Press release
J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for Both the Fourth Quarter and Year Ended December 31, 2023
Fourth Quarter 2023 Revenue: $3.30 billion; down 9% Fourth Quarter 2023 Operating Income: $203.3 million; down 28% Fourth Quarter 2023 Diluted EPS: $1.47 vs.
About this update from J.b. Hunt Transport Services, Inc.
[{"type":"text","content":"\n\nFourth Quarter 2023 Revenue: $3.30 billion; down 9%\n\n\n\nFourth Quarter 2023 Operating Income: $203.3 million; down 28%\n\n\n\nFourth Quarter 2023 Diluted EPS: $1.47 vs. $1.92; down 23%\n\n\n\n\n\nFull Year 2023 Revenue: $12.83 billion; down 13%\n\n\n\nFull Year 2023 Operating Income: $993 million; down 25%\n\n\n\nFull Year 2023 Diluted EPS: $6.97 vs. $9.21; down 24%\n\n\n\n LOWELL, Ark.--(BUSINESS WIRE)--\nJ.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced fourth quarter 2023 U.S. GAAP (United States Generally Accepted Accounting Principles) net income of $153.5 million, or diluted earnings per share of $1.47 versus fourth quarter 2022 net earnings of $201.3 million, or diluted earnings per share of $1.92.\n\n\nTotal operating revenue for the current quarter was $3.30 billion, compared with $3.65 billion for the fourth quarter 2022, a decrease of 9%. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased approximately 6% versus the comparable quarter 2022. This decrease was primarily driven by a 12% and 7% decline in volume in Integrated Capacity Solutions (ICS) and Truckload (JBT) respectively, a 10% and 13% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and JBT, respectively, and a 12% decline in stops in Final Mile Services® (FMS). Revenue, excluding fuel surcharge revenue, performance was positively offset by a 6% increase in volume in JBI, a 3% increase in productivity (revenue per truck per week excluding fuel surcharge revenue) in Dedicated Contract Services® (DCS®), and the revenue contribution from the acquisition of the brokerage assets of BNSF Logistics.\n\n\nOperating income for the current quarter decreased 28% to $203.3 million versus $281.9 million for the fourth quarter 2022. Current and prior quarter operating income was negatively impacted by pre-tax charges of $53.4 million and $64.0 million for insurance-related items, respectively. Excluding these charges, operating income declined from the prior year period primarily due to yield pressure in JBI, ICS and JBT, higher equipment-related costs, and increased insurance and claims expense. In addition, fourth quarter 2023 included a $15.0 million net increase in loss on sale of equipment compared to the prior-year period. On a consolidated basis, operating income as a percentage of co...