LITTLE ROCK — J.B. Hunt Transport Services Inc. on Thursday said it achieved record firstquarter profit as growth came from its truck-to-rail and logistics segments.
The Lowell-based trucker reported net income of $67.68 million, or 57 cents per share, for the quarter that ended March 31, a 35 percent increase compared with $50.1 million, or 40 cents per share, for the first quarter of 2011.
The trucker beat the average earnings estimate of 52 cents per share from 26 analysts surveyed by Thomson Reuters.
Hunt’s revenue of $1.17 billion topped the $1 billion it took in during the first quarter of 2011.
“Changes in packaging, fuel costs, inventory levels, replenishment and end consumer point of purchase behaviors, among others, have had an effect on how our customers manage logistics,” John Roberts, president and chief executive officer, said in a news release.
The carrier spent 11 percent more on fuel, at $120,554, and reported a 42 percent decrease in general and administrative expenses.
Rising fuel costs pushed more freight onto the rails, the release said.
It noted a 3 percent increase in rates for truck-to-rail, one of four segments, as contributing to revenue. Weaker spot prices and fewer miles for compensated empty trucks, however, undercut a 2 percent rate increase in its truckload division, the release said.
Hunt singled out the doubledigit load growth in its truckto-rail and logistics, which coordinates pickup and delivery, segments as helping boost revenue, even though all reported year-over-year increases.
Earnings were announced after the close of market. Shares rose $1.34, or 2.46 percent, to $55.84 per share on the Nasdaq. Its stock has traded as high as $56.09 and as low as $34.42 per share over the last year.
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Business, Pages 25 on 04/13/2012