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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -11.52 | -6.19% | 174.68 | 174.50 | 174.65 | 178.40 | 171.41 | 175.00 | 1,856,751 | 17:41:00 |
Friday 17 January 2025
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced fourth quarter 2024 U.S. GAAP (United States Generally Accepted Accounting Principles) net income of $155.5 million, or diluted earnings per share of $1.53 versus fourth quarter 2023 net earnings of $153.5 million, or diluted earnings per share of $1.47.
Total operating revenue for the current quarter was $3.15 billion, compared with $3.30 billion for the fourth quarter 2023, a decrease of 5%. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased 2% versus the comparable quarter 2023. This decrease was primarily driven by a 3% and 2% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and Truckload (JBT) respectively, a 4% decline in average trucks in Dedicated Contract Services® (DCS®), and a 22% decline in load volume in Integrated Capacity Solutions (ICS). The revenue, excluding fuel surcharge revenue, decline was positively offset by a 5% increase in volume in JBI, a 2% increase in productivity (revenue per truck per week excluding fuel surcharge revenue) in DCS, and a 9% increase in gross revenue per load in ICS.
Operating income for the current quarter increased 2% to $207.0 million versus $203.3 million for the fourth quarter 2023. Current and prior-year quarterly operating income were negatively impacted by pre-tax charges of $16.0 million for intangible asset impairments and $53.4 million for insurance-related items, respectively. After consideration of these charges, operating income declined from the prior-year period primarily due to yield pressure in JBI, a lower average truck count in DCS, and higher consolidated equipment and insurance-related costs. On a GAAP consolidated basis, operating income as a percentage of consolidated gross revenue increased year-over-year as a result of lower rail and truck purchased transportation costs and lower insurance-related expenses. These items were partially offset by higher professional driver and non-driver wages and benefits and equipment-related costs as a percentage of gross revenue.
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 19.0% and 17.9%, respectively. The annual effective tax rates for 2024 and 2023 were 24.8% and 22.1%, respectively. We expect our 2025 annual tax rate to be between 24.0% and 25.0%, based on current enacted legislation.
Segment Information:
Intermodal (JBI)
Intermodal volume increased 5% over the same period in 2023. Transcontinental network loads increased 4%, while eastern network loads increased 6% compared to the fourth quarter 2023. Sequentially, volumes improved 2% from the third quarter, with stronger sequential volumes in both Eastern and Transcontinental networks. Demand trends for our intermodal service were seasonally strong during the quarter, particularly on eastbound loads out of Southern California. Revenue decreased 2% for the quarter versus the prior-year primarily driven by a 6% decrease in revenue per load resulting from changes in mix of freight, customer rates and fuel surcharge revenue, partially offset by the 5% increase in volume. Revenue per load excluding fuel surcharge revenue was down 3% year-over-year.
Operating income decreased 10% in the fourth quarter primarily from lower yields, which was only partially offset by greater volumes across the network. Repositioning costs related to network imbalances, in addition to driver hiring and onboarding expenses were elevated in the quarter to support customers’ peak season demand. 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 and higher equipment-related and maintenance expenses as a percentage of gross revenue. The prior-year period included $16.0 million in pre-tax charges for insurance-related items. Excluding these charges, remaining insurance-related expenses in the current quarter also contributed to a decline in segment operating income and a decline in segment operating income as a percentage of segment gross revenue.
Dedicated Contract Services (DCS)
DCS revenue decreased 5% during the current quarter over the same period in 2023, driven by a 4% decline in average trucks combined with a 1% decline in productivity (revenue per truck per week). Productivity, excluding fuel surcharge revenue, increased 2% from a year ago driven by increases in contracted indexed-based price escalators. On a net basis, there were 605 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period, and 114 fewer versus the end of the third quarter 2024. Customer retention rates are approximately 90%, largely reflecting the downsizing of fleets and to a lesser extent account losses.
Operating income increased 5% from the prior-year quarter. Fourth quarter 2023 included $20.0 million in pre-tax charges for insurance-related items. Excluding these charges, operating income decreased primarily from lower revenue and higher remaining insurance-related costs, including insurance premium, casualty claim, and group medical expenses. These items were partially offset by lower bad debt expense, the maturing of new business onboarded over the trailing twelve months, and greater productivity, excluding fuel surcharge revenue, and utilization of equipment.
Integrated Capacity Solutions (ICS)
ICS revenue decreased 15% in the current quarter versus the fourth quarter 2023. Overall segment volume decreased 22% versus the prior-year period. Revenue per load increased 9% compared to the fourth quarter 2023 due to higher contractual and transactional rates and changes in customer freight mix. Contractual volume represented approximately 63% of the total load volume and 63% of the total revenue in the current quarter compared to 59% and 59%, respectively, in fourth quarter 2023.
Operating loss was $21.8 million compared to an operating loss of $24.9 million in the fourth quarter 2023. Fourth quarter 2024 included $16.0 million of pre-tax intangible asset impairment charges while fourth quarter 2023 included a $9.9 million pre-tax charge for insurance-related items. Excluding these charges, operating loss improved largely due to higher gross profit and lower personnel-related expenses. These items were partially offset by higher bad debt and technology-related costs in the quarter. Gross profit increased 5% as a result of higher gross profit margins compared to the prior-year period. Gross profit margins increased to 17.3% in the current period versus 14.0% in the prior period as a result of project-related work, our disciplined bid strategy and the effective sourcing of capacity. ICS carrier base decreased 10% year-over-year, largely driven by changes to carrier qualification requirements.
Final Mile Services (FMS)
FMS revenue declined 6% compared to the same period 2023. The decline was primarily driven by general weakness in demand across many of the end markets served. The decline in revenue was partially offset by improved revenue quality at underperforming accounts and multiple new customer contracts implemented over the past year.
Operating income increased 7% compared to the prior-year period. The fourth quarter 2023 included a $3.3 million pre-tax charge for insurance-related items. Excluding these charges, operating income decreased primarily from lower revenue, and higher purchased transportation and remaining insurance-related costs. These items were partially offset by lower personnel-related costs and lower equipment and facility rental expenses.
Truckload (JBT)
JBT revenue decreased 7% compared to the same period in the previous year. Revenue excluding fuel surcharge revenue decreased 3% primarily due to a 2% decrease in revenue per load excluding fuel surcharge revenue and flat load volume versus the prior-year period. Total average effective trailer count decreased by approximately 770 units, or 6% versus the prior-year period. Trailer turns in the quarter were up 9% from the prior period primarily due to continued focus on improving network balance and trailer utilization.
JBT operating income increased to $8.6 million from a modest operating loss in the fourth quarter 2023. Fourth quarter 2023 included $4.2 million in pre-tax charges for insurance-related items. Excluding these charges, operating income increased primarily as a result of better trailer utilization and a continued focus on cost management efforts across the segment. JBT segment operating income as a percentage of segment gross revenue increased year-over-year due to lower purchased transportation and equipment-related expenses.
Cash Flow and Capitalization:
At December 31, 2024, we had total debt outstanding of $1.48 billion on various debt instruments compared to $1.58 billion at December 31, 2023, and $1.53 billion at September 30, 2024.
Our net capital expenditures for 2024 approximated $674 million vs. $1.60 billion in 2023. At December 31, 2024, we had cash and cash equivalents of $47 million.
In the fourth quarter 2024, we purchased approximately 489,000 shares of our common stock for approximately $86 million. At December 31, 2024, we had approximately $882 million remaining under our share repurchase authorization. Actual shares outstanding on December 31, 2024, approximated 100.6 million.
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 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 December 31
2024
2023
% Of
% Of
Amount
Revenue
Amount
Revenue
Operating revenues, excluding fuel surcharge revenues$
2,781,717
$
2,837,428
Fuel surcharge revenues364,631
466,273
Total operating revenues3,146,348
100.0%
3,303,701
100.0%
Operating expenses
Rents and purchased transportation
1,442,957
45.9%
1,557,010
47.1%
Salaries, wages and employee benefits812,015
25.8%
807,422
24.4%
Depreciation and amortization205,504
6.5%
194,456
5.9%
Fuel and fuel taxes155,519
4.9%
187,855
5.7%
Operating supplies and expenses124,070
3.9%
121,141
3.7%
Insurance and claims86,316
2.7%
118,782
3.6%
General and administrative expenses, net of asset dispositions82,476
2.7%
83,272
2.5%
Operating taxes and licenses19,732
0.6%
19,199
0.6%
Communication and utilities10,720
0.4%
11,285
0.3%
Total operating expenses2,939,309
93.4%
3,100,422
93.8%
Operating income207,039
6.6%
203,279
6.2%
Net interest expense15,111
0.5%
16,330
0.5%
Earnings before income taxes191,928
6.1%
186,949
5.7%
Income taxes36,474
1.2%
33,414
1.1%
Net earnings$
155,454
4.9%
$
153,535
4.6%
Average diluted shares outstanding101,647
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 revenues1,529,495
1,851,278
Total operating revenues12,087,204
100.0%
12,829,665
100.0%
Operating expenses
Rents and purchased transportation
5,378,336
44.5%
5,872,591
45.8%
Salaries, wages and employee benefits3,232,440
26.7%
3,257,484
25.4%
Depreciation and amortization761,141
6.3%
737,954
5.8%
Fuel and fuel taxes652,129
5.4%
751,497
5.9%
Operating supplies and expenses495,375
4.1%
509,354
4.0%
Insurance and claims313,664
2.6%
315,678
2.5%
General and administrative expenses, net of asset dispositions306,355
2.5%
274,564
2.0%
Operating taxes and licenses72,547
0.6%
74,996
0.6%
Communication and utilities43,992
0.4%
42,351
0.3%
Total operating expenses11,255,979
93.1%
11,836,469
92.3%
Operating income831,225
6.9%
993,196
7.7%
Net interest expense71,709
0.6%
58,309
0.4%
Earnings before income taxes759,516
6.3%
934,887
7.3%
Income taxes188,630
1.6%
206,600
1.6%
Net earnings $570,886
4.7%
$728,287
5.7%
Average diluted shares outstanding102,754
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
51%
$1,623,372
49%
Dedicated838,529
27%
883,876
27%
Integrated Capacity Solutions307,634
10%
363,661
11%
Final Mile Services227,543
7%
243,164
7%
Truckload181,950
5%
195,436
6%
Subtotal3,152,127
100%
3,309,509
100%
Intersegment eliminations(5,779
)
(0%)
(5,808
)
(0%)
Consolidated revenue $3,146,348
100%
$3,303,701
100%
Operating income
Intermodal $
116,959
56%
$129,893
64%
Dedicated90,309
44%
86,149
42%
Integrated Capacity Solutions(21,811
)
(11%)
(24,949
)
(12%)
Final Mile Services13,171
6%
12,295
6%
Truckload8,550
5%
(39
)
(0%)
Other (1)(139
)
(0%)
(70
)
(0%)
Operating income $207,039
100%
$203,279
100%
Twelve Months Ended December 31
2024
2023
% Of
% Of
Amount
Total
Amount
Total
Revenue Intermodal $5,956,092
49%
$6,207,461
48%
Dedicated3,395,518
28%
3,542,869
28%
Integrated Capacity Solutions1,141,475
9%
1,390,141
11%
Final Mile Services910,430
8%
918,109
7%
Truckload701,581
6%
789,439
6%
Subtotal12,105,096
100%
12,848,019
100%
Intersegment eliminations(17,892
)
(0%)
(18,354
)
(0%)
Consolidated revenue $12,087,204
100%
$12,829,665
100%
Operating income
Intermodal $
429,877
52%
$569,383
57%
Dedicated375,878
45%
404,759
41%
Integrated Capacity Solutions(55,895
)
(7%)
(44,115
)
(4%)
Final Mile Services60,057
7%
46,714
5%
Truckload21,479
3%
16,464
1%
Other (1)(171
)
(0%)
(9
)
(0%)
Operating income $831,225
100%
$993,196
100%
(1) Includes corporate support activityOperating Statistics by Segment
(unaudited)
Three Months Ended December 31
2024
2023
Intermodal Loads560,132
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 Loads2,090,732
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, net1,224,166
1,334,912
Prepaid expenses and other462,575
523,047
Total current assets1,733,724
1,911,303
Property and equipment9,148,928
8,767,872
Less accumulated depreciation3,419,129
2,993,959
Net property and equipment5,729,799
5,773,913
Other assets, net811,488
853,044
$8,275,011
$8,538,260
LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Current debt $500,000
$249,961
Trade accounts payable645,925
737,364
Claims accruals257,121
220,357
Accrued payroll122,477
94,563
Other accrued expenses152,517
150,256
Total current liabilities1,678,040
1,452,501
Long-term debt977,702
1,326,107
Other long-term liabilities745,774
719,686
Deferred income taxes858,990
936,208
Stockholders' equity4,014,505
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250116856369/en/
Brad Delco Senior Vice President – Finance (479) 820-2723
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