Attached files
| file | filename |
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| 8-K - FORM 8-K - HUNT J B TRANSPORT SERVICES INC | jbht20140715_8k.htm |
Exhibit 99.1
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J.B. Hunt Transport Services, Inc. 615 J.B. Hunt Corporate Drive Lowell, Arkansas 72745 (NASDAQ: JBHT) |
Contact: David G. Mee Executive Vice President, Finance/Administration and Chief Financial Officer (479) 820-8363 |
FOR IMMEDIATE
RELEASE
J. B. HUNT TRANSPORT SERVICES, INC. REPORTS EARNINGS FOR THE SECOND QUARTER 2014 AND UPDATES FULL YEAR 2014 EXPECTATIONS
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■ |
Second Quarter 2014 Revenue: |
$1.55 billion; up 12% |
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■ |
Second Quarter 2014 Operating Income: |
$159 million; up 8% |
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■ |
Second Quarter 2014 EPS: |
79 cents vs. 73 cents |
LOWELL, ARKANSAS, July 15, 2014 - J. B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced second quarter 2014 net earnings of $93.4 million, or diluted earnings per share of 79 cents vs. second quarter 2013 net earnings of $87.7 million, or 73 cents per diluted share.
Total operating revenue for the current quarter was $1.55 billion, compared with $1.38 billion for the second quarter 2013. Load growth of 8% in Intermodal (JBI) and 15% in Integrated Capacity Solutions (ICS), helped drive 9% and 31% increases in segment revenue, respectively. Dedicated Contract Services (DCS) segment revenue increased by 15% as productivity improved on large private fleet conversions implemented a year ago. Truck (JBT) segment revenue was flat with prior year with an 8% smaller fleet. Current quarter total operating revenue, excluding fuel surcharges, increased 13% vs. the comparable quarter 2013.
Operating income for the current quarter totaled $159 million vs. $147 million for the second quarter 2013. The increase in operating income derived from load growth, customer rate increases and freight mix changes was partially offset by lower box turns from slower train velocities, higher driver recruiting and retention costs, higher purchased transportation costs, higher safety and insurance costs and increases in equipment and tire costs compared to second quarter 2013.
Interest expense in the current quarter increased due to higher overall debt levels and the accelerated payment of $100 million of 6.08 % fixed rate senior notes that would have matured in July 2014. The effective income tax rate for the quarter was 38.10% compared to 37.88% in 2013. In 2013 we realized a deferred tax benefit on the sale of real property. The 2014 annual tax rate is expected to be approximately 38.10%.
“The slowdown in train velocity and the difficult driver recruiting environment has challenged our growth in JBI. We are pleased we were able to maintain profitability levels despite these obstacles. The worsening driver supply conditions will continue to be a headwind for DCS and JBT as well. The planned improvement in JBT is ahead of schedule and though there is more to do, we are extremely pleased with the progress thus far,” stated John N. Roberts III, President and CEO of J.B. Hunt Transport Services, Inc.
“While we continue to work to improve customer service and equipment utilization levels to achieve our expected market growth, the second quarter results demonstrate the combined earnings value of our four diversified, yet integrated, business units,” said Roberts.
The Company also posted revised full year 2014 Financial Expectations on its website under the Investor Relations tab at www.jbhunt.com.
Segment Information:
Intermodal (JBI)
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■ |
Second Quarter 2014 Segment Revenue: $931 million; up 9% |
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■ |
Second Quarter 2014 Operating Income: $113.4 million; up 2% |
Overall volumes increased 8% over the same period in 2013. Continued customer demand for truck to rail conversion resulted in Eastern network growth of 17% and transcontinental growth of 2% over the second quarter 2013. Revenue grew 9% reflecting the 8% volume growth and a 1% increase in revenue per load, which is the combination of customer rate increases, freight mix and fuel surcharges. Revenue per load excluding fuel surcharge increased approximately 1.5% over second quarter 2013.
Operating income increased 2% over prior year. Slower rail velocity and continuing service disruptions negatively impacted the network fluidity resulting in a decrease in box turns and dray power utilization compared to second quarter 2013. Increased costs to attract and retain drivers, particularly in high freight density markets, higher insurance and claims costs, increased tire and equipment costs and increases in outsourced drayage costs compared to prior year partially offset the benefit of increased revenue. The current period ended with 69,700 units of trailing capacity and 4,500 power units available to the dray fleet.
Dedicated Contract Services (DCS)
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Second Quarter 2014 Segment Revenue: $348 million; up 15% |
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Second Quarter 2014 Operating Income: $30.3 million; up 2% |
DCS revenue increased 15% during the current quarter over the same period in 2013. Productivity (revenue per truck per week) increased by approximately 1% vs. 2013 primarily from increased customer demand at mature contracts. A net additional 625 revenue producing trucks were added by the end of the quarter compared to prior year.
Operating income increased by 2% from a year ago. Revenues from new accounts and higher productivity were mostly offset with higher driver recruiting costs, higher purchased transportation costs and increased safety, insurance and workers’ compensation costs. Driver wage and recruiting cost increases continue to rise faster than customer rate adjustments can be implemented and will continue to be a challenge to margin improvement.
Integrated Capacity Solutions (ICS)
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■ |
Second Quarter 2014 Segment Revenue: $173 million; up 31% |
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Second Quarter 2014 Operating Income: $ 6.2 million; up 50% |
ICS revenue increased 31% in the current quarter compared to the second quarter 2013, mostly due to a 15% increase in load volume and a 14% increase in revenue per load. Both transactional and contractual volumes continued to grow during the quarter. Contractual business was approximately 61% of total load volume, but only 52% of total revenue in the current period compared to 60% for both load volume and total revenue, in second quarter 2013.
Operating income increased 50% over the same period 2013 primarily due to the increased revenue and improvement in gross profit margin. Gross profit margin increased to 12.7% in the current quarter vs. 11.8% last year primarily due to increased transactional business. We continue to execute our branch network growth strategy and opened two new branches during the quarter, bringing the total branch count to 26. ICS’s carrier base increased 9% and the employee count increased 23% vs. second quarter 2013.
Truck (JBT)
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Second Quarter 2014 Segment Revenue: $101 million; flat |
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Second Quarter 2014 Operating Income: $ 9.4 million; up 217% |
JBT revenue for the current quarter was flat compared to the same period in 2013 despite an 8% reduction in fleet size. Revenue excluding fuel surcharges increased 1%. Rates per loaded mile, excluding fuel surcharge increased 10% on a 6% shorter length of haul compared to second quarter 2013. Both freight mix change, to create a more balanced network, and core rate increases from customers of approximately 4% contributed to the overall rate increase. At the end of the period, JBT operated 1,860 tractors compared to 2,018 a year ago.
Operating income increased 217% compared to the same quarter 2013. Favorable changes in core rate, freight mix, lower personnel costs, a smaller trailer fleet and approximately $2.8 million in equipment sale gains compared to none in second quarter 2013, were partially offset by increased driver and independent contractor costs, increased driver hiring costs and higher equipment costs per unit compared to second quarter 2013.
Cash Flow and Capitalization:
At June 30, 2014, we had a total of $874 million outstanding on various debt instruments compared to $674 million at June 30, 2013 and $708 million at December 31, 2013.
Our net capital expenditures for the six months ended June 30, 2014 approximated $353 million compared to $212 million for the same period 2013. At June 30, 2014, we had cash and cash equivalents of $5.9 million.
We purchased approximately 990,000 shares of our common stock during the quarter for $75 million. At June 30, 2014 we had approximately $263 million remaining under our share repurchase authorization. Actual shares outstanding at June 30, 2014 approximated 117 million.
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2013. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.
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J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolidated Statements of Earnings (in thousands, except per share data) (unaudited) |
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Three Months Ended June 30 |
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2014 |
2013 |
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% Of |
% Of |
|||||||||||||||
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Amount |
Revenue |
Amount |
Revenue |
|||||||||||||
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Operating revenues, excluding fuel surcharge revenues |
$ | 1,268,636 | $ | 1,120,164 | ||||||||||||
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Fuel surcharge revenues |
279,231 | 262,694 | ||||||||||||||
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Total operating revenues |
1,547,867 | 100.0% | 1,382,858 | 100.0% | ||||||||||||
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Operating expenses |
||||||||||||||||
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Rents and purchased transportation |
775,485 | 50.1% | 693,795 | 50.2% | ||||||||||||
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Salaries, wages and employee benefits |
320,016 | 20.7% | 282,252 | 20.4% | ||||||||||||
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Fuel and fuel taxes |
116,999 | 7.6% | 110,280 | 8.0% | ||||||||||||
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Depreciation and amortization |
71,726 | 4.6% | 62,283 | 4.5% | ||||||||||||
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Operating supplies and expenses |
58,173 | 3.8% | 49,626 | 3.6% | ||||||||||||
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Insurance and claims |
19,886 | 1.3% | 12,111 | 0.9% | ||||||||||||
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General and administrative expenses, net of asset dispositions |
11,547 | 0.7% | 12,425 | 0.8% | ||||||||||||
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Operating taxes and licenses |
9,650 | 0.6% | 8,042 | 0.6% | ||||||||||||
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Communication and utilities |
5,155 | 0.3% | 4,637 | 0.3% | ||||||||||||
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Total operating expenses |
1,388,637 | 89.7% | 1,235,451 | 89.3% | ||||||||||||
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Operating income |
159,230 | 10.3% | 147,407 | 10.7% | ||||||||||||
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Net interest expense |
8,329 | 0.6% | 6,230 | 0.5% | ||||||||||||
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Earnings before income taxes |
150,901 | 9.7% | 141,177 | 10.2% | ||||||||||||
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Income taxes |
57,493 | 3.7% | 53,480 | 3.9% | ||||||||||||
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Net earnings |
$ | 93,408 | 6.0% | $ | 87,697 | 6.3% | ||||||||||
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Average diluted shares outstanding |
118,541 | 119,472 | ||||||||||||||
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Diluted earnings per share |
$ | 0.79 | $ | 0.73 | ||||||||||||
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
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Six Months Ended June 30 |
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2014 |
2013 |
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% Of |
% Of |
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Amount |
Revenue |
Amount |
Revenue |
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Operating revenues, excluding fuel surcharge revenues |
$ | 2,420,985 | $ | 2,159,104 | ||||||||||||
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Fuel surcharge revenues |
533,789 | 515,340 | ||||||||||||||
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Total operating revenues |
2,954,774 | 100.0% | 2,674,444 | 100.0% | ||||||||||||
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Operating expenses |
||||||||||||||||
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Rents and purchased transportation |
1,480,900 | 50.1% | 1,338,328 | 50.0% | ||||||||||||
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Salaries, wages and employee benefits |
624,410 | 21.1% | 545,976 | 20.4% | ||||||||||||
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Fuel and fuel taxes |
236,949 | 8.0% | 226,840 | 8.5% | ||||||||||||
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Depreciation and amortization |
140,693 | 4.8% | 123,013 | 4.6% | ||||||||||||
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Operating supplies and expenses |
108,961 | 3.7% | 94,540 | 3.5% | ||||||||||||
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Insurance and claims |
35,718 | 1.2% | 24,881 | 0.9% | ||||||||||||
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General and administrative expenses, net of asset dispositions |
21,470 | 0.7% | 23,409 | 0.9% | ||||||||||||
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Operating taxes and licenses |
18,623 | 0.6% | 15,555 | 0.6% | ||||||||||||
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Communication and utilities |
10,513 | 0.4% | 9,456 | 0.4% | ||||||||||||
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Total operating expenses |
2,678,237 | 90.6% | 2,401,998 | 89.8% | ||||||||||||
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Operating income |
276,537 | 9.4% | 272,446 | 10.2% | ||||||||||||
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Net interest expense |
14,710 | 0.5% | 12,485 | 0.5% | ||||||||||||
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Earnings before income taxes |
261,827 | 8.9% | 259,961 | 9.7% | ||||||||||||
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Income taxes |
99,756 | 3.4% | 98,916 | 3.7% | ||||||||||||
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Net earnings |
$ | 162,071 | 5.5% | $ | 161,045 | 6.0% | ||||||||||
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Average diluted shares outstanding |
118,740 | 119,647 | ||||||||||||||
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Diluted earnings per share |
$ | 1.36 | $ | 1.35 | ||||||||||||
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Financial Information By Segment |
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(in thousands) |
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(unaudited) |
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Three Months Ended June 30 |
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2014 |
2013 |
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% Of |
% Of |
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Amount |
Total |
Amount |
Total |
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Revenue |
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Intermodal |
$ | 930,668 | 60% | $ | 854,732 | 62% | ||||||||||
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Dedicated |
347,730 | 22% | 302,624 | 22% | ||||||||||||
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Integrated Capacity Solutions |
172,894 | 11% | 131,825 | 10% | ||||||||||||
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Truck |
101,074 | 7% | 101,167 | 7% | ||||||||||||
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Subtotal |
1,552,366 | 100% | 1,390,348 | 101% | ||||||||||||
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Intersegment eliminations |
(4,499 | ) | (0%) | (7,490 | ) | (1%) | ||||||||||
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Consolidated revenue |
$ | 1,547,867 | 100% | $ | 1,382,858 | 100% | ||||||||||
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Operating income |
||||||||||||||||
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Intermodal |
$ | 113,394 | 71% | $ | 110,679 | 75% | ||||||||||
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Dedicated |
30,318 | 19% | 29,705 | 20% | ||||||||||||
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Integrated Capacity Solutions |
6,222 | 4% | 4,161 | 3% | ||||||||||||
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Truck |
9,363 | 6% | 2,956 | 2% | ||||||||||||
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Other (1) |
(67 | ) | (0%) | (94 | ) | (0%) | ||||||||||
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Operating income |
$ | 159,230 | 100% | $ | 147,407 | 100% | ||||||||||
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Six Months Ended June 30 |
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2014 |
2013 |
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% Of |
% Of |
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Amount |
Total |
Amount |
Total |
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Revenue |
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Intermodal |
$ | 1,766,163 | 60% | $ | 1,650,994 | 62% | ||||||||||
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Dedicated |
669,771 | 23% | 581,707 | 22% | ||||||||||||
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Integrated Capacity Solutions |
335,524 | 11% | 254,146 | 9% | ||||||||||||
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Truck |
193,544 | 6% | 203,012 | 8% | ||||||||||||
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Subtotal |
2,965,002 | 100% | 2,689,859 | 101% | ||||||||||||
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Intersegment eliminations |
(10,228 | ) | (0%) | (15,415 | ) | (1%) | ||||||||||
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Consolidated revenue |
$ | 2,954,774 | 100% | $ | 2,674,444 | 100% | ||||||||||
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Operating income |
||||||||||||||||
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Intermodal |
$ | 206,566 | 75% | $ | 207,473 | 76% | ||||||||||
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Dedicated |
45,918 | 17% | 51,651 | 19% | ||||||||||||
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Integrated Capacity Solutions |
12,346 | 4% | 9,335 | 3% | ||||||||||||
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Truck |
11,811 | 4% | 4,051 | 2% | ||||||||||||
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Other (1) |
(104 | ) | (0%) | (64 | ) | (0%) | ||||||||||
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Operating income |
$ | 276,537 | 100% | $ | 272,446 | 100% | ||||||||||
(1) Includes corporate support activity
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Operating Statistics by Segment |
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(unaudited) |
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Three Months Ended June 30 |
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2014 |
2013 |
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Intermodal |
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Loads |
429,438 | 398,596 | ||||||
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Average length of haul |
1,643 | 1,688 | ||||||
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Revenue per load |
$ | 2,167 | $ | 2,144 | ||||
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Average tractors during the period * |
4,447 | 3,881 | ||||||
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Tractors (end of period) |
||||||||
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Company-owned |
3,868 | 3,387 | ||||||
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Independent contractor |
678 | 565 | ||||||
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Total tractors |
4,546 | 3,952 | ||||||
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Net change in trailing equipment during the period |
2,160 | 1,606 | ||||||
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Trailing equipment (end of period) |
69,724 | 61,911 | ||||||
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Average effective trailing equipment usage |
67,534 | 60,148 | ||||||
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Dedicated |
||||||||
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Loads |
522,117 | 446,841 | ||||||
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Average length of haul |
178 | 197 | ||||||
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Revenue per truck per week** |
$ | 4,117 | $ | 4,068 | ||||
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Average trucks during the period*** |
6,538 | 5,767 | ||||||
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Trucks (end of period) |
||||||||
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Company-owned |
6,050 | 5,336 | ||||||
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Independent contractor |
6 | 12 | ||||||
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Customer-owned (Dedicated operated) |
503 | 586 | ||||||
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Total trucks |
6,559 | 5,934 | ||||||
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Trailing equipment (end of period) |
19,696 | 17,998 | ||||||
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Average effective trailing equipment usage |
20,721 | 19,253 | ||||||
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Integrated Capacity Solutions |
||||||||
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Loads |
109,803 | 95,740 | ||||||
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Revenue per load |
$ | 1,575 | $ | 1,377 | ||||
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Gross profit margin |
12.7 | % | 11.8 | % | ||||
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Employee count (end of period) |
540 | 440 | ||||||
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Approximate number of third-party carriers (end of period) |
36,300 | 33,400 | ||||||
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Truck |
||||||||
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Loads |
101,044 | 104,024 | ||||||
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Average length of haul |
384 | 408 | ||||||
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Loaded miles (000) |
38,720 | 42,158 | ||||||
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Total miles (000) |
45,718 | 49,593 | ||||||
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Average nonpaid empty miles per load |
73.8 | 72.0 | ||||||
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Revenue per tractor per week** |
$ | 4,226 | $ | 3,861 | ||||
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Average tractors during the period * |
1,877 | 2,034 | ||||||
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Tractors (end of period) |
||||||||
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Company-owned |
1,215 | 1,187 | ||||||
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Independent contractor |
645 | 831 | ||||||
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Total tractors |
1,860 | 2,018 | ||||||
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Trailers (end of period) |
6,576 | 8,311 | ||||||
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Average effective trailing equipment usage |
5,718 | 7,235 | ||||||
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
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Operating Statistics by Segment |
|
(unaudited) |
|
Six Months Ended June 30 |
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2014 |
2013 |
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Intermodal |
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Loads |
815,424 | 766,362 | ||||||
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Average length of haul |
1,656 | 1,690 | ||||||
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Revenue per load |
$ | 2,166 | $ | 2,154 | ||||
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Average tractors during the period * |
4,348 | 3,773 | ||||||
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Tractors (end of period) |
||||||||
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Company-owned |
3,868 | 3,387 | ||||||
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Independent contractor |
678 | 565 | ||||||
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Total tractors |
4,546 | 3,952 | ||||||
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Net change in trailing equipment during the period |
3,745 | 2,949 | ||||||
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Trailing equipment (end of period) |
69,724 | 61,911 | ||||||
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Average effective trailing equipment usage |
66,367 | 58,043 | ||||||
|
Dedicated |
||||||||
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Loads |
1,008,788 | 845,140 | ||||||
|
Average length of haul |
179 | 198 | ||||||
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Revenue per truck per week** |
$ | 4,016 | $ | 4,108 | ||||
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Average trucks during the period*** |
6,514 | 5,545 | ||||||
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Trucks (end of period) |
||||||||
|
Company-owned |
6,050 | 5,336 | ||||||
|
Independent contractor |
6 | 12 | ||||||
|
Customer-owned (Dedicated operated) |
503 | 586 | ||||||
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Total trucks |
6,559 | 5,934 | ||||||
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Trailing equipment (end of period) |
19,696 | 17,998 | ||||||
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Average effective trailing equipment usage |
20,533 | 18,495 | ||||||
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Integrated Capacity Solutions |
||||||||
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Loads |
212,886 | 195,663 | ||||||
|
Revenue per load |
$ | 1,576 | $ | 1,299 | ||||
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Gross profit margin |
12.4 | % | 12.4 | % | ||||
|
Employee count (end of period) |
540 | 440 | ||||||
|
Approximate number of third-party carriers (end of period) |
36,300 | 33,400 | ||||||
|
Truck |
||||||||
|
Loads |
191,042 | 201,910 | ||||||
|
Average length of haul |
396 | 429 | ||||||
|
Loaded miles (000) |
75,715 | 85,764 | ||||||
|
Total miles (000) |
89,189 | 100,655 | ||||||
|
Average nonpaid empty miles per load |
72.7 | 73.7 | ||||||
|
Revenue per tractor per week** |
$ | 4,040 | $ | 3,873 | ||||
|
Average tractors during the period* |
1,884 | 2,059 | ||||||
|
Tractors (end of period) |
||||||||
|
Company-owned |
1,215 | 1,187 | ||||||
|
Independent contractor |
645 | 831 | ||||||
|
Total tractors |
1,860 | 2,018 | ||||||
|
Trailers (end of period) |
6,576 | 8,311 | ||||||
|
Average effective trailing equipment usage |
5,774 | 7,326 | ||||||
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
|
June 30, 2014 |
December 31, 2013 |
|||||||
|
ASSETS |
||||||||
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Current assets: |
||||||||
|
Cash and cash equivalents |
$ | 5,870 | $ | 5,831 | ||||
|
Accounts Receivable |
667,620 | 568,519 | ||||||
|
Prepaid expenses and other |
65,735 | 105,853 | ||||||
|
Total current assets |
739,225 | 680,203 | ||||||
|
Property and equipment |
3,488,606 | 3,259,814 | ||||||
|
Less accumulated depreciation |
1,172,061 | 1,147,610 | ||||||
|
Net property and equipment |
2,316,545 | 2,112,204 | ||||||
|
Other assets |
35,589 | 26,997 | ||||||
| $ | 3,091,359 | $ | 2,819,404 | |||||
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LIABILITIES & STOCKHOLDERS' EQUITY |
||||||||
|
Current liabilities: |
||||||||
|
Current debt |
$ | - | $ | 250,000 | ||||
|
Trade accounts payable |
338,063 | 305,465 | ||||||
|
Claims accruals |
81,221 | 68,221 | ||||||
|
Accrued payroll |
75,170 | 72,063 | ||||||
|
Other accrued expenses |
17,695 | 14,062 | ||||||
|
Deferred income taxes |
2,485 | 2,485 | ||||||
|
Total current liabilities |
514,634 | 712,296 | ||||||
|
Long-term debt |
874,028 | 458,417 | ||||||
|
Other long-term liabilities |
61,287 | 58,274 | ||||||
|
Deferred income taxes |
560,293 | 577,965 | ||||||
|
Stockholders' equity |
1,081,117 | 1,012,452 | ||||||
| $ | 3,091,359 | $ | 2,819,404 | |||||
Supplemental Data
(unaudited)
| June 30, 2014 | December 31, 2013 | |||||||
|
Actual shares outstanding at end of period (000) |
116,547 | 117,241 | ||||||
|
Book value per actual share outstanding at end of period |
$ | 9.28 | $ | 8.64 | ||||
| Six Months Ended June 30 | ||||||||
|
2014 |
2013 |
|||||||
|
Net cash provided by operating activities (000) |
$ | 301,001 | $ | 293,571 | ||||
|
Net capital expenditures (000) |
$ | 352,852 | $ | 211,692 | ||||