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, 2024
-
Fourth Quarter 2024 Revenue:
; down$3.15 billion 5% -
Fourth Quarter 2024 Operating Income:
; up$207.0 million 2% -
Fourth Quarter 2024 Diluted EPS:
vs.$1.53 ; up$1.47 4% -
Full Year 2024 Revenue:
; down$12.09 billion 6% -
Full Year 2024 Operating Income:
; down$831 million 16% -
Full Year 2024 Diluted EPS:
vs.$5.56 ; down$6.97 20%
Total operating revenue for the current quarter was
Operating income for the current quarter increased
Net interest expense in the current quarter decreased primarily from a lower average outstanding debt balance compared to fourth quarter 2023. The fourth quarter effective tax rates for 2024 and 2023 were
Segment Information:
Intermodal (JBI)
-
Fourth Quarter 2024 Segment Revenue:
; down$1.60 billion 2% -
Fourth Quarter 2024 Operating Income:
; down$117.0 million 10%
Intermodal volume increased
Operating income decreased
Dedicated Contract Services (DCS)
-
Fourth Quarter 2024 Segment Revenue:
; down$839 million 5% -
Fourth Quarter 2024 Operating Income:
; up$90.3 million 5%
DCS revenue decreased
Operating income increased
Integrated Capacity Solutions (ICS)
-
Fourth Quarter 2024 Segment Revenue:
; down$308 million 15% -
Fourth Quarter 2024 Operating (Loss):
; vs.$(21.8) million in Q4'23$(24.9) million
ICS revenue decreased
Operating loss was
Final Mile Services (FMS)
-
Fourth Quarter 2024 Segment Revenue:
; down$228 million 6% -
Fourth Quarter 2024 Operating Income:
; up$13.2 million 7%
FMS revenue declined
Operating income increased
Truckload (JBT)
-
Fourth Quarter 2024 Segment Revenue:
; down$182 million 7% -
Fourth Quarter 2024 Operating Income/(Loss):
; vs.$8.6 million in Q4’23$(39) thousand
JBT revenue decreased
JBT operating income increased to
Cash Flow and Capitalization:
At December 31, 2024, we had total debt outstanding of
Our net capital expenditures for 2024 approximated
In the fourth quarter 2024, we purchased approximately 489,000 shares of our common stock for approximately
Conference Call Information:
The company will hold a conference call today from 4:00–5:00 p.m. CST 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
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 December 31 |
|||||||||
2024 |
|
|
2023 |
||||||
|
|
% Of |
|
|
|
|
% Of |
||
Amount |
|
Revenue |
|
|
Amount |
|
Revenue |
||
Operating revenues, excluding fuel surcharge revenues | $ |
2,781,717 |
$ |
2,837,428 |
|||||
Fuel surcharge revenues | 364,631 |
466,273 |
|||||||
Total operating revenues | 3,146,348 |
|
3,303,701 |
|
|||||
|
|
||||||||
Operating expenses |
|
|
|||||||
Rents and purchased transportation | 1,442,957 |
|
1,557,010 |
|
|||||
Salaries, wages and employee benefits | 812,015 |
|
807,422 |
|
|||||
Depreciation and amortization | 205,504 |
|
194,456 |
|
|||||
Fuel and fuel taxes | 155,519 |
|
187,855 |
|
|||||
Operating supplies and expenses | 124,070 |
|
121,141 |
|
|||||
Insurance and claims | 86,316 |
|
118,782 |
|
|||||
General and administrative expenses, net of asset dispositions | 82,476 |
|
83,272 |
|
|||||
Operating taxes and licenses | 19,732 |
|
19,199 |
|
|||||
Communication and utilities | 10,720 |
|
11,285 |
|
|||||
Total operating expenses | 2,939,309 |
|
3,100,422 |
|
|||||
Operating income | 207,039 |
|
203,279 |
|
|||||
Net interest expense | 15,111 |
|
16,330 |
|
|||||
Earnings before income taxes | 191,928 |
|
186,949 |
|
|||||
Income taxes | 36,474 |
|
33,414 |
|
|||||
Net earnings | $ |
155,454 |
|
$ |
153,535 |
|
|||
Average diluted shares outstanding | 101,647 |
104,122 |
|||||||
Diluted earnings per share | $ |
1.53 |
$ |
1.47 |
J.B. HUNT TRANSPORT SERVICES, INC. |
|||||||||
Condensed Consolidated Statements of Earnings |
|||||||||
(in thousands, except per share data) |
|||||||||
(unaudited) |
|||||||||
Twelve Months Ended December 31 |
|||||||||
2024 |
|
|
2023 |
||||||
|
|
% Of |
|
|
|
|
% Of |
||
Amount |
|
Revenue |
|
|
Amount |
|
Revenue |
||
Operating revenues, excluding fuel surcharge revenues | $ | 10,557,709 |
$ | 10,978,387 |
|||||
Fuel surcharge revenues | 1,529,495 |
1,851,278 |
|||||||
Total operating revenues | 12,087,204 |
|
12,829,665 |
|
|||||
|
|
||||||||
Operating expenses |
|
|
|||||||
Rents and purchased transportation | 5,378,336 |
|
5,872,591 |
|
|||||
Salaries, wages and employee benefits | 3,232,440 |
|
3,257,484 |
|
|||||
Depreciation and amortization | 761,141 |
|
737,954 |
|
|||||
Fuel and fuel taxes | 652,129 |
|
751,497 |
|
|||||
Operating supplies and expenses | 495,375 |
|
509,354 |
|
|||||
Insurance and claims | 313,664 |
|
315,678 |
|
|||||
General and administrative expenses, net of asset dispositions | 306,355 |
|
274,564 |
|
|||||
Operating taxes and licenses | 72,547 |
|
74,996 |
|
|||||
Communication and utilities | 43,992 |
|
42,351 |
|
|||||
Total operating expenses | 11,255,979 |
|
11,836,469 |
|
|||||
Operating income | 831,225 |
|
993,196 |
|
|||||
Net interest expense | 71,709 |
|
58,309 |
|
|||||
Earnings before income taxes | 759,516 |
|
934,887 |
|
|||||
Income taxes | 188,630 |
|
206,600 |
|
|||||
Net earnings | $ | 570,886 |
|
$ | 728,287 |
|
|||
Average diluted shares outstanding | 102,754 |
104,451 |
|||||||
Diluted earnings per share | $ | 5.56 |
$ | 6.97 |
Financial Information By Segment |
|||||||||||
(in thousands) |
|||||||||||
(unaudited) |
|||||||||||
Three Months Ended December 31 |
|||||||||||
2024 |
|
|
2023 |
||||||||
|
|
% Of |
|
|
|
|
% Of |
||||
Amount |
|
Total |
|
|
Amount |
|
Total |
||||
Revenue | |||||||||||
Intermodal | $ | 1,596,471 |
|
|
$ | 1,623,372 |
|
|
|||
Dedicated | 838,529 |
|
|
883,876 |
|
|
|||||
Integrated Capacity Solutions | 307,634 |
|
|
363,661 |
|
|
|||||
Final Mile Services | 227,543 |
|
|
243,164 |
|
|
|||||
Truckload | 181,950 |
|
|
195,436 |
|
|
|||||
Subtotal | 3,152,127 |
|
|
3,309,509 |
|
|
|||||
Intersegment eliminations | (5,779 |
) |
( |
(5,808 |
) |
( |
|||||
Consolidated revenue | $ | 3,146,348 |
|
|
$ | 3,303,701 |
|
|
|||
|
|
||||||||||
|
|
||||||||||
Operating income |
|
|
|||||||||
|
|
||||||||||
Intermodal | $ | 116,959 |
|
|
$ | 129,893 |
|
|
|||
Dedicated | 90,309 |
|
|
86,149 |
|
|
|||||
Integrated Capacity Solutions | (21,811 |
) |
( |
(24,949 |
) |
( |
|||||
Final Mile Services | 13,171 |
|
|
12,295 |
|
|
|||||
Truckload | 8,550 |
|
|
(39 |
) |
( |
|||||
Other (1) | (139 |
) |
( |
(70 |
) |
( |
|||||
Operating income | $ | 207,039 |
|
|
$ | 203,279 |
|
|
|||
Twelve Months Ended December 31 |
|||||||||||
2024 |
|
|
2023 |
||||||||
|
|
% Of |
|
|
|
|
% Of |
||||
Amount |
|
Total |
|
|
Amount |
|
Total |
||||
Revenue | |||||||||||
Intermodal | $ | 5,956,092 |
|
|
$ | 6,207,461 |
|
|
|||
Dedicated | 3,395,518 |
|
|
3,542,869 |
|
|
|||||
Integrated Capacity Solutions | 1,141,475 |
|
|
1,390,141 |
|
|
|||||
Final Mile Services | 910,430 |
|
|
918,109 |
|
|
|||||
Truckload | 701,581 |
|
|
789,439 |
|
|
|||||
Subtotal | 12,105,096 |
|
|
12,848,019 |
|
|
|||||
Intersegment eliminations | (17,892 |
) |
( |
(18,354 |
) |
( |
|||||
Consolidated revenue | $ | 12,087,204 |
|
|
$ | 12,829,665 |
|
|
|||
|
|
||||||||||
|
|
||||||||||
Operating income |
|
|
|||||||||
|
|
||||||||||
Intermodal | $ | 429,877 |
|
|
$ | 569,383 |
|
|
|||
Dedicated | 375,878 |
|
|
404,759 |
|
|
|||||
Integrated Capacity Solutions | (55,895 |
) |
( |
(44,115 |
) |
( |
|||||
Final Mile Services | 60,057 |
|
|
46,714 |
|
|
|||||
Truckload | 21,479 |
|
|
16,464 |
|
|
|||||
Other (1) | (171 |
) |
( |
(9 |
) |
( |
|||||
Operating income | $ | 831,225 |
|
|
$ | 993,196 |
|
|
|||
(1) Includes corporate support activity |
Operating Statistics by Segment |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
||
|
|
Three Months Ended December 31 |
|||||
|
|
2024 |
|
|
2023 |
||
Intermodal | |||||||
Loads | 560,132 |
|
535,987 |
|
|||
Average length of haul | 1,693 |
|
1,703 |
|
|||
Revenue per load | $ |
2,850 |
|
$ |
3,029 |
|
|
Average tractors during the period * | 6,546 |
|
6,388 |
|
|||
Tractors (end of period) * | 6,502 |
|
6,380 |
|
|||
Trailing equipment (end of period) | 122,272 |
|
118,171 |
|
|||
Average effective trailing equipment usage | 113,320 |
|
104,781 |
|
|||
Dedicated | |||||||
Loads | 967,571 |
|
1,021,783 |
|
|||
Average length of haul | 181 |
|
180 |
|
|||
Revenue per truck per week** | $ |
5,210 |
|
$ |
5,284 |
|
|
Average trucks during the period*** | 12,711 |
|
13,214 |
|
|||
Trucks (end of period) *** | 12,647 |
|
13,252 |
|
|||
Trailing equipment (end of period) | 32,046 |
|
32,600 |
|
|||
Average effective trailing equipment usage | 32,573 |
|
33,091 |
|
|||
Integrated Capacity Solutions | |||||||
Loads | 158,440 |
|
203,928 |
|
|||
Revenue per load | $ |
1,942 |
|
$ |
1,783 |
|
|
Gross profit margin | 17.3 |
% |
14.0 |
% |
|||
Employee count (end of period) | 590 |
|
861 |
|
|||
Approximate number of third-party carriers (end of period) | 110,000 |
|
122,100 |
|
|||
Marketplace for J.B. Hunt 360 revenue (millions) | $ |
94.0 |
|
$ |
121.5 |
|
|
Final Mile Services | |||||||
Stops | 1,089,940 |
|
1,169,727 |
|
|||
Average trucks during the period*** | 1,376 |
|
1,470 |
|
|||
Truckload | |||||||
Loads | 102,623 |
|
102,755 |
|
|||
Revenue per load | $ |
1,773 |
|
$ |
1,902 |
|
|
Average length of haul | 591 |
|
663 |
|
|||
Tractors (end of period) | |||||||
Company-owned | 2 |
|
27 |
|
|||
Independent contractor | 1,917 |
|
1,931 |
|
|||
Total tractors | 1,919 |
|
1,958 |
|
|||
Trailers (end of period) | 12,895 |
|
13,561 |
|
|||
Average effective trailing equipment usage | 12,130 |
|
12,897 |
|
|||
* Includes company-owned and independent contractor tractors | |||||||
** Using weighted workdays | |||||||
*** Includes company-owned, independent contractor, and customer-owned trucks |
Operating Statistics by Segment |
|||||||
(unaudited) |
|||||||
Twelve Months Ended December 31 |
|||||||
2024 |
|
|
2023 |
||||
Intermodal | |||||||
Loads | 2,090,732 |
|
2,044,980 |
|
|||
Average length of haul | 1,692 |
|
1,673 |
|
|||
Revenue per load | $ | 2,849 |
|
$ | 3,035 |
|
|
Average tractors during the period * | 6,368 |
|
6,488 |
|
|||
Tractors (end of period) * | 6,502 |
|
6,380 |
|
|||
Trailing equipment (end of period) | 122,272 |
|
118,171 |
|
|||
Average effective trailing equipment usage | 104,103 |
|
99,374 |
|
|||
Dedicated | |||||||
Loads | 3,985,221 |
|
4,274,677 |
|
|||
Average length of haul | 181 |
|
175 |
|
|||
Revenue per truck per week** | $ | 5,075 |
|
$ | 5,184 |
|
|
Average trucks during the period*** | 12,988 |
|
13,290 |
|
|||
Trucks (end of period) *** | 12,647 |
|
13,252 |
|
|||
Trailing equipment (end of period) | 32,046 |
|
32,600 |
|
|||
Average effective trailing equipment usage | 32,639 |
|
32,408 |
|
|||
Integrated Capacity Solutions | |||||||
Loads | 609,854 |
|
764,839 |
|
|||
Revenue per load | $ | 1,872 |
|
$ | 1,818 |
|
|
Gross profit margin | 16.1 |
% |
13.4 |
% |
|||
Employee count (end of period) | 590 |
|
861 |
|
|||
Approximate number of third-party carriers (end of period) | 110,000 |
|
122,100 |
|
|||
Marketplace for J.B. Hunt 360 revenue (millions) | $ | 395.8 |
|
$ | 765.6 |
|
|
Final Mile Services | |||||||
Stops | 4,316,578 |
|
4,596,715 |
|
|||
Average trucks during the period*** | 1,373 |
|
1,540 |
|
|||
Truckload | |||||||
Loads | 389,832 |
|
410,091 |
|
|||
Revenue per load | $ | 1,800 |
|
$ | 1,925 |
|
|
Average length of haul | 629 |
|
652 |
|
|||
Tractors (end of period) | |||||||
Company-owned | 2 |
|
27 |
|
|||
Independent contractor | 1,917 |
|
1,931 |
|
|||
Total tractors | 1,919 |
|
1,958 |
|
|||
Trailers (end of period) | 12,895 |
|
13,561 |
|
|||
Average effective trailing equipment usage | 12,552 |
|
13,000 |
|
|||
* 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) |
|||||
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023**** |
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 46,983 |
$ | 53,344 |
|
Accounts Receivable, net | 1,224,166 |
1,334,912 |
|||
Prepaid expenses and other | 462,575 |
523,047 |
|||
Total current assets | 1,733,724 |
1,911,303 |
|||
Property and equipment | 9,148,928 |
8,767,872 |
|||
Less accumulated depreciation | 3,419,129 |
2,993,959 |
|||
Net property and equipment | 5,729,799 |
5,773,913 |
|||
Other assets, net | 811,488 |
853,044 |
|||
$ | 8,275,011 |
$ | 8,538,260 |
||
LIABILITIES & STOCKHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Current debt | $ | 500,000 |
$ | 249,961 |
|
Trade accounts payable | 645,925 |
737,364 |
|||
Claims accruals | 257,121 |
220,357 |
|||
Accrued payroll | 122,477 |
94,563 |
|||
Other accrued expenses | 152,517 |
150,256 |
|||
Total current liabilities | 1,678,040 |
1,452,501 |
|||
Long-term debt | 977,702 |
1,326,107 |
|||
Other long-term liabilities | 745,774 |
719,686 |
|||
Deferred income taxes | 858,990 |
936,208 |
|||
Stockholders' equity | 4,014,505 |
4,103,758 |
|||
$ | 8,275,011 |
$ | 8,538,260 |
||
Supplemental Data |
|||||
(unaudited) |
|||||
December 31, 2024 |
December 31, 2023 |
||||
Actual shares outstanding at end of period (000) | 100,555 |
103,220 |
|||
Book value per actual share outstanding at end of period | $ | 39.92 |
$ | 39.76 |
|
Twelve Months Ended December 31 |
|||||
2024 |
2023 |
||||
Net cash provided by operating activities (000) | $ | 1,483,156 |
$ | 1,744,618 |
|
Net capital expenditures (000) | $ | 674,406 |
$ | 1,600,215 |
|
**** We revised our unaudited Condensed Consolidated Balance Sheet at December 31, 2023 to correct the classification of portions of our claims accruals and corresponding insurance receivables for claims in excess of self-insurance levels from current liabilities and assets to long-term. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250116856369/en/
Brad Delco
Senior Vice President – Finance
(479) 820-2723
Source: J.B. Hunt Transport Services, Inc.