By Claudia Assis
Intermodal revenue impacted by 'labor challenges,' company says
J.B. Hunt Transport Services Inc.'s sales rose more than 30% in the first quarter, including a 77% revenue jump for the transportation and logistics company's trucking division.
J.B. Hunt (JBHT) said it earned $243.3 million, or $2.29 a share, compared with $146.6 million, or $1.37 a share, in the year-ago period. The company pinned the increase on higher volumes and cost savings, among other factors, offset in part by wage increases and hiring and recruiting expenses.
Revenue rose 33% to $3.49 billion, the company said. Sales from its trucking division jumped 77% mostly on increased load volume and higher revenue per load, J.B. Hunt said.
FactSet consensus called for earnings of $2.18 a share on sales of $3.5 billion.
Shares of J.B. Hunt rose more than 1% in the extended session Monday after ending the regular trading day down 0.3%.
Revenue for its intermodal division rose 36%, as volumes early in the quarter got hit by delays and other snags thanks to "labor challenges" between rail providers and customers as well as company-specific disruptions related to the pandemic, the company said.
"As the quarter progressed, volume levels strengthened as customer unloading activity improved, although rail network velocity continued to govern our ability to capitalize on even greater intermodal demand," it said.
(END) Dow Jones Newswires
04-19-22 0747ETCopyright (c) 2022 Dow Jones & Company, Inc.