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JB Hunt Transport Services Inc JBHT

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Economic Moat




J.B. Hunt Posts First-Quarter Revenue Growth, but COVID-19 Disruption Will Derail That Trend

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Narrow-moat intermodal specialist J.B. Hunt’s top line increased 10% year over year, excluding fuel, in the first quarter, slightly ahead of our forecast, as COVID-19 disruption didn’t really creep in until the end of March. Relative to the same period last year, the increase stems from previous business wins, along with a spike in truckload shipping demand midquarter--food and beverage and household goods restocking surged as consumers stocked up on essentials amid nationwide lockdowns. That said, intermodal volume began to deteriorate by the end of March as the impact of government containment measures began to weigh on retail and industrial end markets. While the firm has been able to reposition dedicated-truckload equipment to customers that need capacity, we think Hunt’s full-truckload and truck brokerage (ICS) operations are seeing roughly the same demand deterioration of late. The impact of COVID-19 disruption will be much more evident in the second quarter for J.B. Hunt and its intermodal, brokerage, and truckload peers.

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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 (52% of sales in 2019); dedicated trucking services that provide customer-specific fleet needs (29); for-hire truckload (4%); and asset-light highway brokerage (15%).

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, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 29,056