J B Hunt Transport Services Inc (NASDAQ:JBHT) saw prices for its shares spike Friday, on reporting upbeat results for its second quarter.
The Lowell, Arkansas-based carrier reported announced second quarter 2020 net earnings of $121.7 million, or diluted earnings per share of $1.14 vs. second quarter 2019 net earnings of $133.6 million, or $1.23 per diluted share.
Total operating revenue for the current quarter was $2.15 billion, compared with $2.26 billion for the second quarter 2019, a decrease of 5%. Current quarter total operating revenue, excluding fuel surcharge revenue, decreased 0.5% vs. the comparable quarter 2019.
Revenue performance, excluding fuel surcharge revenue, was primarily driven by a 2% volume decline in Intermodal (JBI), 11% volume decline in Integrated Capacity Solutions (ICS), and 5% fewer stops in Final Miles Services (FMS), partially offset by a 17% increase in loads in Truckload (JBT), compared to the prior year period.
The amount of ICS operating revenue executed through the marketplace for J.B. Hunt 360° increased to $229 million from $222 million in second quarter 2019.
In addition, JBI executed approximately $24 million of third-party dray cost and JBT executed approximately $28 million of its independent contractor costs through the platform during second quarter 2020.
Operating income for the current quarter totaled $175.2 million versus $193.1 million for the second quarter 2019. The prior year quarter included a $20.0 million pre-tax charge in settlement of a FMS claim.
Shares jumped $5.77, or 4.4%, to $138.32.
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