J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the Third Quarter 2022
J.B. Hunt Transport Services (JBHT) reported a strong third quarter in 2022, with total revenue of $3.84 billion, reflecting a 22% increase year-over-year. Earnings per share (EPS) rose to $2.57, up 37% from $1.88 in Q3 2021. Operating income climbed 32% to $362.2 million. Notable growth was seen in Intermodal revenue, growing 30%, and Dedicated Contract Services revenue increased 34%. However, Integrated Capacity Solutions faced an 11% decline in revenue due to lower load volumes. The company also repurchased approximately 349,000 shares for $61 million during the quarter.
- Total revenue increased by 22% to $3.84 billion.
- EPS rose by 37% to $2.57.
- Operating income increased by 32% to $362.2 million.
- Intermodal revenue grew by 30% and Dedicated Contract Services revenue by 34%.
- Share repurchase of approximately 349,000 shares for $61 million.
- Integrated Capacity Solutions revenue declined by 11%.
- Volume in Integrated Capacity Solutions decreased by 8%.
- Increased expenses in driver retention and maintenance impacted profitability.
-
Third Quarter 2022 Revenue:
; up$3.84 billion 22% -
Third Quarter 2022 Operating Income:
; up$362.2 million 32% -
Third Quarter 2022 EPS:
vs.$2.57 ; up$1.88 37%
Total operating revenue for the current quarter was
Total freight transactions in the Marketplace for J.B. Hunt 360® increased
Operating income for the current quarter totaled
Net interest expense for the current quarter increased from third quarter 2021 due primarily to higher interest rates and debt issuance costs compared to the same period last year.
The effective income tax rate in the current quarter was
Segment Information:
Intermodal (JBI)
-
Third Quarter 2022 Segment Revenue:
; up$1.84 billion 30% -
Third Quarter 2022 Operating Income:
; up$217.0 million 31%
Intermodal volume increased
Operating income increased by
Dedicated Contract Services (DCS)
-
Third Quarter 2022 Segment Revenue:
; up$894 million 34% -
Third Quarter 2022 Operating Income:
; up$103.1 million 32%
Demand for our highly engineered private-fleet outsourcing solution remained strong during the quarter. DCS revenue increased
Operating income increased
Integrated Capacity Solutions (ICS)
-
Third Quarter 2022 Segment Revenue:
; down$591 million 11% -
Third Quarter 2022 Operating Income:
; down$13.5 million 8%
ICS revenue declined
Gross profit margins increased to
Truckload (JBT)
-
Third Quarter 2022 Segment Revenue:
; up$274 million 34% -
Third Quarter 2022 Operating Income:
; up$19.0 million 30%
JBT revenue increased
JBT operating income increased
Final Mile Services (FMS)
-
Third Quarter 2022 Segment Revenue:
; up$249 million 21% -
Third Quarter 2022 Operating Income:
; compared to$9.6 million in 3Q’21$1.3 million
FMS revenue increased
Operating income increased to
Cash Flow and Capitalization:
At
Our net capital expenditures for the nine months ended
In the third quarter 2022, we purchased approximately 349,000 shares of our common stock for approximately
Conference Call Information:
The Company will hold a conference call today from 4:00–5:00 pm 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
About J.B. Hunt
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Condensed Consolidated Statements of Earnings |
||||||||
(in thousands, except per share data) |
||||||||
(unaudited) |
||||||||
|
|
|||||||
Three Months Ended |
||||||||
2022 |
2021 |
|||||||
% Of |
% Of |
|||||||
Amount | Revenue |
Amount | Revenue |
|||||
|
|
|||||||
Operating revenues, excluding fuel surcharge revenues | $ | 3,162,106 |
|
$ | 2,813,939 |
|
||
Fuel surcharge revenues | 676,151 |
|
330,873 |
|
||||
Total operating revenues | 3,838,257 |
|
3,144,812 |
|
||||
|
|
|||||||
Operating expenses |
|
|
||||||
Rents and purchased transportation | 1,891,848 |
|
1,667,236 |
|
||||
Salaries, wages and employee benefits | 887,723 |
|
711,694 |
|
||||
Fuel and fuel taxes | 242,379 |
|
139,155 |
|
||||
Depreciation and amortization | 166,580 |
|
138,923 |
|
||||
Operating supplies and expenses | 138,346 |
|
98,541 |
|
||||
Insurance and claims | 60,189 |
|
41,254 |
|
||||
General and administrative expenses, net of asset dispositions | 62,815 |
|
50,266 |
|
||||
Operating taxes and licenses | 17,082 |
|
15,464 |
|
||||
Communication and utilities | 9,067 |
|
8,450 |
|
||||
Total operating expenses | 3,476,029 |
|
2,870,983 |
|
||||
Operating income | 362,228 |
|
273,829 |
|
||||
Net interest expense | 13,562 |
|
11,977 |
|
||||
Earnings before income taxes | 348,666 |
|
261,852 |
|
||||
Income taxes | 79,284 |
|
62,023 |
|
||||
Net earnings | $ | 269,382 |
|
$ | 199,829 |
|
||
Average diluted shares outstanding | 104,924 |
|
106,436 |
|
||||
Diluted earnings per share | $ | 2.57 |
|
$ | 1.88 |
|
||
|
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|
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Condensed Consolidated Statements of Earnings |
||||||||
(in thousands, except per share data) |
||||||||
(unaudited) |
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|
|
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Nine Months Ended |
||||||||
2022 |
2021 |
|||||||
% Of |
% Of |
|||||||
Amount | Revenue |
Amount | Revenue |
|||||
|
|
|||||||
Operating revenues, excluding fuel surcharge revenues | $ | 9,364,082 |
|
$ | 7,808,954 |
|
||
Fuel surcharge revenues | 1,800,295 |
|
862,377 |
|
||||
Total operating revenues | 11,164,377 |
|
8,671,331 |
|
||||
|
|
|||||||
Operating expenses |
|
|
||||||
Rents and purchased transportation | 5,650,011 |
|
4,557,770 |
|
||||
Salaries, wages and employee benefits | 2,493,139 |
|
1,997,196 |
|
||||
Fuel and fuel taxes | 697,481 |
|
379,036 |
|
||||
Depreciation and amortization | 472,914 |
|
415,839 |
|
||||
Operating supplies and expenses | 371,668 |
|
271,257 |
|
||||
Insurance and claims | 193,577 |
|
114,792 |
|
||||
General and administrative expenses, net of asset dispositions | 160,026 |
|
142,662 |
|
||||
Operating taxes and licenses | 49,154 |
|
43,488 |
|
||||
Communication and utilities | 26,802 |
|
26,264 |
|
||||
Total operating expenses | 10,114,772 |
|
7,948,304 |
|
||||
Operating income | 1,049,605 |
|
723,027 |
|
||||
Net interest expense | 38,991 |
|
36,061 |
|
||||
Earnings before income taxes | 1,010,614 |
|
686,966 |
|
||||
Income taxes | 242,566 |
|
168,369 |
|
||||
Net earnings | $ | 768,048 |
|
$ | 518,597 |
|
||
Average diluted shares outstanding | 105,458 |
|
106,688 |
|
||||
Diluted earnings per share | $ | 7.28 |
|
$ | 4.86 |
|
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|
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Financial Information By Segment |
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(in thousands) |
||||||||||
(unaudited) |
||||||||||
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Three Months Ended |
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2022 |
2021 |
|||||||||
% Of |
% Of |
|||||||||
Amount | Total |
Amount | Total |
|||||||
|
|
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Revenue |
|
|
||||||||
|
|
|||||||||
Intermodal | $ | 1,836,603 |
|
|
$ | 1,412,806 |
|
|
||
Dedicated | 893,998 |
|
|
664,766 |
|
|
||||
Integrated Capacity Solutions | 590,977 |
|
|
666,217 |
|
|
||||
Truckload | 273,569 |
|
|
203,607 |
|
|
||||
Final Mile Services | 249,364 |
|
|
205,908 |
|
|
||||
Subtotal | 3,844,511 |
|
|
3,153,304 |
|
|
||||
Intersegment eliminations | (6,254 |
) |
( |
(8,492 |
) |
|
||||
Consolidated revenue | $ | 3,838,257 |
|
|
$ | 3,144,812 |
|
|
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|
|
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|
|
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Operating income |
|
|
||||||||
|
|
|||||||||
Intermodal | $ | 216,992 |
|
|
$ | 165,095 |
|
|
||
Dedicated | 103,075 |
|
|
78,138 |
|
|
||||
Integrated Capacity Solutions | 13,510 |
|
|
14,748 |
|
|
||||
Truckload | 19,036 |
|
|
14,664 |
|
|
||||
Final Mile Services | 9,614 |
|
|
1,278 |
|
|
||||
Other (1) | 1 |
|
|
(94 |
) |
|
||||
Operating income | $ | 362,228 |
|
|
$ | 273,829 |
|
|
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Nine Months Ended |
||||||||||
2022 |
|
2021 |
|
|||||||
% Of |
% Of |
|||||||||
Amount | Total |
Amount | Total |
|||||||
Revenue |
|
|
||||||||
|
|
|||||||||
Intermodal | $ | 5,272,767 |
|
|
$ | 3,879,338 |
|
|
||
Dedicated | 2,498,343 |
|
|
1,865,903 |
|
|
||||
Integrated Capacity Solutions | 1,889,600 |
|
|
1,798,778 |
|
|
||||
Truckload | 806,708 |
|
|
536,772 |
|
|
||||
Final Mile Services | 725,182 |
|
|
620,056 |
|
|
||||
Subtotal | 11,192,600 |
|
|
8,700,847 |
|
|
||||
Intersegment eliminations | (28,223 |
) |
( |
(29,516 |
) |
|
||||
Consolidated revenue | $ | 11,164,377 |
|
|
$ | 8,671,331 |
|
|
||
|
|
|||||||||
|
|
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Operating income |
|
|
||||||||
|
|
|||||||||
Intermodal | $ | 620,493 |
|
|
$ | 407,203 |
|
|
||
Dedicated | 269,376 |
|
|
231,487 |
|
|
||||
Integrated Capacity Solutions | 62,097 |
|
|
25,134 |
|
|
||||
Truckload | 75,494 |
|
|
39,033 |
|
|
||||
Final Mile Services | 22,282 |
|
|
20,467 |
|
|
||||
Other (1) | (137 |
) |
( |
(297 |
) |
|
||||
Operating income | $ | 1,049,605 |
|
|
$ | 723,027 |
|
|
||
|
|
(1) Includes corporate support activity |
Operating Statistics by Segment | ||||||||
(unaudited) | ||||||||
Three Months Ended |
||||||||
2022 |
2021 |
|||||||
Intermodal | ||||||||
Loads | 515,178 |
497,603 |
||||||
Average length of haul | 1,668 |
1,677 |
||||||
Revenue per load | $ | 3,565 |
$ | 2,839 |
||||
Average tractors during the period * | 6,831 |
5,956 |
||||||
Tractors (end of period) * | 6,872 |
6,017 |
||||||
Trailing equipment (end of period) | 113,066 |
102,230 |
||||||
Average effective trailing equipment usage | 109,215 |
99,453 |
||||||
Dedicated | ||||||||
Loads | 1,141,312 |
1,027,705 |
||||||
Average length of haul | 165 |
161 |
||||||
Revenue per truck per week** | $ | 5,342 |
$ | 4,692 |
||||
Average trucks during the period*** | 12,863 |
10,887 |
||||||
Trucks (end of period) *** | 13,086 |
11,250 |
||||||
Trailing equipment (end of period) | 27,937 |
27,804 |
||||||
Integrated Capacity Solutions | ||||||||
Loads | 312,947 |
339,867 |
||||||
Revenue per load | $ | 1,888 |
$ | 1,960 |
||||
Gross profit margin |
|
|
||||||
Employee count (end of period) | 1,026 |
954 |
||||||
Approximate number of third-party carriers (end of period) | 158,600 |
126,700 |
||||||
Marketplace for J.B. Hunt 360 revenue (millions) | $ | 391.1 |
$ | 397.4 |
||||
Truckload | ||||||||
Loads | 124,658 |
110,430 |
||||||
Average trailers during the period | 13,207 |
9,438 |
||||||
Revenue per load | $ | 2,195 |
$ | 1,844 |
||||
Average length of haul | 549 |
498 |
||||||
Tractors (end of period) | ||||||||
Company-owned | 713 |
750 |
||||||
Independent contractor | 1,971 |
1,215 |
||||||
Total tractors | 2,684 |
1,965 |
||||||
Trailers (end of period) | 13,751 |
9,906 |
||||||
Final Mile Services | ||||||||
Stops | 1,355,146 |
1,554,485 |
||||||
Average trucks during the period*** | 1,870 |
1,512 |
||||||
* 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 |
||||||||
2022 |
2021 |
|||||||
Intermodal | ||||||||
Loads | 1,564,938 |
1,475,570 |
||||||
Average length of haul | 1,666 |
1,681 |
||||||
Revenue per load | $ | 3,369 |
$ | 2,629 |
||||
Average tractors during the period * | 6,552 |
5,818 |
||||||
Tractors (end of period) * | 6,872 |
6,017 |
||||||
Trailing equipment (end of period) | 113,066 |
102,230 |
||||||
Average effective trailing equipment usage | 107,987 |
97,422 |
||||||
Dedicated | ||||||||
Loads | 3,304,208 |
2,966,575 |
||||||
Average length of haul | 164 |
161 |
||||||
Revenue per truck per week** | $ | 5,198 |
$ | 4,662 |
||||
Average trucks during the period*** | 12,407 |
10,357 |
||||||
Trucks (end of period) *** | 13,086 |
11,250 |
||||||
Trailing equipment (end of period) | 27,937 |
27,804 |
||||||
Integrated Capacity Solutions | ||||||||
Loads | 963,345 |
962,359 |
||||||
Revenue per load | $ | 1,961 |
$ | 1,869 |
||||
Gross profit margin |
|
|
||||||
Employee count (end of period) | 1,026 |
954 |
||||||
Approximate number of third-party carriers (end of period) | 158,600 |
126,700 |
||||||
Marketplace for J.B. Hunt 360 revenue (millions) | $ | 1,213.5 |
$ | 1,152.4 |
||||
Truckload | ||||||||
Loads | 368,777 |
322,030 |
||||||
Average trailers during the period | 12,266 |
8,890 |
||||||
Revenue per load | $ | 2,188 |
$ | 1,667 |
||||
Average length of haul | 510 |
476 |
||||||
Tractors (end of period) | ||||||||
Company-owned | 713 |
750 |
||||||
Independent contractor | 1,971 |
1,215 |
||||||
Total tractors | 2,684 |
1,965 |
||||||
Trailers (end of period) | 13,751 |
9,906 |
||||||
Final Mile Services | ||||||||
Stops | 4,141,771 |
4,963,472 |
||||||
Average trucks during the period*** | 1,797 |
1,505 |
||||||
* Includes company-owned and independent contractor tractors | ||||||||
** Using weighted workdays | ||||||||
*** Includes company-owned, independent contractor, and customer-owned trucks |
Condensed Consolidated Balance Sheets | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 84,334 |
$ | 355,549 |
||||
Accounts Receivable, net | 1,726,155 |
1,506,619 |
||||||
Prepaid expenses and other | 341,927 |
451,201 |
||||||
Total current assets | 2,152,416 |
2,313,369 |
||||||
Property and equipment | 7,680,238 |
6,680,316 |
||||||
Less accumulated depreciation | 2,972,231 |
2,612,661 |
||||||
Net property and equipment | 4,708,007 |
4,067,655 |
||||||
Other assets, net | 571,136 |
413,324 |
||||||
$ | 7,431,559 |
$ | 6,794,348 |
|||||
LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current debt | $ | - |
$ | 355,972 |
||||
Trade accounts payable | 838,859 |
772,736 |
||||||
Claims accruals | 340,207 |
307,210 |
||||||
Accrued payroll | 208,707 |
190,950 |
||||||
Other accrued expenses | 112,951 |
102,732 |
||||||
Total current liabilities | 1,500,724 |
1,729,600 |
||||||
Long-term debt | 1,243,814 |
945,257 |
||||||
Other long-term liabilities | 346,007 |
256,233 |
||||||
Deferred income taxes | 835,905 |
745,442 |
||||||
Stockholders' equity | 3,505,109 |
3,117,816 |
||||||
$ | 7,431,559 |
$ | 6,794,348 |
|||||
Supplemental Data | ||||||||
(unaudited) | ||||||||
|
|
|||||||
Actual shares outstanding at end of period (000) | 103,537 |
105,094 |
||||||
Book value per actual share outstanding at end of period | $ | 33.85 |
$ | 29.67 |
||||
Nine Months Ended |
||||||||
2022 |
2021 |
|||||||
Net cash provided by operating activities (000) | $ | 1,355,406 |
$ | 969,849 |
||||
Net capital expenditures (000) | $ | 1,018,028 |
$ | 511,075 |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221018006203/en/
Senior Vice President – Finance
(479) 820-2723
Source:
FAQ
What were J.B. Hunt's revenue and earnings results for Q3 2022?
How did J.B. Hunt's total operating income change in Q3 2022?
What is the trend in J.B. Hunt's Intermodal segment for Q3 2022?
Did J.B. Hunt announce any share repurchases in Q3 2022?