Attached files
| file | filename |
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| 8-K - FORM 8-K - HUNT J B TRANSPORT SERVICES INC | jbht20150123_8k.htm |
Exhibit 99.1
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J.B. Hunt Transport Services, Inc. |
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Contact: |
David G. Mee |
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615 J.B. Hunt Corporate Drive |
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Executive Vice President, |
| Lowell, Arkansas 72745 | Finance/Administration | |||
| (NASDAQ: JBHT) | and Chief Financial Officer | |||
| (479) 820-8363 |
FOR IMMEDIATE RELEASE
J. B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES, NET EARNINGS AND EARNINGS PER SHARE FOR BOTH THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2014
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■ Fourth quarter 2014 Revenue: |
$1.61 billion; up 9% |
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■ Fourth quarter 2014 Operating Income: |
$182.9 million; up 19% |
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■ Fourth quarter 2014 EPS: |
93 cents vs. 77 cents; up 21% |
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■ Full Year 2014 Revenue: |
$6.2 billion; up 10% |
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■ Full Year 2014 Operating Income: |
$631.5 million; up 10% |
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■ Full Year 2014 EPS: |
$3.16 vs. $2.87; up 10% |
LOWELL, ARKANSAS, January 22, 2015 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2014 net earnings of $110 million, or diluted earnings per share of 93 cents vs. fourth quarter 2013 net earnings of $92 million, or 77 cents per diluted share.
Total operating revenue for the current quarter was $1.61 billion, compared with $1.47 billion for the fourth quarter 2013. Load growth of 6% in Intermodal (JBI) was the primary reason for a 5% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 10%, primarily from the addition of new customer accounts and rate increases implemented in the current and earlier periods. Integrated Capacity Solutions (ICS) segment revenue increased by 36%, mostly from a higher load count and an increase in revenue per load. Truck (JBT) segment revenue increased 6% primarily from customer rate increases and a 2% increase in fleet size compared to a year ago. Current quarter total operating revenue, excluding fuel surcharges, increased 12% vs. the comparable quarter 2013.
Operating income for the current quarter increased to $182.9 million vs. $153.5 million for the fourth quarter 2013. The increase primarily reflects higher revenue in all business segments and the current benefit of rapidly falling fuel prices during the quarter, net of lower fuel surcharge revenue primarily in DCS and JBT. These benefits were partially offset by increased costs paid to hire and retain drivers; higher workers’ compensation and accident costs; and higher costs of equipment ownership.
Net earnings rose 20% to $110 million in the current quarter from $92 million in 2013, due to the increased operating income partially offset by higher net interest expense. Compared with the same period 2013, net interest expense in the current quarter increased approximately 16% on a higher average debt balance primarily from higher capital expenditures in the year. The annual and fourth quarter effective tax rates in 2014 were 38.01% and 37.79%, respectively. The annual and fourth quarter effective tax rates in 2013 were 38.15% and 38.23%, respectively.
Segment Information:
Intermodal (JBI)
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■ Fourth quarter 2014 Segment Revenue: |
$958 million; up 5% |
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■ Fourth quarter 2014 Operating Income: |
$128.8 million; up 6% |
JBI total volumes grew 6% over the same period in 2013. Inconsistent rail service and limited dray fleet capacity continued during the quarter. Eastern network loads increased 14% and transcontinental loads increased 1% compared to the fourth quarter 2013. Revenue increased 5%, reflecting volume growth of 6% and a 1% decrease in revenue per load which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges increased 1% compared to a year ago.
Operating income for the quarter grew 6%. Benefits from customer rate increases, a smaller percentage of empty repositioning moves and a smaller percentage of outsourced dray usage were substantially offset by cost increases in rail and dray purchased transportation, driver recruiting and retention costs and insurance and claims costs. The current period ended with approximately 73,300 units of trailing capacity and approximately 4,700 power units in the dray fleet.
Dedicated Contract Services (DCS)
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■ Fourth quarter 2014 Segment Revenue: |
$363 million; up 10% |
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■ Fourth quarter 2014 Operating Income: |
$37.0 million; up 25% |
DCS revenue increased 10% during the current quarter over the same period 2013 primarily from rate increases implemented during the past 9 months and more activity at customer accounts. Revenue excluding fuel surcharges increased 11% compared to fourth quarter 2013. A net additional 473 revenue producing trucks were in the fleet by the end of the quarter compared to prior year primarily reflecting new contract implementations in the current and prior periods.
Operating income was up 25% from a year ago. The increase is primarily due to the increase in revenue, improved asset utilization, less reliance on outsourced power units and the current period benefit of rapidly declining fuel costs, but was partially offset by continued higher costs for driver hiring and retention, increased insurance and claims costs and higher workers’ compensation costs.
Integrated Capacity Solutions (ICS)
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● Fourth Quarter 2014 Segment Revenue: |
$197 million; up 36% |
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● Fourth Quarter 2014 Operating Income: |
$9.1 million; up 158% |
ICS revenue increased 36% in the current quarter vs. the fourth quarter 2013 mostly due to a 25% increase in load volume and a 9% increase in revenue per load. Both contractual and transactional business realized volume increases. Contractual business was approximately 66% of the total load volume but only 57% of the total revenue in the current quarter compared to 65% of the total load volume and 61% of the total revenue in fourth quarter 2013.
Operating income increased 158% over the same period in 2013 primarily from increased revenue and higher gross profit margin. Gross profit margin increased to 13.7% in the current period from 12.0% last year primarily from customer rate increases in contractual business and maintaining margin discipline in the transactional business. Personnel costs increased from the comparable period last year as we continued to on-board and train staff to expand our branch network. Total branches at the end of the period grew to 29 from 24 at the end of the same period in 2013. ICS’s carrier base increased 13% and the employee count increased 16% from a year ago.
Truck (JBT)
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■ Fourth quarter 2014 Segment Revenue: |
$ 96 million; up 6% |
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■ Fourth quarter 2014 Operating Income: |
$ 8.1 million; compared to an Operating Loss of $1.0 million in 2013 |
JBT revenue for the current quarter increased 6% from the same period in 2013 on a 2% larger fleet size. Revenue excluding fuel surcharges increased 10% primarily from increased asset utilization, intentional freight mix change and core customer rate increases of approximately 9% compared to fourth quarter 2013. At the end of the period, JBT operated 1,886 tractors compared to 1,857 a year ago.
Operating income increased $9.1 million from fourth quarter 2013 levels. Favorable changes from increased rates per loaded mile, rapidly declining fuel prices and higher utilization of company owned assets were partially offset by increased driver and independent contract costs per mile, increased hiring costs and higher safety and insurance costs compared to fourth quarter 2013.
Cash Flow and Capitalization:
At December 31, 2014, we had total debt outstanding of $934 million on various debt instruments compared to $708 million at December 31, 2013 and $837 million at September 30, 2014.
Our net capital expenditures for 2014 approximated $660 million vs. $443 million in 2013. The increase in capital expenditures was primarily due to purchasing additional containers and chassis for JBI and additional and replacement tractors and trailers across all asset business units. At December 31, 2014, we had cash and cash equivalents of $6.0 million.
In the fourth quarter 2014, we purchased approximately 615,000 shares of our common stock for $50 million. At December 31, 2014, we had approximately $213 million remaining under our share repurchase authorizations.
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. |
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Condensed Consolidated Statements of Earnings |
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(in thousands, except per share data) |
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(unaudited) |
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Three Months Ended December 31 |
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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 |
$ | 1,344,891 | $ | 1,202,168 | ||||||||||||||
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Fuel surcharge revenues |
264,620 | 272,108 | ||||||||||||||||
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Total operating revenues |
1,609,511 | 100.0 | % | 1,474,276 | 100.0 | % | ||||||||||||
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Operating expenses |
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Rents and purchased transportation |
802,284 | 49.8 | % | 742,824 | 50.4 | % | ||||||||||||
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Salaries, wages and employee benefits |
338,888 | 21.1 | % | 302,448 | 20.5 | % | ||||||||||||
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Fuel and fuel taxes |
101,467 | 6.3 | % | 114,939 | 7.8 | % | ||||||||||||
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Depreciation and amortization |
78,386 | 4.9 | % | 66,077 | 4.5 | % | ||||||||||||
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Operating supplies and expenses |
52,600 | 3.3 | % | 52,782 | 3.6 | % | ||||||||||||
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Insurance and claims |
23,440 | 1.5 | % | 16,400 | 1.1 | % | ||||||||||||
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General and administrative expenses, net of asset dispositions |
14,071 | 0.8 | % | 11,884 | 0.8 | % | ||||||||||||
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Operating taxes and licenses |
10,279 | 0.6 | % | 8,585 | 0.6 | % | ||||||||||||
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Communication and utilities |
5,191 | 0.3 | % | 4,804 | 0.3 | % | ||||||||||||
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Total operating expenses |
1,426,606 | 88.6 | % | 1,320,743 | 89.6 | % | ||||||||||||
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Operating income |
182,905 | 11.4 | % | 153,533 | 10.4 | % | ||||||||||||
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Net interest expense |
5,583 | 0.4 | % | 4,820 | 0.3 | % | ||||||||||||
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Earnings before income taxes |
177,322 | 11.0 | % | 148,713 | 10.1 | % | ||||||||||||
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Income taxes |
67,016 | 4.1 | % | 56,849 | 3.9 | % | ||||||||||||
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Net earnings |
$ | 110,306 | 6.9 | % | $ | 91,864 | 6.2 | % | ||||||||||
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Average diluted shares outstanding |
118,078 | 118,960 | ||||||||||||||||
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Diluted earnings per share |
$ | 0.93 | $ | 0.77 | ||||||||||||||
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
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Twelve Months Ended December 31 |
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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 |
$ | 5,082,827 | $ | 4,527,238 | ||||||||||||||
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Fuel surcharge revenues |
1,082,614 | 1,057,333 | ||||||||||||||||
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Total operating revenues |
6,165,441 | 100.0 | % | 5,584,571 | 100.0 | % | ||||||||||||
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Operating expenses |
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Rents and purchased transportation |
3,085,276 | 50.0 | % | 2,805,568 | 50.2 | % | ||||||||||||
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Salaries, wages and employee benefits |
1,290,404 | 20.9 | % | 1,138,213 | 20.4 | % | ||||||||||||
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Fuel and fuel taxes |
453,919 | 7.4 | % | 455,926 | 8.2 | % | ||||||||||||
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Depreciation and amortization |
294,496 | 4.8 | % | 253,380 | 4.5 | % | ||||||||||||
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Operating supplies and expenses |
218,539 | 3.5 | % | 202,700 | 3.6 | % | ||||||||||||
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Insurance and claims |
81,062 | 1.3 | % | 55,158 | 1.0 | % | ||||||||||||
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General and administrative expenses, net of asset dispositions |
50,596 | 0.8 | % | 45,469 | 0.8 | % | ||||||||||||
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Operating taxes and licenses |
38,796 | 0.7 | % | 32,307 | 0.7 | % | ||||||||||||
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Communication and utilities |
20,811 | 0.4 | % | 19,142 | 0.3 | % | ||||||||||||
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Total operating expenses |
5,533,899 | 89.8 | % | 5,007,863 | 89.7 | % | ||||||||||||
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Operating income |
631,542 | 10.2 | % | 576,708 | 10.3 | % | ||||||||||||
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Net interest expense |
26,941 | 0.4 | % | 23,140 | 0.4 | % | ||||||||||||
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Earnings before income taxes |
604,601 | 9.8 | % | 553,568 | 9.9 | % | ||||||||||||
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Income taxes |
229,809 | 3.7 | % | 211,186 | 3.8 | % | ||||||||||||
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Net earnings |
$ | 374,792 | 6.1 | % | $ | 342,382 | 6.1 | % | ||||||||||
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Average diluted shares outstanding |
118,445 | 119,404 | ||||||||||||||||
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Diluted earnings per share |
$ | 3.16 | $ | 2.87 | ||||||||||||||
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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 December 31 |
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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 |
$ | 957,714 | 59 | % | $ | 915,071 | 62 | % | ||||||||||
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Dedicated |
362,966 | 23 | % | 330,684 | 23 | % | ||||||||||||
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Integrated Capacity Solutions |
197,417 | 12 | % | 145,293 | 10 | % | ||||||||||||
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Truck |
96,306 | 6 | % | 91,213 | 6 | % | ||||||||||||
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Subtotal |
1,614,403 | 100 | % | 1,482,261 | 101 | % | ||||||||||||
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Intersegment eliminations |
(4,892 | ) | (0 | %) | (7,985 | ) | (1 | %) | ||||||||||
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Consolidated revenue |
$ | 1,609,511 | 100 | % | $ | 1,474,276 | 100 | % | ||||||||||
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Operating income |
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Intermodal |
$ | 128,767 | 70 | % | $ | 121,523 | 79 | % | ||||||||||
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Dedicated |
37,031 | 20 | % | 29,532 | 19 | % | ||||||||||||
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Integrated Capacity Solutions |
9,092 | 5 | % | 3,518 | 3 | % | ||||||||||||
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Truck |
8,079 | 5 | % | (1,041 | ) | (1 | %) | |||||||||||
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Other (1) |
(64 | ) | (0 | %) | 1 | 0 | % | |||||||||||
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Operating income |
$ | 182,905 | 100 | % | $ | 153,533 | 100 | % | ||||||||||
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Twelve Months Ended December 31 |
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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 |
$ | 3,687,444 | 60 | % | $ | 3,456,164 | 62 | % | ||||||||||
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Dedicated |
1,393,768 | 22 | % | 1,231,342 | 22 | % | ||||||||||||
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Integrated Capacity Solutions |
718,076 | 12 | % | 536,844 | 10 | % | ||||||||||||
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Truck |
385,603 | 6 | % | 391,086 | 7 | % | ||||||||||||
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Subtotal |
6,184,891 | 100 | % | 5,615,436 | 101 | % | ||||||||||||
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Intersegment eliminations |
(19,450 | ) | (0 | %) | (30,865 | ) | (1 | %) | ||||||||||
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Consolidated revenue |
$ | 6,165,441 | 100 | % | $ | 5,584,571 | 100 | % | ||||||||||
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Operating income |
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Intermodal |
$ | 460,377 | 73 | % | $ | 447,030 | 77 | % | ||||||||||
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Dedicated |
117,243 | 18 | % | 110,438 | 19 | % | ||||||||||||
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Integrated Capacity Solutions |
29,880 | 5 | % | 15,693 | 3 | % | ||||||||||||
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Truck |
24,223 | 4 | % | 3,658 | 1 | % | ||||||||||||
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Other (1) |
(181 | ) | (0 | %) | (111 | ) | (0 | %) | ||||||||||
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Operating income |
$ | 631,542 | 100 | % | $ | 576,708 | 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 December 31 |
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2014 |
2013 |
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Intermodal |
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Loads |
439,565 | 415,601 | ||||||
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Average length of haul |
1,666 | 1,703 | ||||||
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Revenue per load |
$ | 2,179 | $ | 2,202 | ||||
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Average tractors during the period * |
4,697 | 4,084 | ||||||
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Tractors (end of period) |
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Company-owned |
3,916 | 3,448 | ||||||
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Independent contractor |
761 | 646 | ||||||
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Total tractors |
4,677 | 4,094 | ||||||
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Net change in trailing equipment during the period |
1,620 | 2,059 | ||||||
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Trailing equipment (end of period) |
73,298 | 65,979 | ||||||
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Average effective trailing equipment usage |
71,481 | 63,914 | ||||||
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Dedicated |
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Loads |
548,615 | 504,738 | ||||||
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Average length of haul |
174 | 179 | ||||||
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Revenue per truck per week** |
$ | 4,184 | $ | 4,198 | ||||
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Average trucks during the period*** |
6,885 | 6,271 | ||||||
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Trucks (end of period) |
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Company-owned |
6,425 | 5,805 | ||||||
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Independent contractor |
7 | 10 | ||||||
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Customer-owned (Dedicated operated) |
448 | 592 | ||||||
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Total trucks |
6,880 | 6,407 | ||||||
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Trailing equipment (end of period) |
20,516 | 19,062 | ||||||
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Average effective trailing equipment usage |
21,589 | 20,099 | ||||||
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Integrated Capacity Solutions |
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Loads |
124,123 | 99,444 | ||||||
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Revenue per load |
$ | 1,590 | $ | 1,461 | ||||
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Gross profit margin |
13.7 | % | 12.0 | % | ||||
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Employee count (end of period) |
582 | 503 | ||||||
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Approximate number of third-party carriers (end of period) |
39,100 | 34,600 | ||||||
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Truck |
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Loads |
89,877 | 89,663 | ||||||
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Average length of haul |
433 | 432 | ||||||
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Loaded miles (000) |
38,337 | 38,629 | ||||||
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Total miles (000) |
45,411 | 45,422 | ||||||
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Average nonpaid empty miles per load |
78.3 | 74.7 | ||||||
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Revenue per tractor per week** |
$ | 4,086 | $ | 3,804 | ||||
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Average tractors during the period * |
1,887 | 1,921 | ||||||
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Tractors (end of period) |
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Company-owned |
1,296 | 1,200 | ||||||
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Independent contractor |
590 | 657 | ||||||
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Total tractors |
1,886 | 1,857 | ||||||
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Trailers (end of period) |
7,215 | 6,828 | ||||||
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Average effective trailing equipment usage |
6,201 | 6,114 | ||||||
* 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 |
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(unaudited) |
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Twelve Months Ended December 31 |
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2014 |
2013 |
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Intermodal |
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Loads |
1,700,374 | 1,593,511 | ||||||
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Average length of haul |
1,656 | 1,694 | ||||||
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Revenue per load |
$ | 2,169 | $ | 2,169 | ||||
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Average tractors during the period * |
4,502 | 3,916 | ||||||
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Tractors (end of period) |
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Company-owned |
3,916 | 3,448 | ||||||
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Independent contractor |
761 | 646 | ||||||
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Total tractors |
4,677 | 4,094 | ||||||
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Net change in trailing equipment during the period |
7,319 | 7,017 | ||||||
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Trailing equipment (end of period) |
73,298 | 65,979 | ||||||
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Average effective trailing equipment usage |
68,683 | 60,612 | ||||||
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Dedicated |
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Loads |
2,101,707 | 1,835,872 | ||||||
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Average length of haul |
177 | 190 | ||||||
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Revenue per truck per week** |
$ | 4,098 | $ | 4,109 | ||||
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Average trucks during the period*** |
6,641 | 5,865 | ||||||
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Trucks (end of period) |
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Company-owned |
6,425 | 5,805 | ||||||
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Independent contractor |
7 | 10 | ||||||
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Customer-owned (Dedicated operated) |
448 | 592 | ||||||
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Total trucks |
6,880 | 6,407 | ||||||
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Trailing equipment (end of period) |
20,516 | 19,062 | ||||||
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Average effective trailing equipment usage |
20,927 | 19,229 | ||||||
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Integrated Capacity Solutions |
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Loads |
453,410 | 388,987 | ||||||
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Revenue per load |
$ | 1,584 | $ | 1,380 | ||||
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Gross profit margin |
13.0 | % | 11.8 | % | ||||
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Employee count (end of period) |
582 | 503 | ||||||
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Approximate number of third-party carriers (end of period) |
39,100 | 34,600 | ||||||
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Truck |
||||||||
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Loads |
370,555 | 386,875 | ||||||
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Average length of haul |
411 | 431 | ||||||
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Loaded miles (000) |
151,725 | 165,543 | ||||||
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Total miles (000) |
179,036 | 194,046 | ||||||
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Average nonpaid empty miles per load |
71.8 | 73.3 | ||||||
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Revenue per tractor per week** |
$ | 4,068 | $ | 3,828 | ||||
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Average tractors during the period* |
1,868 | 2,007 | ||||||
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Tractors (end of period) |
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Company-owned |
1,296 | 1,200 | ||||||
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Independent contractor |
590 | 657 | ||||||
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Total tractors |
1,886 | 1,857 | ||||||
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Trailers (end of period) |
7,215 | 6,828 | ||||||
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Average effective trailing equipment usage |
5,891 | 6,877 | ||||||
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
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J.B. HUNT TRANSPORT SERVICES, INC. |
|
Condensed Consolidated Balance Sheets |
|
(in thousands) |
|
(unaudited) |
| December 31, 2014 | December 31, 2013 | |||||||
|
ASSETS |
||||||||
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Current assets: |
||||||||
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Cash and cash equivalents |
$ | 5,961 | $ | 5,831 | ||||
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Accounts Receivable |
653,795 | 568,519 | ||||||
|
Prepaid expenses and other |
201,743 | 105,853 | ||||||
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Deferred income taxes |
18,631 | - | ||||||
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Total current assets |
880,130 | 680,203 | ||||||
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Property and equipment |
3,719,757 | 3,259,814 | ||||||
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Less accumulated depreciation |
1,237,225 | 1,147,610 | ||||||
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Net property and equipment |
2,482,532 | 2,112,204 | ||||||
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Other assets |
34,455 | 26,997 | ||||||
| $ | 3,397,117 | $ | 2,819,404 | |||||
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LIABILITIES & STOCKHOLDERS' EQUITY |
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Current liabilities: |
||||||||
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Current debt |
$ | 250,000 | $ | 250,000 | ||||
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Trade accounts payable |
325,838 | 305,465 | ||||||
|
Claims accruals |
96,719 | 68,221 | ||||||
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Accrued payroll |
80,547 | 72,063 | ||||||
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Other accrued expenses |
17,966 | 14,062 | ||||||
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Deferred income taxes |
- | 2,485 | ||||||
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Total current liabilities |
771,070 | 712,296 | ||||||
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Long-term debt |
683,539 | 458,417 | ||||||
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Other long-term liabilities |
59,561 | 58,274 | ||||||
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Deferred income taxes |
678,424 | 577,965 | ||||||
|
Stockholders' equity |
1,204,523 | 1,012,452 | ||||||
| $ | 3,397,117 | $ | 2,819,404 | |||||
|
Supplemental Data |
|
(unaudited) |
|
December 31, 2014 |
December 31, 2013 |
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|
Actual shares outstanding at end of period (000) |
116,575 | 117,241 | ||||||
|
Book value per actual share outstanding at end of period |
$ | 10.33 | $ | 8.64 | ||||
|
Twelve Months Ended December 31 |
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|
2014 |
2013 |
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|
Net cash provided by operating activities (000) |
$ | 646,779 | $ | 574,351 | ||||
|
Net capital expenditures (000) |
$ | 659,710 | $ | 442,504 | ||||