JB Hunt shares jump after glowing 3Q profit
LOWELL, Ark. (AP) — Trucking and logistics company J.B. Hunt Transport Services Inc. said Thursday that its third-quarter profit rose almost 14 percent, as a decline in its trucking business was offset by growth in other areas.
The company earned $78.2 million, or 65 cents per share, for the quarter that ended Sept. 30. That was up from net income of $68.7 million, or 57 cents per share, in the same period last year.
Revenue rose 11 percent to almost $1.3 billion, from $1.17 billion a year ago.
Analysts surveyed by FactSet expected profit of 66 cents per share on revenue of $1.28 billion.
Revenue in Hunt's intermodal unit, which handles containers that travel by ship, rail, or truck, rose 15 percent to $794 million, with operating income up 25 percent to $97.9 million. That unit is the company's biggest by revenue and the best performer.
Trucking has become Hunt's smallest unit by revenue. Revenue in the truck operation fell 8 percent to $117 million, with operating income down 41 percent to $4 million. The company operated 2,381 trucks at the end of the quarter, down 9 percent from a year ago.
JB Hunt shares rose 17 cents to close at $54.79 in the regular session. They added another $2.68, or 4.9 percent, to $57.47 in aftermarket trading.