J.B. Hunt beats Q2 estimates

J.B. Hunt Transport Services (NASDAQ: JBHT) reported second-quarter earnings per share of $1.61 Monday after the market close. The result was modestly better than analysts’ forecasts for $1.55 and well ahead of the year-ago result of $1.14.

All of J.B. Hunt’s divisions saw “at least double-digit revenue growth” in the period when compared to easy year-ago comps, which included COVID-related lockdowns.

Intermodal revenue was up 21% year-over-year as volumes were 6% higher and revenue per load was up 15%, 9% higher excluding fuel surcharges. Even with poor rail service, equipment shortages and labor issues, the division recorded an 89.6% operating ratio, 40 bps better year-over-year.

Integrated Capacity Solutions posted another operating profit in the quarter. Operating income of $3.1 million easily outpaced a prior-year operating loss of more than $13 million. Revenue doubled in the quarter to $608 million as loads grew 20% and revenue per load was up 66%. The division saw an increased mix contribution from the spot market with the gross profit margin declining 130 bps to 10.5%.

Final-mile revenue increased 52% year-over-year with truck revenue up 70%. Operating income in the final-mile segment improved to $10.7 million from a loss of more than $5 million a year ago. The truck division reported a 92.3% OR, 450 bps better year-over-year. Revenue per loaded mile, excluding fuel, increased 40% from the second quarter of 2020.

The company will host a call at 5 p.m. EDT Monday to discuss results with analysts. Stay tuned to FreightWaves for continuing coverage of J.B. Hunt’s earnings announcement.

**Table: J.B. Hunt’s key performance indicators**

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J.B. Hunt beats Q2 estimates

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