J.B. Hunt Transport Revenues Up 6% in Q1

J.B. Hunt Transport Services  (NASDAQ:JBHT) announced first quarter 2016 net earnings of $100.1 million, or diluted earnings per share of 88 cents vs. first quarter 2015 net earnings of $91.9 million, or 78 cents per diluted share.

Total operating revenue for the current quarter was $1.53 billion, compared with $1.44 billion for the first quarter 2015. Current quarter total operating revenue, excluding fuel surcharges, increased 12.9% vs. first quarter 2015. Intermodal (JBI) load growth was 12% over first quarter 2015 levels.

Dedicated Contract Services (DCS) segment revenue increased by 4% over prior year primarily from additional customer contracts from a year ago and rate increases from more mature customer contracts. Integrated Capacity Solutions (ICS) load growth was 45% over the same period in 2015. Truck (JBT) segment revenue increased 5% on a 12% increase in fleet size.

Operating income for the current quarter totaled $168 million vs. $155 million for the first quarter 2015. The company noted: “Benefits from volume growth, improved network operations, higher equipment utilization, lower equipment maintenance costs and increased contract pricing established throughout 2015 across all business units was partially offset by increased rail purchased transportation costs, higher driver wages and recruiting costs, increased equipment ownership costs and increased costs from corporate wide technology upgrades.”

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