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JB Hunt Transport Services Inc JBHT

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J.B. Hunt’s Q1 Pricing Surges; Intermodal Volume Again Pressured by Rail Congestion, but Improving

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Trucking and logistics giant J.B. Hunt posted a 15% jump in first-quarter revenue, ahead of our expected run rate as higher than anticipated rate gains for truck brokerage (ICS) and for-hire truckload (JBT) comfortably offset sluggish intermodal volumes. Container volume (down 3%) once again missed our forecast due to rail network congestion linked to the interplay of robust demand, equipment imbalances, and constrained driver supply for drayage, and winter storms made matters worse. That said, intermodal demand is otherwise quite strong thanks to tight truckload capacity and heavy retailer restocking, and volumes rose 4% year over year in March as rail congestion is slowly recovering. Those same factors are providing significant demand and pricing tailwinds for the other divisions as well, and JBT’s “360box” trailer-capacity offering is gaining lots of traction.

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Company Profile

Business Description

J.B. Hunt Transport Services ranks among the top surface transportation companies in North America by revenue. Its primary operating segments are intermodal delivery, which uses the Class I rail carriers for the underlying line-haul movement (49% of sales in 2020); dedicated trucking services that provide customer-specific fleet needs (23); for-hire truckload (5%); heavy goods final-mile delivery (7%), and asset-light truck brokerage (17%).

615 J.B. Hunt Corporate Drive, P.O. Box 130
Lowell, AR, 72745-0130
T +1 479 820-0000
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 30,309