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

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J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) reported its third quarter 2024 financial results. The company's revenue decreased 3% to $3.07 billion, while operating income fell 7% to $224.1 million. Diluted earnings per share dropped 17% to $1.49 compared to $1.80 in Q3 2023.

The revenue decline was primarily due to decreased gross revenue per load in Intermodal and Truckload segments, lower load volumes in Integrated Capacity Solutions and Dedicated Contract Services, and fewer stops in Final Mile Services. These were partially offset by a 5% load growth in Intermodal.

The company's effective income tax rate increased to 25.2% from 18.2% in Q3 2023. J.B. Hunt expects its 2024 annual tax rate to be approximately 24.5%.

J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) ha riportato i risultati finanziari del terzo trimestre 2024. I ricavi sono diminuiti del 3% a $3,07 miliardi, mentre l'utile operativo è calato del 7% a $224,1 milioni. Gli utili diluiti per azione sono scesi del 17% a $1,49 rispetto a $1,80 nel terzo trimestre del 2023.

La diminuzione dei ricavi è stata principalmente dovuta a una riduzione del ricavo lordo per carico nei segmenti Intermodale e Truckload, a volumi di carico inferiori nei Servizi di Capacità Integrata e nei Servizi di Contratti Dedicati, e a un numero minore di fermate nei Servizi Final Mile. Questi sono stati parzialmente compensati da una crescita del carico del 5% nel settore Intermodale.

Il tasso effettivo dell'imposta sul reddito dell'azienda è aumentato al 25,2% rispetto al 18,2% nel terzo trimestre del 2023. J.B. Hunt prevede che il suo tasso fiscale annuale per il 2024 sarà di circa il 24,5%.

J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) informó sus resultados financieros del tercer trimestre de 2024. Los ingresos disminuyeron un 3% a $3,07 mil millones, mientras que el ingreso operativo cayó un 7% a $224,1 millones. Las ganancias diluidas por acción cayeron un 17% a $1,49 en comparación con $1,80 en el tercer trimestre de 2023.

La disminución de los ingresos se debió principalmente a la reducción de los ingresos brutos por carga en los segmentos Intermodal y Truckload, a los menores volúmenes de carga en Soluciones de Capacidad Integrada y Servicios de Contratos Dedicados, y a menos paradas en Servicios de Última Milla. Estos fueron parcialmente compensados por un crecimiento del 5% en el volumen de carga de Intermodal.

La tasa impositiva efectiva de la empresa aumentó al 25,2% desde el 18,2% en el tercer trimestre de 2023. J.B. Hunt espera que su tasa impositiva anual para 2024 sea de aproximadamente el 24,5%.

J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT)는 2024년 3분기 재무 결과를 발표했습니다. 회사의 수익은 3% 감소하여 30억 7천만 달러가 되었고, 운영 수익은 7% 감소하여 2억 2천4백10만 달러에 이르렀습니다. 희석주당순이익은 17% 감소하여 1.49달러로, 2023년 3분기의 1.80달러와 비교됩니다.

수익 감소는 주로 복합 운송 및 트럭 적재 부문에서의 적재당 총 수익 감소, 통합 용량 솔루션 및 전용 계약 서비스에서의 적재량 감소, 마지막 마일 서비스에서의 정차 수 감소로 인한 것입니다. 이는 복합 운송 부문에서 5% 적재량 증가에 의해 부분적으로 상쇄되었습니다.

회사의 유효 소득세율은 2023년 3분기의 18.2%에서 25.2%로 증가했습니다. J.B. Hunt는 2024년의 연간 세율이 약 24.5%가 될 것으로 예상하고 있습니다.

J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) a annoncé ses résultats financiers pour le troisième trimestre 2024. Les revenus ont diminué de 3% pour s'établir à 3,07 milliards de dollars, tandis que le résultat d'exploitation a chuté de 7% à 224,1 millions de dollars. Le bénéfice dilué par action a baissé de 17% pour atteindre 1,49 dollar, contre 1,80 dollar au troisième trimestre 2023.

La baisse des revenus a été principalement due à une diminution des revenus bruts par chargement dans les segments Intermodal et Truckload, à une baisse des volumes de chargement dans les Solutions de Capacité Intégrée et les Services de Contrats Dédiés, ainsi qu'à moins d'arrêts dans les Services de Dernière Milla. Cela a été partiellement compensé par une croissance de 5% des chargements dans le secteur Intermodal.

Le taux effectif d'imposition de l'entreprise a augmenté à 25,2% contre 18,2% au troisième trimestre 2023. J.B. Hunt s'attend à ce que son taux d'imposition annuel pour 2024 soit d'environ 24,5%.

J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht. Der Umsatz ging um 3% auf 3,07 Milliarden Dollar zurück, während das Betriebsergebnis um 7% auf 224,1 Millionen Dollar fiel. Der verwässerte Gewinn pro Aktie fiel um 17% auf 1,49 Dollar im Vergleich zu 1,80 Dollar im dritten Quartal 2023.

Der Rückgang der Einnahmen war hauptsächlich auf einen gesunkenen Bruttoumsatz pro Ladung in den Segmenten Intermodal und Truckload, niedrigere Ladevolumen in den integrierten Kapazitätslösungen und den dedizierten Vertragsdiensten sowie weniger Halte in den letzten Meilen zurückzuführen. Diese wurden teilweise durch ein Ladewachstum von 5% im Intermodalbereich ausgeglichen.

Der effektive Einkommenssteuersatz des Unternehmens stieg im dritten Quartal 2023 von 18,2% auf 25,2%. J.B. Hunt erwartet, dass der jährliche Steuersatz im Jahr 2024 bei etwa 24,5% liegen wird.

Positive
  • Intermodal (JBI) segment volume increased 5% over the same period in 2023
  • Transcontinental network loads increased 7%, while eastern network loads increased 3%
  • ICS gross profit increased 31% with margins rising to 17.9% from 12.8% in the prior period
  • Truckload (JBT) segment operating income increased 6% to $8.2 million
Negative
  • Total operating revenue decreased 3% to $3.07 billion compared to Q3 2023
  • Operating income decreased 7% to $224.1 million
  • Diluted earnings per share fell 17% to $1.49 from $1.80 in Q3 2023
  • Dedicated Contract Services (DCS) revenue decreased 5% with operating income down 7%
  • Integrated Capacity Solutions (ICS) revenue declined 7% with an operating loss of $3.3 million
  • Final Mile Services (FMS) revenue decreased 3% with operating income down 7%

Insights

J.B. Hunt's Q3 2024 results show a challenging environment for the transportation sector. Revenue declined 3% to $3.07 billion, while EPS dropped 17% to $1.49. The company faced headwinds across multiple segments:

  • Intermodal (JBI): Despite 5% volume growth, operating income fell 13% due to lower yields and higher costs.
  • Dedicated Contract Services (DCS): Revenue down 5%, operating income down 7%, impacted by fewer trucks and lower productivity.
  • Integrated Capacity Solutions (ICS): Revenue declined 7%, but narrowed operating loss from $9.4 million to $3.3 million.
  • Final Mile Services (FMS) and Truckload (JBT): Both segments saw revenue declines, though JBT improved operating income.

The company's effective tax rate increased significantly, further impacting earnings. However, J.B. Hunt maintained a strong cash position and continued share repurchases, indicating confidence in its long-term outlook despite near-term challenges.

J.B. Hunt's Q3 results reflect the complex dynamics in the transportation industry. The 5% growth in Intermodal volume, particularly in transcontinental loads, suggests improving demand and efficiency in rail transport. However, the 13% drop in Intermodal operating income highlights pressure on margins due to higher costs and network imbalances.

The Dedicated Contract Services segment's 5% revenue decline and 87% customer retention rate indicate a shift in customer needs, possibly due to economic uncertainties. The improvement in ICS's operating loss, despite lower volume, demonstrates effective margin management in a challenging brokerage environment.

The company's investment in new equipment (308 new trailers) and its maintained fleet size (121,500 containers) show a commitment to capacity and service quality. The continued use of the J.B. Hunt 360° platform for the 360box® service in the Truckload segment indicates a strategic focus on technology-driven efficiency gains in a soft freight market.

  • Third Quarter 2024 Revenue: $3.07 billion; down 3%
  • Third Quarter 2024 Operating Income: $224.1 million; down 7%
  • Third Quarter 2024 EPS: $1.49 vs. $1.80; down 17%

LOWELL, Ark.--(BUSINESS WIRE)-- J.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.

Total 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.

Operating 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.

Net 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.

The 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 24.5%.

Segment Information:

Intermodal (JBI)

  • Third Quarter 2024 Segment Revenue: $1.56 billion; flat
  • Third Quarter 2024 Operating Income: $111.8 million; down 13%

Intermodal volume increased 5% over the same period in 2023. Transcontinental network loads increased 7%, while eastern network loads increased 3% compared to the third quarter 2023. Demand for our intermodal service improved throughout the quarter across both the transcontinental and eastern networks, supported by seasonal activity and strong performance from our rail providers. Demand was particularly strong on eastbound transcontinental loads out of Southern California which increased by a double digit percentage as compared to the prior year period. Segment gross revenue was flat from the prior-year period, reflecting the 5% increase in volume and a 5% decrease in gross revenue per load, resulting from changes in customer rates, fuel surcharge revenue, and the mix of freight. Revenue per load excluding fuel surcharge revenue decreased 2% year-over-year.

Operating income decreased 13% in the third quarter primarily from lower yields, which was only partially offset by the resulting impact of absorbing network and equipment costs with higher volume. During the quarter, network imbalance and repositioning costs were elevated, along with driver hiring costs to meet peak season demand for customers in the quarter. JBl segment operating income as a percentage of segment gross revenue declined versus the prior-year period as a result of increases in professional driver and non-driver wages and benefits, higher insurance and claims cost, and higher equipment-related and maintenance expenses as a percentage of gross revenue. During the period, we onboarded 308 new pieces of trailing equipment. We ended the quarter with approximately 121,500 containers and 6,500 power units in the dray fleet.

Dedicated Contract Services (DCS)

  • Third Quarter 2024 Segment Revenue: $846 million; down 5%
  • Third Quarter 2024 Operating Income: $95.5 million; down 7%

DCS revenue decreased 5% during the current quarter over the same period 2023 driven by a 3% decline in average trucks combined with a 3% decline in productivity (revenue per truck per week). Productivity excluding fuel surcharge revenue was flat from a year ago driven primarily from lower utilization and increases in idled equipment, offset by contracted indexed­based price escalators. On a net basis, there were 498 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period, and 128 fewer versus the end of the second quarter 2024. Customer retention rates are approximately 87%, largely reflecting downsizing of fleets and to a lesser extent account losses.

Operating income decreased 7% from the prior-year quarter primarily from lower revenue, higher insurance and claims and new-account start-up costs as compared to the prior-year period. These items were partially offset by lower personnel, bad debt and equipment-related expenses and the maturing of new business onboarded over the trailing twelve months. DCS segment operating income as a percentage of segment gross revenue declined versus the prior-year period as a result of increases in professional driver and non-driver wages and benefits, insurance and claims expense, and higher equipment and maintenance costs, as a percentage of gross revenue.

Integrated Capacity Solutions (ICS)

  • Third Quarter 2024 Segment Revenue: $278 million; down 7%
  • Third Quarter 2024 Operating (Loss): $(3.3) million; vs. $(9.4) million in Q3'23

ICS revenue declined 7% during the current quarter versus the third quarter 2023. Overall segment volume decreased 10% versus the prior-year period. Revenue per load increased 3% compared to the third quarter 2023 due to increases in both contractual and transactional rates as well as changes in customer mix. Contractual volume represented approximately 62% of the total load volume and 61% of the total revenue in the current quarter compared to 68% and 67%, respectively, in third quarter 2023.

Operating loss was $3.3 million compared to an operating loss of $9.4 million in the third quarter 2023. The decrease in operating loss was largely driven by an $11.7 million increase in gross profit and lower cargo claims and personnel-related expenses, partially offset by integration and transition costs related to the purchase of the brokerage assets of BNSF Logistics. Gross profit increased 31% as a result of higher gross profit margins compared to the prior-year period. Gross profit margins increased to 17.9% in the current period versus 12.8% in the prior period as a result of our disciplined bid strategy, effective sourcing of capacity and some project-related work. ICS’ carrier base decreased 18% year-over-year, largely driven by changes to carrier qualification requirements to mitigate cargo theft.

Final Mile Services (FMS)

  • Third Quarter 2024 Segment Revenue: $218 million; down 3%
  • Third Quarter 2024 Operating Income: $12.0 million; down 7%

FMS revenue decreased 3% compared to the same period 2023 primarily driven by general weakness in demand across many of the end markets served. The decline in revenue was partially offset by multiple new customer contracts implemented over the trailing twelve months, as well as improved revenue quality on the overall business portfolio.

Operating income decreased 7% compared to the prior-year period primarily driven by the decline in segment revenue along with higher purchased transportation costs and insurance premiums as compared to the prior-year period. These items were partially offset by lower personnel-related expenses.

Truckload (JBT)

  • Third Quarter 2024 Segment Revenue: $173 million; down 12%
  • Third Quarter 2024 Operating Income: $8.2 million; up 6%

JBT segment gross revenue decreased 12% compared to the same period in the previous year. Segment gross revenue excluding fuel surcharge revenue decreased 9% due to a 6% decline in load volume and a 3% decline in gross revenue per load excluding fuel surcharge revenue. Total average effective trailer count decreased by approximately 300 units, or 2% versus the prior-year period. Trailer turns in the quarter were down 4% from the prior-year period primarily due to softer overall freight demand as compared to the third quarter 2023.

JBT segment operating income increased 6% to $8.2 million versus the third quarter 2023. The increase in operating income was primarily driven by improved network balance and lower trailing capacity costs. JBT segment operating income as a percentage of segment gross revenue increased year-over-year due to the aforementioned items, partially offset by higher personnel-related expenses and higher insurance premiums as a percentage of revenue. JBT continues to leverage the J.B. Hunt 360°® platform to grow third-party power capacity and capability for the 360box® service offering.

Cash Flow and Capitalization:

At September 30, 2024, we had approximately $1.53 billion outstanding on various debt instruments compared to $1.45 billion at September 30, 2023 and $1.58 billion at December 31, 2023.

Our net capital expenditures for the nine months ended September 30, 2024 approximated $488 million compared to $1.32 billion for the same period 2023. At September 30, 2024, we had cash and cash equivalents of approximately $120 million.

In the third quarter 2024, we purchased approximately 1,200,000 shares of common stock for approximately $200 million. At September 30, 2024, we had approximately $967 million remaining under our share repurchase authorization. Actual shares outstanding at September 30, 2024 approximated 100.8 million.

Conference Call Information:

The company will hold a conference call today from 4:00–5:00 p.m. CDT to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.

Forward-Looking Statements:

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2023. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.

About J.B. Hunt

J.B. Hunt’s vision is to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.

J.B. Hunt Transport Services Inc. is a Fortune 500 company, an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended September 30

2024

2023

% Of

% Of

Amount

Revenue

Amount

Revenue

 

 

Operating revenues, excluding fuel surcharge revenues $

2,678,484

 

$

2,690,890

 

Fuel surcharge revenues

389,687

 

472,863

 

Total operating revenues

3,068,171

100.0%

3,163,753

100.0%

 

 

Operating expenses

 

 

Rents and purchased transportation

1,380,380

45.0%

1,443,197

45.6%

Salaries, wages and employee benefits

809,494

26.4%

803,187

25.4%

Depreciation and amortization

187,982

6.1%

187,714

5.9%

Fuel and fuel taxes

158,792

5.2%

195,962

6.2%

Operating supplies and expenses

127,889

4.2%

130,905

4.1%

Insurance and claims

78,441

2.6%

62,675

2.0%

General and administrative expenses, net of asset dispositions

72,389

2.2%

69,413

2.3%

Operating taxes and licenses

17,705

0.6%

18,739

0.6%

Communication and utilities

10,991

0.4%

10,245

0.3%

Total operating expenses

2,844,063

92.7%

2,922,037

92.4%

Operating income

224,108

7.3%

241,716

7.6%

Net interest expense

20,751

0.7%

12,586

0.4%

Earnings before income taxes

203,357

6.6%

229,130

7.2%

Income taxes

51,291

1.6%

41,699

1.3%

Net earnings $

152,066

5.0%

$

187,431

5.9%

Average diluted shares outstanding

102,135

 

104,394

 

Diluted earnings per share $

1.49

 

$

1.80

 

 

 

 

 

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

 

 

Nine Months Ended September 30

2024

2023

% Of

% Of

Amount

Revenue

Amount

Revenue

 

 

Operating revenues, excluding fuel surcharge revenues $

7,775,991

 

$

8,140,959

 

Fuel surcharge revenues

1,164,865

 

1,385,006

 

Total operating revenues

8,940,856

100.0%

9,525,965

100.0%

 

 

Operating expenses

 

 

Rents and purchased transportation

3,935,379

44.0%

4,315,581

45.3%

Salaries, wages and employee benefits

2,420,425

27.1%

2,450,062

25.7%

Depreciation and amortization

555,637

6.2%

543,498

5.7%

Fuel and fuel taxes

496,610

5.6%

563,642

5.9%

Operating supplies and expenses

371,305

4.2%

388,213

4.1%

Insurance and claims

227,348

2.5%

196,896

2.1%

General and administrative expenses, net of asset dispositions

223,878

2.4%

191,291

2.0%

Operating taxes and licenses

52,815

0.6%

55,797

0.6%

Communication and utilities

33,273

0.4%

31,067

0.3%

Total operating expenses

8,316,670

93.0%

8,736,047

91.7%

Operating income

624,186

7.0%

789,918

8.3%

Net interest expense

56,598

0.7%

41,980

0.4%

Earnings before income taxes

567,588

6.3%

747,938

7.9%

Income taxes

152,156

1.7%

173,186

1.9%

Net earnings $

415,432

4.6%

$

574,752

6.0%

Average diluted shares outstanding

103,126

 

104,562

 

Diluted earnings per share $

4.03

 

$

5.50

 

 

 

 

 

Financial Information By Segment

(in thousands)

(unaudited)

 

 

Three Months Ended September 30

2024

2023

% Of

% Of

Amount

Total

Amount

Total

 

 

Revenue

 

 

Intermodal $

1,556,774

 

51%

$

1,555,382

 

49%

Dedicated

845,963

 

28%

892,257

 

28%

Integrated Capacity Solutions

278,177

 

9%

298,015

 

9%

Final Mile Services

218,318

 

7%

225,929

 

8%

Truckload

173,223

 

5%

196,338

 

6%

Subtotal

3,072,455

 

100%

3,167,921

 

100%

Intersegment eliminations

(4,284

)

(0%)

(4,168

)

(0%)

Consolidated revenue $

3,068,171

 

100%

$

3,163,753

 

100%

 

 

 

 

Operating income

 

 

Intermodal $

111,785

 

50%

$

127,972

 

53%

Dedicated

95,510

 

43%

102,435

 

42%

Integrated Capacity Solutions

(3,255

)

(1%)

(9,375

)

(4%)

Final Mile Services

12,021

 

5%

12,975

 

6%

Truckload

8,151

 

3%

7,715

 

3%

Other (1)

(104

)

(0%)

(6

)

(0%)

Operating income $

224,108

 

100%

$

241,716

 

100%

 

 

 

 

Nine Months Ended September 30

2024

2023

% Of

% Of

Amount

Total

Amount

Total

Revenue

 

 

Intermodal $

4,359,621

 

49%

$

4,584,089

 

48%

Dedicated

2,556,989

 

29%

2,658,993

 

28%

Integrated Capacity Solutions

833,841

 

9%

1,026,480

 

11%

Final Mile Services

682,887

 

8%

674,945

 

7%

Truckload

519,631

 

5%

594,003

 

6%

Subtotal

8,952,969

 

100%

9,538,510

 

100%

Intersegment eliminations

(12,113

)

(0%)

(12,545

)

(0%)

Consolidated revenue $

8,940,856

 

100%

$

9,525,965

 

100%

 

 

 

 

Operating income

 

 

Intermodal $

312,918

 

50%

$

439,490

 

56%

Dedicated

285,569

 

46%

318,610

 

40%

Integrated Capacity Solutions

(34,084

)

(5%)

(19,166

)

(2%)

Final Mile Services

46,886

 

8%

34,419

 

4%

Truckload

12,928

 

1%

16,503

 

2%

Other (1)

(31

)

(0%)

62

 

0%

Operating income $

624,186

 

100%

$

789,918

 

100%

 

 

(1) Includes corporate support activity

 

 

Operating Statistics by Segment
(unaudited)
 
Three Months Ended September 30

2024

2023

 
Intermodal
Loads

547,988

521,221

Average length of haul

1,697

1,683

Revenue per load $

2,841

$

2,984

Average tractors during the period *

6,374

6,447

Tractors (end of period) *

6,514

6,398

Trailing equipment (end of period)

121,477

117,387

Average effective trailing equipment usage

108,632

100,593

 
 
Dedicated
Loads

1,005,515

1,070,626

Average length of haul

180

176

Revenue per truck per week** $

5,073

$

5,215

Average trucks during the period***

12,800

13,242

Trucks (end of period) ***

12,761

13,259

Trailing equipment (end of period)

31,967

32,875

Average effective trailing equipment usage

32,525

33,185

 
 
Integrated Capacity Solutions
Loads

147,805

163,745

Revenue per load $

1,882

$

1,820

Gross profit margin

17.9%

12.8%

Employee count (end of period)

640

680

Approximate number of third-party carriers (end of period)

108,000

131,600

Marketplace for J.B. Hunt 360 revenue (millions) $

92.2

$

168.5

 
 
Final Mile Services
Stops

1,051,428

1,123,435

Average trucks during the period***

1,334

1,487

 
 
Truckload
Loads

100,896

107,149

Revenue per load $

1,717

$

1,832

Average length of haul

601

644

 
Tractors (end of period)
Company-owned

18

29

Independent contractor

1,971

1,960

Total tractors

1,989

1,989

 
Trailers (end of period)

13,205

13,409

Average effective trailing equipment usage

12,588

12,869

 
 
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
Operating Statistics by Segment
(unaudited)
 
Nine Months Ended September 30

2024

2023

 
Intermodal
Loads

1,530,600

1,508,993

Average length of haul

1,692

1,663

Revenue per load $

2,848

$

3,038

Average tractors during the period *

6,309

6,521

Tractors (end of period) *

6,514

6,398

Trailing equipment (end of period)

121,477

117,387

Average effective trailing equipment usage

101,031

97,571

 
 
Dedicated
Loads

3,017,650

3,252,894

Average length of haul

181

173

Revenue per truck per week** $

5,032

$

5,152

Average trucks during the period***

13,080

13,316

Trucks (end of period) ***

12,761

13,259

Trailing equipment (end of period)

31,967

32,875

Average effective trailing equipment usage

32,660

32,181

 
 
Integrated Capacity Solutions
Loads

451,414

560,912

Revenue per load $

1,847

$

1,830

Gross profit margin

15.7%

13.1%

Employee count (end of period)

640

680

Approximate number of third-party carriers (end of period)

108,000

131,600

Marketplace for J.B. Hunt 360 revenue (millions) $

301.8

$

644.1

 
 
Final Mile Services
Stops

3,226,638

3,426,988

Average trucks during the period***

1,372

1,563

 
 
Truckload
Loads

287,209

307,336

Revenue per load $

1,809

$

1,933

Average length of haul

642

648

 
Tractors (end of period)
Company-owned

18

29

Independent contractor

1,971

1,960

Total tractors

1,989

1,989

 
Trailers (end of period)

13,205

13,409

Average effective trailing equipment usage

12,693

13,035

 
 
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
 
September 30, 2024 December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $

120,002

$

53,344

Accounts Receivable, net

1,262,921

1,334,912

Prepaid expenses and other

543,477

696,656

Total current assets

1,926,400

2,084,912

Property and equipment

9,053,779

8,767,872

Less accumulated depreciation

3,302,505

2,993,959

Net property and equipment

5,751,274

5,773,913

Other assets, net

648,276

679,435

$

8,325,950

$

8,538,260

 
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $

500,000

$

249,961

Trade accounts payable

673,452

737,364

Claims accruals

613,311

547,277

Accrued payroll

108,428

94,563

Other accrued expenses

146,254

150,256

Total current liabilities

2,041,445

1,779,421

 
Long-term debt

1,032,303

1,326,107

Other long-term liabilities

390,156

392,766

Deferred income taxes

861,828

936,208

Stockholders' equity

4,000,218

4,103,758

$

8,325,950

$

8,538,260

 
 
 
Supplemental Data
(unaudited)
 

September 30, 2024

December 31, 2023

 
Actual shares outstanding at end of period (000)

100,830

103,220

 
Book value per actual share outstanding at end of period $

39.67

$

39.76

 
 
 
Nine Months Ended September 30

2024

2023

 
Net cash provided by operating activities (000) $

1,165,520

$

1,529,612

 
Net capital expenditures (000) $

488,067

$

1,319,905

 

 

Brad Delco

Senior Vice President – Finance

(479) 820-2723

Source: J.B. Hunt Transport Services, Inc.

FAQ

What was J.B. Hunt's (JBHT) revenue for Q3 2024?

J.B. Hunt's revenue for Q3 2024 was $3.07 billion, a 3% decrease compared to Q3 2023.

How did J.B. Hunt's (JBHT) earnings per share (EPS) change in Q3 2024?

J.B. Hunt's diluted earnings per share (EPS) decreased 17% to $1.49 in Q3 2024, compared to $1.80 in Q3 2023.

What was the performance of J.B. Hunt's (JBHT) Intermodal segment in Q3 2024?

J.B. Hunt's Intermodal segment saw a 5% increase in volume, with revenue remaining flat at $1.56 billion and operating income decreasing 13% to $111.8 million in Q3 2024.

How much did J.B. Hunt (JBHT) spend on share repurchases in Q3 2024?

J.B. Hunt purchased approximately 1,200,000 shares of common stock for approximately $200 million in Q3 2024.

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18.31B
80.20M
20.06%
73.76%
1.96%
Integrated Freight & Logistics
Trucking (no Local)
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United States of America
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