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Share Name | Share Symbol | Market | Type |
---|---|---|---|
J B Hunt Transport Services Inc | NASDAQ:JBHT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.38 | 0.81% | 171.00 | 170.85 | 171.00 | 176.24 | 169.52 | 169.52 | 1,977,622 | 00:57:34 |
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced second quarter 2024 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $135.9 million, or diluted earnings per share of $1.32 versus second quarter 2023 net earnings of $189.6 million, or $1.81 per diluted share.
Total operating revenue for the current quarter was $2.93 billion, compared with $3.13 billion for the second quarter 2023, a decrease of 7%. The decline in revenue was primarily driven by a 5% decrease in gross revenue per load in Intermodal (JBI) and a decline in load volume of 25% in Integrated Capacity Solutions (ICS), 9% in Truckload (JBT), and 9% in Dedicated Contract Services® (DCS®). These items were partially offset by Final Mile Services® (FMS) revenue growth of 5%, primarily driven by new contracts implemented over the past year, and a 5% increase in revenue per load in ICS. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased 6% versus the comparable quarter 2023.
Operating income for the current quarter decreased 24% to $205.7 million versus $270.7 million for the second quarter 2023. The decrease in operating income was primarily due to lower revenue, and higher insurance and claims, equipment-related, and certain personnel-related expenses. 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 approximately 38% from the second quarter 2023 due to higher effective interest rates and consolidated debt balance, partially offset by higher interest income.
The effective income tax rate was 26.8% in the current quarter compared to 26.0% in the second quarter 2023. We continue to expect our 2024 annual tax rate to be between 24.0% and 25.0%.
Segment Information:
Intermodal (JBI)
Intermodal volume decreased 1% over the same period in 2023. Transcontinental network loads increased 4%, while eastern network loads decreased 7% compared to the second quarter 2023. While experiencing some seasonal build in demand through the quarter, overall performance continued to be pressured by the soft freight market and its impact on over-the-road truck competition in the eastern network. Segment gross revenue decreased 5% from the prior-year period, reflecting the 1% decrease 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 4% year-over-year.
Operating income decreased 31% compared to the second quarter 2023 primarily from a combination of lower yields and the underutilization of assets in the network. JBI 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, ownership costs of underutilized equipment, higher equipment and maintenance expenses, and higher insurance and claims expense, as a percentage of gross revenue. During the period, we onboarded 1,862 new pieces of trailing equipment. We ended the quarter with approximately 121,200 containers and 6,200 power units in the dray fleet.
Dedicated Contract Services (DCS)
DCS revenue decreased 4% during the current quarter over the same period 2023 driven by a 1% decline in average trucks combined with a 3% decline in productivity (revenue per truck per week). Productivity excluding fuel surcharge revenue decreased 3% from a year ago driven primarily from lower utilization and increases in idled equipment, partially offset by contracted indexed-based price escalators. On a net basis, there were 339 fewer revenue-producing trucks in the fleet by the end of the quarter compared to the prior-year period and 365 fewer versus the end of the first quarter 2024. Customer retention rates are approximately 88%, largely reflecting downsizing of fleets and to a lesser extent account losses, as compared to the prior-year period.
Operating income decreased 15% from the prior-year quarter primarily from lower revenue, higher insurance and claims, equipment-related and bad debt expenses and higher new account start-up costs as compared to the prior-year period. These items were partially offset by lower maintenance costs and the maturing of new business onboarded over the past trailing twelve months.
Integrated Capacity Solutions (ICS)
ICS revenue declined 21% during the current quarter versus the second quarter 2023. Overall segment volume decreased 25% versus the prior-year period. Revenue per load increased 5% compared to the second quarter 2023 due to increases in both contractual and transactional rates as well as changes in customer mix. Contractual volume represented approximately 61% of the total load volume and 59% of the gross segment revenue in the current quarter compared to 66% and 64%, respectively, in second quarter 2023.
Operating loss was $13.3 million compared to an operating loss of $4.4 million in the second quarter 2023. The increase in operating loss was largely driven by a $4.9 million decrease in gross profit, higher insurance and claims costs, and integration and transition costs related to the purchase of the brokerage assets of BNSF Logistics. These items were partially offset by lower personnel-related expenses and reduced technology costs. Gross profit declined 11% versus the prior-year period as a result of lower revenue, despite gross profit margins improving to 14.8% compared to 13.0% in the prior-year period. This reflects intentional yield management and discipline during bid season and better execution on capacity procurement. The ICS carrier base decreased 24% year-over-year, largely driven by changes to carrier qualification requirements to mitigate cargo theft.
Final Mile Services (FMS)
FMS revenue increased 5% compared to the same period 2023. The increase was primarily driven by multiple new contracts implemented over the past year. This was partially offset by ongoing efforts to improve revenue quality and profitability across various accounts which resulted in some loss of business in addition to general weakness in demand across some of the end markets served.
Operating income increased 33% compared to the prior-year period. Second quarter 2024 included a $1.1 million net benefit from two offsetting claim settlements. Excluding this impact, operating income increased primarily from higher revenue and lower personnel, equipment-related, and bad debt expenses compared to the prior-year period. These items were partially offset by higher building maintenance expense and loss on sale of equipment as compared to the prior-year period.
Truckload (JBT)
JBT revenue decreased 12% compared to the same period in the previous year. Revenue excluding fuel surcharge revenue decreased 13% due to a 9% decline in load volume and a 4% decline in revenue per load excluding fuel surcharge revenue. Total average effective trailer count decreased by approximately 500 units, or 4% versus the prior-year period. Trailer turns in the quarter were down 5% from the prior period primarily due to weaker overall market demand compared to the second quarter 2023.
JBT operating income decreased 7% to $3.5 million compared to the second quarter 2023. The decrease in operating income was primarily driven by the decline in revenue. JBT segment operating income as a percentage of segment gross revenue improved slightly year-over-year as a result of overall cost management initiatives, partially offset by higher third-party capacity cost and insurance and claims expense as a percentage of gross revenue.
Cash Flow and Capitalization:
At June 30, 2024, we had approximately $1.48 billion outstanding on various debt instruments compared to $1.45 billion at June 30, 2023 and $1.58 billion at December 31, 2023.
Our net capital expenditures for the six months ended June 30, 2024 approximated $409 million compared to $854 million for the same period 2023. At June 30, 2024, we had cash and cash equivalents of approximately $54 million.
In the second quarter 2024, we purchased approximately 1,225,000 shares of common stock for approximately $203 million. At June 30, 2024, we had approximately $163 million remaining under our share repurchase authorization. Actual shares outstanding at June 30, 2024 approximated 102.0 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 June 30
2024
2023
% Of
% Of
Amount
Revenue
Amount
Revenue
Operating revenues, excluding fuel surcharge revenues $2,545,023
$2,707,560
Fuel surcharge revenues383,662
425,063
Total operating revenues2,928,685
100.0
%
3,132,623
100.0
%
Operating expenses Rents and purchased transportation1,274,011
43.5
%
1,404,586
44.8
%
Salaries, wages and employee benefits803,047
27.4
%
821,876
26.2
%
Depreciation and amortization184,658
6.3
%
179,972
5.7
%
Fuel and fuel taxes164,291
5.6
%
171,846
5.5
%
Operating supplies and expenses120,425
4.1
%
128,949
4.1
%
General and administrative expenses, net of asset dispositions74,707
2.6
%
61,472
2.1
%
Insurance and claims73,222
2.5
%
63,893
2.1
%
Operating taxes and licenses17,575
0.6
%
18,951
0.6
%
Communication and utilities11,040
0.4
%
10,366
0.3
%
Total operating expenses2,722,976
93.0
%
2,861,911
91.4
%
Operating income205,709
7.0
%
270,712
8.6
%
Net interest expense20,198
0.7
%
14,604
0.4
%
Earnings before income taxes185,511
6.3
%
256,108
8.2
%
Income taxes49,638
1.7
%
66,556
2.1
%
Net earnings $135,873
4.6
%
$189,552
6.1
%
Average diluted shares outstanding103,146
104,566
Diluted earnings per share $1.32
$1.81
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings (in thousands, except per share data) (unaudited)Six Months Ended June 30
2024
2023
% Of
% Of
Amount
Revenue
Amount
Revenue
Operating revenues, excluding fuel surcharge revenues $5,097,508
$5,450,070
Fuel surcharge revenues775,177
912,142
Total operating revenues5,872,685
100.0
%
6,362,212
100.0
%
Operating expenses Rents and purchased transportation2,554,998
43.5
%
2,872,384
45.1
%
Salaries, wages and employee benefits1,610,931
27.4
%
1,646,875
25.9
%
Depreciation and amortization367,655
6.3
%
355,784
5.6
%
Fuel and fuel taxes
337,817
5.8
%
367,680
5.8
%
Operating supplies and expenses243,416
4.1
%
257,308
4.0
%
General and administrative expenses, net of asset dispositions151,490
2.6
%
121,879
2.0
%
Insurance and claims148,908
2.5
%
134,221
2.1
%
Operating taxes and licenses35,110
0.6
%
37,058
0.6
%
Communication and utilities22,282
0.4
%
20,822
0.3
%
Total operating expenses5,472,607
93.2
%
5,814,011
91.4
%
Operating income400,078
6.8
%
548,201
8.6
%
Net interest expense35,847
0.6
%
29,393
0.4
%
Earnings before income taxes364,231
6.2
%
518,808
8.2
%
Income taxes100,865
1.7
%
131,488
2.1
%
Net earnings $263,366
4.5
%
$387,320
6.1
%
Average diluted shares outstanding103,626
104,647
Diluted earnings per share $2.54
$3.70
Financial Information By Segment (in thousands) (unaudited)Three Months Ended June 30
2024
2023
% Of
% Of
Amount
Total
Amount
Total
Revenue Intermodal $1,407,496
48
%
$1,489,148
48
%
Dedicated851,010
29
%
887,593
28
%
Integrated Capacity Solutions270,378
9
%
343,691
11
%
Final Mile Services235,290
8
%
223,939
7
%
Truckload168,095
6
%
191,803
6
%
Subtotal2,932,269
100
%
3,136,174
100
%
Intersegment eliminations(3,584
)
(0
%)
(3,551
)
(0
%)
Consolidated revenue $2,928,685
100
%
$3,132,623
100
%
Operating income Intermodal $99,244
48
%
$142,860
53
%
Dedicated96,410
47
%
113,615
42
%
Integrated Capacity Solutions(13,287
)
(7
%)
(4,419
)
(2
%)
Final Mile Services19,778
10
%
14,824
5
%
Truckload3,549
2
%
3,798
2
%
Other (1)15
0
%
34
0
%
Operating income $205,709
100
%
$270,712
100
%
Six Months Ended June 30
2024
2023
% Of
% Of
Amount
Total
Amount
Total
Revenue Intermodal $2,802,846
48
%
$3,028,707
48
%
Dedicated1,711,026
29
%
1,766,735
28
%
Integrated Capacity Solutions555,665
9
%
728,465
11
%
Final Mile Services464,570
8
%
449,016
7
%
Truckload346,407
6
%
397,665
6
%
Subtotal5,880,514
100
%
6,370,588
100
%
Intersegment eliminations(7,829
)
(0
%)
(8,376
)
(0
%)
Consolidated revenue $5,872,685
100
%
$6,362,212
100
%
Operating income Intermodal $201,133
50
%
$311,518
57
%
Dedicated190,060
48
%
216,175
39
%
Integrated Capacity Solutions(30,828
)
(8
%)
(9,791
)
(2
%)
Final Mile Services34,864
9
%
21,444
4
%
Truckload4,778
1
%
8,788
2
%
Other (1)71
0
%
67
0
%
Operating income $400,078
100
%
$548,201
100
%
(1) Includes corporate support activity Operating Statistics by Segment (unaudited)Three Months Ended June 30
2024
2023
Intermodal Loads497,446
501,681
Average length of haul
1,689
1,655
Revenue per load $
2,829
$
2,968
Average tractors during the period *
6,209
6,517
Tractors (end of period) *
6,162
6,491
Trailing equipment (end of period)
121,169
116,481
Average effective trailing equipment usage
98,350
95,815
Dedicated Loads
1,007,798
1,104,896
Average length of haul
182
172
Revenue per truck per week** $
5,004
$
5,182
Average trucks during the period***
13,142
13,236
Trucks (end of period) ***
12,889
13,228
Trailing equipment (end of period)
31,802
31,280
Average effective trailing equipment usage
32,461
31,979
Integrated Capacity Solutions Loads
145,362
194,635
Revenue per load $
1,860
$
1,766
Gross profit margin
14.8
%
13.0
%
Employee count (end of period)708
769
Approximate number of third-party carriers (end of period)
109,200
144,600
Marketplace for J.B. Hunt 360 revenue (millions) $
104.1
$
225.0
Final Mile Services Stops
1,098,521
1,141,415
Average trucks during the period***
1,374
1,551
Truckload Loads
92,628
101,402
Revenue per load $
1,815
$
1,892
Average length of haul
646
659
Tractors (end of period) Company-owned
23
33
Independent contractor
1,874
2,035
Total tractors
1,897
2,068
Trailers (end of period)
13,299
13,851
Average effective trailing equipment usage
12,600
13,108
* Includes company-owned and independent contractor tractors ** Using weighted workdays *** Includes company-owned, independent contractor, and customer-owned trucks Operating Statistics by Segment (unaudited)
Six Months Ended June 30
2024
2023
Intermodal Loads982,612
987,772
Average length of haul
1,689
1,653
Revenue per load $
2,852
$
3,066
Average tractors during the period *
6,277
6,558
Tractors (end of period) *
6,162
6,491
Trailing equipment (end of period)
121,169
116,481
Average effective trailing equipment usage
97,231
96,061
Dedicated Loads
2,012,135
2,182,268
Average length of haul
181
172
Revenue per truck per week** $
5,012
$
5,120
Average trucks during the period***
13,220
13,353
Trucks (end of period) ***
12,889
13,228
Trailing equipment (end of period)
31,802
31,280
Average effective trailing equipment usage
32,728
31,679
Integrated Capacity Solutions Loads
303,609
397,166
Revenue per load $
1,830
$
1,834
Gross profit margin
14.5
%
13.3
%
Employee count (end of period)708
769
Approximate number of third-party carriers (end of period)
109,200
144,600
Marketplace for J.B. Hunt 360 revenue (millions) $
209.6
$
475.6
Final Mile Services Stops
2,175,210
2,303,553
Average trucks during the period***
1,391
1,601
Truckload Loads
186,313
200,186
Revenue per load $
1,859
$
1,986
Average length of haul
662
650
Tractors (end of period) Company-owned
23
33
Independent contractor
1,874
2,035
Total tractors
1,897
2,068
Trailers (end of period)
13,299
13,851
Average effective trailing equipment usage
12,746
13,118
* 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)
June 30, 2024
December 31, 2023
ASSETS Current assets: Cash and cash equivalents $53,505
$53,344
Accounts Receivable, net1,251,665
1,334,912
Prepaid expenses and other608,540
696,656
Total current assets1,913,710
2,084,912
Property and equipment9,007,510
8,767,872
Less accumulated depreciation3,174,017
2,993,959
Net property and equipment5,833,493
5,773,913
Other assets, net668,677
679,435
$8,415,880
$8,538,260
LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Current debt $-
$249,961
Trade accounts payable724,862
737,364
Claims accruals594,482
547,277
Accrued payroll111,234
94,563
Other accrued expenses150,882
150,256
Total current liabilities1,581,460
1,779,421
Long-term debt1,483,804
1,326,107
Other long-term liabilities394,494
392,766
Deferred income taxes880,126
936,208
Shareholders' equity4,075,996
4,103,758
$8,415,880
$8,538,260
Supplemental Data
(unaudited)
June 30, 2024
December 31, 2023
Actual shares outstanding at end of period (000)101,987
103,220
Book value per actual share outstanding at end of period $39.97
$39.76
Six Months Ended June 30
2024
2023
Net cash provided by operating activities (000) $827,021
$1,097,290
Net capital expenditures (000) $408,853
$853,778
View source version on businesswire.com: https://www.businesswire.com/news/home/20240716256509/en/
Brad Delco Senior Vice President – Finance (479) 820-2723
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