J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the Third Quarter 2024

About this update from J.b. Hunt Transport Services, Inc.

[{"type":"text","content":"\n\nThird Quarter 2024 Revenue: $3.07 billion; down 3%\n\n\nThird Quarter 2024 Operating Income: $224.1 million; down 7%\n\n\nThird Quarter 2024 EPS: $1.49 vs. $1.80; down 17%\n\n\n LOWELL, Ark.--(BUSINESS WIRE)--\nJ.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2024 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $152.1 million, or diluted earnings per share of $1.49 versus third quarter 2023 net earnings of $187.4 million, or $1.80 per diluted share.\n\nTotal operating revenue for the current quarter was $3.07 billion, a decrease of 3% compared with $3.16 billion for the third quarter 2023. The decline in revenue was primarily driven by a 5% and 6% decrease in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decline in load volume of 10% and 6% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services® (DCS®), respectively, and 6% fewer stops in Final Mile Services® (FMS). These items were partially offset by JBI load growth of 5%, which included growth in both the transcontinental and eastern networks, and a 3% increase in revenue per load in ICS. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased less than 1% versus the comparable quarter 2023.\n\nOperating income for the current quarter decreased 7% to $224.1 million versus $241.7 million for the third quarter 2023. Operating income decreased primarily due to lower revenue in all segments excluding JBI, and higher personnel-related, insurance and claims, and equipment-related expense compared to third quarter 2023. On a consolidated basis, operating income as a percentage of gross revenue decreased year-over-year as a result of the same aforementioned expense items, partially offset by lower rail and truck purchased transportation costs as a percentage of gross revenue.\n\nNet interest expense for the current quarter increased compared to third quarter 2023 due primarily to higher interest rates and the prior year including an interest component of a discrete income tax benefit.\n\nThe effective income tax rate in the current quarter was 25.2% versus 18.2% in the third quarter 2023. The increase was due to the recording of a discrete benefit recognized in the prior-year quarter. We expect our 2024 annual tax rate to be approximately 24....

More updates from J.b. Hunt Transport Services, Inc.