J B Hunt Transport Services Inc (NASDAQ: JBHT), like any good transport company, really traveled on U.S. markets, on earnings that caused stock buyers to put the pedal to the metal.
The company, based in Lowell, Arkansas, announced second quarter 2017 net earnings of $97.9 million, or diluted earnings per share of 88 cents vs. second quarter 2016 net earnings of $105 million, or 92 cents per diluted share.
Total operating revenue for the current quarter was $1.73 billion, compared with $1.62 billion for the second quarter 2016, an increase of 7%. Current quarter total operating revenue, excluding fuel surcharges, increased 5% vs. the comparable quarter 2016.
Hunt also says load growth of 5% in Intermodal (JBI), a 5% increase in revenue producing trucks in Dedicated Contract Services (DCS) and a 20% increase in volume in Integrated Capacity Solutions (ICS) contributed to the increase in consolidated revenue compared to prior year.
Operating income for the current quarter totaled $164 million versus $176 million for the second quarter 2016.
In a release out Monday, the company pointed to the benefits of volume growth and increases in revenue producing truck counts, which it says were substantially offset by lower customer rates, increases in rail and over the road purchased transportation costs, start-up costs associated with new DCS contracts, higher driver wages and recruiting costs, increased insurance and claims costs, increased equipment and facility maintenance costs and increased technology costs.
The stock’s price rocketed, however, $2.42, or 2.6%, Monday to $94.27.
