partially offset by a 1% increase in JBI volumes and a 6% increase in JBT loads versus the prior-year period.\n\n\nOperating income for the current quarter decreased 33% to $241.7 million versus $362.2 million for the third quarter 2022. Operating income decreased primarily due to lower revenue across all business segments, higher equipment-related costs, and higher insurance and claims expense compared to third quarter 2022. In addition, third quarter 2023 included an $8 million net loss from the sale of equipment compared to a negligible net gain in the prior-year quarter. On a consolidated basis, operating income as a percentage of consolidated gross revenue decreased year-over-year as a result of higher professional driver and non-driver wages and benefits and equipment-related and maintenance expenses as a percentage of gross revenue. These items were partially offset by lower rail and truck purchased transportation costs as a percentage of gross revenue.\n\n\nNet interest expense for the current quarter decreased modestly compared to third quarter 2022 due primarily to the interest component of a discrete income tax benefit recognized in the current quarter, partial...