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J.B. Hunt Transport Services (NASDAQ:JBHT) Issues Quarterly Earnings Results
- J.B. Hunt Transport Services reported third-quarter revenue of $3.68 billion on Thursday, surpassing the $3.59 billion consensus estimate. Shares fell 4.2% in after-hours trading despite the revenue beat.
- Chief Financial Officer Brad Delco said higher driver costs, claims, and fuel impacted operating income by over $50 million versus Q2. Delco noted "some of the most radical and abnormal swings in fuel prices," according to Barron's.
- Operating income for Dedicated Contract Services fell 22% year over year to $81.7 million due to driver-related expenses. Driver recruitment efforts succeeded, with the carrier's driver count increasing 3.5% in Q3.
- CEO Shelley Simpson stated, "We remain confident in our strategy and are building the capabilities needed to support our customers' evolving needs." The company bought back $174 million of stock in Q3.
- Intermodal revenue rose 20% to $1.83 billion, driven by an 8% increase in loads. Executives believe the company will recoup incremental costs as it secures more freight volume.
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13 Articles
Coverage Details
Total News Sources13
Leaning Left2Leaning Right2Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 22%
C 56%
R 22%
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