J B Hunt Transport Services Inc (NASDAQ:JBHT) reported downbeat earnings for its first quarter, while sales exceeded views.
The company, out of Lowell, Arkansas, announced first quarter 2020 net earnings of $104.8 million, or diluted earnings per share of $0.98 vs. first quarter 2019 net earnings of $119.6 million, or $1.09 per diluted share.
Total operating revenue for the current quarter was $2.28 billion compared with $2.09 billion for the first quarter 2019. Current quarter total operating revenue, excluding fuel surcharges, increased 10% vs. first quarter 2019.
A 7% increase in load volume in Intermodal (JBI), partially offset by a 1% decrease in revenue per load, contributed to a 6% increase in segment revenue versus the prior year period.
Dedicated Contract Services (DCS) segment revenue increased by 10% over the prior year primarily from additional customer contracts and higher fleet utilization.
The newly reported Final Mile Services (FMS) segment increased revenue 39% over the prior year, primarily from the February 2019 and December 2019 acquisitions. Integrated Capacity Solutions (ICS) segment revenue increased 12% primarily from a 2% increase in load growth and a favorable change in customer freight mix.
Operating income for the current quarter totaled $154.7 million versus $167.8 million for the first quarter 2019.
First-quarter 2020 operating income included a $12.3-million charge for a one-time bonus to employee drivers and certain personnel at field operations and customer facilities supporting the drivers who have kept the country’s freight moving during the COVID-19 pandemic.
JBHT shares skyrocketed $3.61, or 3.7%, to $101.50
