J. B. Hunt Transport Services Reports Revenues and Earnings for Q3
14 October 1999
J. B. Hunt Transport Services, Inc. Reports Revenues and Earnings for the Third Quarter of 1999
LOWELL, Ark.--Oct. 14, 1999--J. B. Hunt Transport Services, Inc., the transportation logistics company, announced third quarter 1999 net earnings of $5.0 million, or earnings per diluted share of 14 cents, compared with 1998 third quarter net earnings of $10.8 million, or 30 cents per diluted share.As previously announced, net earnings during the current quarter were reduced, in part, by significantly higher fuel costs and increased maintenance expense on older tractors. In addition, rail service delays limited intermodal volume, resulted in higher third party dray expense and reduced the number of loads moved per trailer/container (box turns) during the current quarter. The Company also previously announced the creation of a separate intermodal business segment beginning in the first quarter of 2000 and incurred some initial costs and inefficiencies during the current quarter in connection with the initiation of this separation.
Total revenue increased 11% to $523.9 million in the third quarter of 1999 from $473.4 million in the comparable period of 1998. Revenue in the Van segment grew 1%, with truck revenue up 2% and intermodal up 1%. Logistics segment (JBHL) revenue increased 23% during the third quarter of 1999, while Dedicated Contract Services (DCS) business grew 49%. Average tractor count in the Van fleet decreased 2% during the current quarter, while the DCS fleet increased 41%. Truck only rates, excluding fuel surcharges, were up approximately 2% during the current quarter, while intermodal rates, before fuel surcharges, declined about 2%.
Operating revenues for the nine month period ended September 30, 1999 increased 11%, to $1,491.7 million from $1,347.8 million in 1998. For the nine month period Van revenue was up 2%, JBHL grew 19% and DCS revenue increased 55%. Net earnings for the nine months ended September 30, 1999 were $26.3 million, or 73 cents per diluted share, compared with $36.0 million, or 98 cents per diluted share in 1998.
J. B. HUNT TRANSPORT SERVICES, INC.
Comparative Condensed Statement of Earnings
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
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1999 1998 1999 1998
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Operating revenues $523,901 $473,388 $1,491,699 $1,347,839
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Operating income $14,975 $24,425 $63,388 $77,695
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Net earnings $4,958 $10,847 $26,328 $35,955
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Average number
of common shares
outstanding 35,635 35,597 35,625 35,574
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Diluted shares
outstanding 35,692 36,702 35,957 36,775
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Basic earnings
per share $0.14 $0.30 $0.74 $1.01
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Diluted earnings
per share $0.14 $0.30 $0.73 $0.98
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