Attached files
| file | filename |
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| 8-K - FORM 8-K - HUNT J B TRANSPORT SERVICES INC | jbht20171016_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 THIRD QUARTER 2017
■ Third Quarter 2017 Revenue: $1.84 billion; up 9%
■ Third Quarter 2017 Operating Income: $165 million; down 10%
■ Third Quarter 2017 EPS: 91 cents vs. 97 cents
LOWELL, ARKANSAS, October 13, 2017 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced third quarter 2017 net earnings of $100.4 million, or diluted earnings per share of 91 cents vs. third quarter 2016 net earnings of $109.4 million, or 97 cents per diluted share.
Total operating revenue for the current quarter was $1.84 billion, compared with $1.69 billion for the third quarter 2016. Load growth of 6% in Intermodal (JBI), a 14% increase in revenue producing trucks and improved asset productivity in Dedicated Contract Services (DCS)™ and a 17% increase in revenue per load in Integrated Capacity Solutions (ICS) contributed to the increase in consolidated revenue compared to prior year. Operating revenue growth was partially offset by a 7% decrease in load count in the Truck (JBT) business segment and the disruption caused by hurricanes Harvey, Irma and Maria. Current quarter total operating revenue, excluding fuel surcharges, increased 8% vs. the comparable quarter 2016.
Operating income for the current quarter totaled $165 million vs. $183 million for the third quarter 2016. Operating income decreased from third quarter 2016 primarily from increases in driver wages and recruiting costs, increased rail purchase transportation rates, higher insurance and claims costs, increased legal and consulting costs, higher equipment maintenance costs and acquisition and integration costs incurred by DCS with the purchase of Special Logistics Dedicated (SLD) that closed during the quarter.
Interest expense in the current quarter increased primarily from higher debt balances and higher interest rates compared to third quarter 2016. The effective income tax rate for the current quarter is 35.9%, compared to 38% in the third quarter 2016. We expect our 2017 annual tax rate to be approximately 35%.
Segment Information:
Intermodal (JBI)
■ Third Quarter 2017 Segment Revenue: $1.05 billion; up 8%
■ Third Quarter 2017 Operating Income: $109.1 million; down 7%
Overall volumes increased 6% over the same period in 2016. The Eastern network realized load growth of 2% and Transcontinental loads grew 8% over the third quarter 2016. The network disruption caused from hurricanes Harvey, Irma and Maria limited our ability to handle approximately 5,500 loads in the current period. Revenue increased 8% reflecting the 6% volume growth and an approximate 2% increase in revenue per load, which is the combination of changes in customer rate, freight mix and fuel surcharges. Revenue per load excluding fuel surcharges was flat compared to third quarter 2016.
Operating income decreased 7% over prior year. Benefits from improved volumes were offset by increased costs to attract, place and retain drivers; higher insurance and claims costs; increases in rail purchased transportation rates; increases in costs from inefficiencies due to rail congestion, rationalization and maintenance; and approximately $1.8 million in additional costs and inefficiencies in the dray and rail networks in areas directly affected by natural disasters. The current period ended with approximately 87,000 units of trailing capacity and 5,500 power units assigned to the dray fleet.
Dedicated Contract Services (DCS)
■ Third Quarter 2017 Segment Revenue: $438 million; up 11%
■ Third Quarter 2017 Operating Income: $42.9 million; down 18%
DCS revenue increased 11% during the current quarter over the same period in 2016. Productivity (revenue per truck per week) increased by approximately 2% vs. 2016. Productivity excluding fuel surcharge revenue was flat from a year ago. Increased revenue from better integration of assets between customer accounts and customer rate increases was partially offset by lower productivity at new contracts implemented during the current quarter. A net additional 1,024 revenue producing trucks, 621 net additions sequentially from second quarter 2017 including 328 acquired in the SLD purchase, were in the fleet by the end of the quarter. Approximately 63% of these additions represent private fleet conversions versus traditional dedicated capacity services. Customer retention rates remain above 98%.
Operating income decreased by 18% from a year ago primarily from the timing between increasing driver wages and recovery through customer contracts, increased driver recruiting costs including the length of time to fill open trucks, increased insurance and claims costs, increased salaries and benefits costs, higher equipment ownership costs and approximately $1 million of excess costs associated with operations in the hurricane affected regions compared to the same period in 2016. During the current period, DCS incurred approximately $3 million in acquisition costs and $1.5 million in intangible asset amortization due to the purchase of SLD.
Integrated Capacity Solutions (ICS)
■ Third Quarter 2017 Segment Revenue: $269 million; up 16%
■ Third Quarter 2017 Operating Income: $ 7.3 million; down 14%
ICS revenue increased 16% in the current quarter vs. the third quarter 2016. Revenue per load increased 17% from increased spot market activity while load volumes decreased 1% vs third quarter 2016. While continuing to meet our customer commitments, increased spot market activity created a better balance between contractual and spot revenues. Contractual volumes represented approximately 65% of total load volume and 48% of total revenue in the current quarter compared to 75% and 64%, respectively, in third quarter 2016.
Operating income decreased 14% over the same period 2016. Gross profit margin was flat at 12.8% compared to the prior year as continued compression of gross margins in contractual business offset improvements in spot market gross margins. Higher year over year technology development costs and a higher number of branches open less than two years (23 vs.15) more than offset the increased revenue compared to a year ago. Total location count grew to 44 compared to 40 at the end of third quarter last year. ICS’s carrier base increased 10% and the employee count increased 17% vs. third quarter 2016.
Truck (JBT)
■ Third Quarter 2017 Segment Revenue: $ 93 million; down 5%
■ Third Quarter 2017 Operating Income: $ 5.7 million; up 12%
JBT revenue was down 5% from the same period in 2016. Revenue excluding fuel surcharge decreased 6%, primarily from a 7% decrease in load count from third quarter 2016. Revenue per load increased approximately 1% due to a 4% increase in rates per loaded mile offset by a 3% decrease in length of haul compared to a year ago. Comparable contractual customer rates were flat compared to the same period in 2016. At the end of the period, JBT operated 2,040 tractors compared to 2,183 a year ago.
Operating income increased 12% compared to third quarter 2016. Favorable changes from higher rates per loaded mile and lower insurance and claims costs were partially offset by increased driver wages and independent contractor costs per mile, a decrease in fleet size, lower tractor utilization from an increase in unseated trucks and higher equipment maintenance costs compared to third quarter 2016.
Cash Flow and Capitalization:
At September 30, 2017, we had a total of $1.08 billion outstanding on various debt instruments compared to $944 million at September 30, 2016 and $986 million at December 31, 2016.
Our net capital expenditures for the nine months ended September 30, 2017 approximated $330 million compared to $359 million for the same period 2016. At September 30, 2017, we had cash and cash equivalents of approximately $7.7 million. Other assets include approximately $55-$65 million of amortizable intangible assets related to the purchase of SLD.
We had no purchases of our common stock during the third quarter 2017. At September 30,2017, we had approximately $521 million remaining under our combined share repurchase authorizations. Actual shares outstanding at September 30, 2017 approximated 110 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, 2016. 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 September 30 |
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2017 |
2016 |
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% Of |
% Of |
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Amount |
Revenue |
Amount |
Revenue |
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Operating revenues, excluding fuel surcharge revenues |
$ | 1,657,380 | $ | 1,538,701 | ||||||||||||
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Fuel surcharge revenues |
185,954 | 151,958 | ||||||||||||||
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Total operating revenues |
1,843,334 | 100.0% | 1,690,659 | 100.0% | ||||||||||||
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Operating expenses |
||||||||||||||||
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Rents and purchased transportation |
947,145 | 51.4% | 846,238 | 50.1% | ||||||||||||
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Salaries, wages and employee benefits |
408,340 | 22.2% | 374,517 | 22.2% | ||||||||||||
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Depreciation and amortization |
95,959 | 5.2% | 91,001 | 5.4% | ||||||||||||
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Fuel and fuel taxes |
87,006 | 4.7% | 74,179 | 4.4% | ||||||||||||
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Operating supplies and expenses |
67,578 | 3.7% | 62,191 | 3.7% | ||||||||||||
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Insurance and claims |
26,463 | 1.4% | 21,862 | 1.3% | ||||||||||||
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General and administrative expenses, net of asset dispositions |
29,389 | 1.6% | 21,025 | 1.1% | ||||||||||||
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Operating taxes and licenses |
10,744 | 0.6% | 11,665 | 0.7% | ||||||||||||
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Communication and utilities |
5,738 | 0.3% | 5,004 | 0.3% | ||||||||||||
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Total operating expenses |
1,678,362 | 91.1% | 1,507,682 | 89.2% | ||||||||||||
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Operating income |
164,972 | 8.9% | 182,977 | 10.8% | ||||||||||||
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Net interest expense |
8,310 | 0.4% | 6,485 | 0.4% | ||||||||||||
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Earnings before income taxes |
156,662 | 8.5% | 176,492 | 10.4% | ||||||||||||
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Income taxes |
56,277 | 3.1% | 67,067 | 3.9% | ||||||||||||
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Net earnings |
$ | 100,385 | 5.4% | $ | 109,425 | 6.5% | ||||||||||
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Average diluted shares outstanding |
110,628 | 113,363 | ||||||||||||||
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Diluted earnings per share |
$ | 0.91 | $ | 0.97 | ||||||||||||
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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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Nine Months Ended September 30 |
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2017 |
2016 |
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% Of |
% Of |
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Amount |
Revenue |
Amount |
Revenue |
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Operating revenues, excluding fuel surcharge revenues |
$ | 4,670,200 | $ | 4,448,709 | ||||||||||||
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Fuel surcharge revenues |
529,208 | 385,688 | ||||||||||||||
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Total operating revenues |
5,199,408 | 100.0% | 4,834,397 | 100.0% | ||||||||||||
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Operating expenses |
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Rents and purchased transportation |
2,624,707 | 50.5% | 2,381,547 | 49.3% | ||||||||||||
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Salaries, wages and employee benefits |
1,178,524 | 22.7% | 1,108,997 | 22.9% | ||||||||||||
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Depreciation and amortization |
281,198 | 5.4% | 269,717 | 5.6% | ||||||||||||
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Fuel and fuel taxes |
246,725 | 4.7% | 205,082 | 4.2% | ||||||||||||
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Operating supplies and expenses |
190,085 | 3.7% | 173,222 | 3.6% | ||||||||||||
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Insurance and claims |
76,930 | 1.5% | 58,384 | 1.2% | ||||||||||||
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General and administrative expenses, net of asset dispositions |
74,597 | 1.4% | 61,570 | 1.3% | ||||||||||||
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Operating taxes and licenses |
32,329 | 0.6% | 34,156 | 0.7% | ||||||||||||
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Communication and utilities |
16,337 | 0.3% | 15,063 | 0.3% | ||||||||||||
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Total operating expenses |
4,721,432 | 90.8% | 4,307,738 | 89.1% | ||||||||||||
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Operating income |
477,976 | 9.2% | 526,659 | 10.9% | ||||||||||||
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Net interest expense |
22,521 | 0.4% | 19,347 | 0.4% | ||||||||||||
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Earnings before income taxes |
455,455 | 8.8% | 507,312 | 10.5% | ||||||||||||
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Income taxes |
154,499 | 3.0% | 192,778 | 4.0% | ||||||||||||
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Net earnings |
$ | 300,956 | 5.8% | $ | 314,534 | 6.5% | ||||||||||
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Average diluted shares outstanding |
111,154 | 113,709 | ||||||||||||||
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Diluted earnings per share |
$ | 2.71 | $ | 2.77 | ||||||||||||
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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 September 30 |
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2017 |
2016 |
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% Of |
% Of |
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Amount |
Total |
Amount |
Total |
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Revenue |
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Intermodal |
$ | 1,048,187 | 57% | $ | 969,654 | 57% | ||||||||||
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Dedicated |
437,521 | 24% | 393,770 | 23% | ||||||||||||
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Integrated Capacity Solutions |
269,451 | 14% | 233,022 | 14% | ||||||||||||
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Truck |
92,632 | 5% | 97,154 | 6% | ||||||||||||
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Subtotal |
1,847,791 | 100% | 1,693,600 | 100% | ||||||||||||
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Intersegment eliminations |
(4,457 | ) | (0%) | (2,941 | ) | (0%) | ||||||||||
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Consolidated revenue |
$ | 1,843,334 | 100% | $ | 1,690,659 | 100% | ||||||||||
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Operating income |
||||||||||||||||
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Intermodal |
$ | 109,130 | 66% | $ | 116,885 | 64% | ||||||||||
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Dedicated |
42,867 | 26% | 52,463 | 28% | ||||||||||||
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Integrated Capacity Solutions |
7,291 | 4% | 8,516 | 5% | ||||||||||||
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Truck |
5,713 | 4% | 5,080 | 3% | ||||||||||||
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Other (1) |
(29 | ) | (0%) | 33 | 0% | |||||||||||
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Operating income |
$ | 164,972 | 100% | $ | 182,977 | 100% | ||||||||||
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Nine Months Ended September 30 |
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2017 |
2016 |
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% Of |
% Of |
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Amount |
Total |
Amount |
Total |
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Revenue |
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Intermodal |
$ | 2,986,746 | 57% | $ | 2,798,284 | 58% | ||||||||||
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Dedicated |
1,241,899 | 24% | 1,134,861 | 23% | ||||||||||||
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Integrated Capacity Solutions |
701,335 | 14% | 619,956 | 13% | ||||||||||||
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Truck |
280,895 | 5% | 291,468 | 6% | ||||||||||||
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Subtotal |
5,210,875 | 100% | 4,844,569 | 100% | ||||||||||||
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Intersegment eliminations |
(11,467 | ) | (0%) | (10,172 | ) | (0%) | ||||||||||
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Consolidated revenue |
$ | 5,199,408 | 100% | $ | 4,834,397 | 100% | ||||||||||
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Operating income |
||||||||||||||||
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Intermodal |
$ | 314,105 | 66% | $ | 325,625 | 62% | ||||||||||
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Dedicated |
136,195 | 29% | 147,700 | 28% | ||||||||||||
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Integrated Capacity Solutions |
11,520 | 2% | 30,186 | 6% | ||||||||||||
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Truck |
16,216 | 3% | 23,112 | 4% | ||||||||||||
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Other (1) |
(60 | ) | (0%) | 36 | 0% | |||||||||||
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Operating income |
$ | 477,976 | 100% | $ | 526,659 | 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 September 30 |
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2017 |
2016 |
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Intermodal |
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Loads |
516,260 | 489,109 | ||||||
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Average length of haul |
1,685 | 1,662 | ||||||
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Revenue per load |
$ | 2,030 | $ | 1,983 | ||||
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Average tractors during the period * |
5,461 | 5,279 | ||||||
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Tractors (end of period) |
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Company-owned |
4,768 | 4,568 | ||||||
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Independent contractor |
773 | 714 | ||||||
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Total tractors |
5,541 | 5,282 | ||||||
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Net change in trailing equipment during the period |
1,724 | 1,578 | ||||||
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Trailing equipment (end of period) |
87,305 | 82,821 | ||||||
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Average effective trailing equipment usage |
86,622 | 79,107 | ||||||
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Dedicated |
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Loads |
655,881 | 607,876 | ||||||
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Average length of haul |
177 | 177 | ||||||
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Revenue per truck per week** |
$ | 4,196 | $ | 4,120 | ||||
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Average trucks during the period*** |
8,105 | 7,357 | ||||||
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Trucks (end of period) |
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Company-owned |
7,792 | 6,936 | ||||||
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Independent contractor |
55 | 22 | ||||||
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Customer-owned (Dedicated operated) |
549 | 414 | ||||||
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Total trucks |
8,396 | 7,372 | ||||||
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Trailing equipment (end of period) |
24,524 | 22,391 | ||||||
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Average effective trailing equipment usage |
24,914 | 22,939 | ||||||
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Integrated Capacity Solutions |
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Loads |
236,796 | 239,399 | ||||||
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Revenue per load |
$ | 1,138 | $ | 973 | ||||
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Gross profit margin |
12.8 | % | 12.8 | % | ||||
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Employee count (end of period) |
899 | 769 | ||||||
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Approximate number of third-party carriers (end of period) |
54,900 | 50,100 | ||||||
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Truck |
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Loads |
90,520 | 97,052 | ||||||
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Average length of haul |
437 | 453 | ||||||
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Loaded miles (000) |
39,516 | 43,865 | ||||||
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Total miles (000) |
47,292 | 52,317 | ||||||
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Average nonpaid empty miles per load |
86.0 | 87.2 | ||||||
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Revenue per tractor per week** |
$ | 3,524 | $ | 3,468 | ||||
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Average tractors during the period * |
2,055 | 2,162 | ||||||
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Tractors (end of period) |
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Company-owned |
1,340 | 1,384 | ||||||
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Independent contractor |
700 | 799 | ||||||
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Total tractors |
2,040 | 2,183 | ||||||
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Trailers (end of period) |
7,538 | 7,572 | ||||||
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Average effective trailing equipment usage |
7,099 | 7,083 | ||||||
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* Includes company-owned and independent contractor tractors |
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** Using weighted workdays |
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*** 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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Nine Months Ended September 30 |
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2017 |
2016 |
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Intermodal |
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Loads |
1,484,138 | 1,424,733 | ||||||
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Average length of haul |
1,680 | 1,648 | ||||||
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Revenue per load |
$ | 2,012 | $ | 1,964 | ||||
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Average tractors during the period * |
5,301 | 5,206 | ||||||
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Tractors (end of period) |
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Company-owned |
4,768 | 4,568 | ||||||
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Independent contractor |
773 | 714 | ||||||
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Total tractors |
5,541 | 5,282 | ||||||
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Net change in trailing equipment during the period |
2,711 | 3,864 | ||||||
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Trailing equipment (end of period) |
87,305 | 82,821 | ||||||
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Average effective trailing equipment usage |
85,719 | 75,702 | ||||||
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Dedicated |
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Loads |
1,888,770 | 1,794,432 | ||||||
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Average length of haul |
178 | 175 | ||||||
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Revenue per truck per week** |
$ | 4,156 | $ | 4,021 | ||||
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Average trucks during the period*** |
7,737 | 7,280 | ||||||
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Trucks (end of period) |
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Company-owned |
7,792 | 6,936 | ||||||
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Independent contractor |
55 | 22 | ||||||
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Customer-owned (Dedicated operated) |
549 | 414 | ||||||
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Total trucks |
8,396 | 7,372 | ||||||
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Trailing equipment (end of period) |
24,524 | 22,391 | ||||||
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Average effective trailing equipment usage |
24,126 | 22,657 | ||||||
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Integrated Capacity Solutions |
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Loads |
714,923 | 614,334 | ||||||
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Revenue per load |
$ | 981 | $ | 1,009 | ||||
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Gross profit margin |
12.9 | % | 14.9 | % | ||||
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Employee count (end of period) |
899 | 769 | ||||||
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Approximate number of third-party carriers (end of period) |
54,900 | 50,100 | ||||||
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Truck |
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Loads |
283,053 | 288,392 | ||||||
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Average length of haul |
435 | 460 | ||||||
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Loaded miles (000) |
123,080 | 132,562 | ||||||
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Total miles (000) |
147,227 | 157,526 | ||||||
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Average nonpaid empty miles per load |
86.1 | 86.6 | ||||||
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Revenue per tractor per week** |
$ | 3,484 | $ | 3,432 | ||||
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Average tractors during the period* |
2,103 | 2,202 | ||||||
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Tractors (end of period) |
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Company-owned |
1,340 | 1,384 | ||||||
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Independent contractor |
700 | 799 | ||||||
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Total tractors |
2,040 | 2,183 | ||||||
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Trailers (end of period) |
7,538 | 7,572 | ||||||
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Average effective trailing equipment usage |
7,165 | 6,846 | ||||||
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* Includes company-owned and independent contractor tractors |
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** Using weighted workdays |
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*** Includes company-owned, independent contractor, and customer-owned trucks |
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J.B. HUNT TRANSPORT SERVICES, INC. |
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Condensed Consolidated Balance Sheets |
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(in thousands) |
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(unaudited) |
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September 30, 2017 |
December 31, 2016 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 7,707 | $ | 6,377 | ||||
|
Accounts receivable |
858,720 | 745,288 | ||||||
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Prepaid expenses and other |
140,164 | 194,016 | ||||||
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Total current assets |
1,006,591 | 945,681 | ||||||
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Property and equipment |
4,507,917 | 4,258,915 | ||||||
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Less accumulated depreciation |
1,632,108 | 1,440,124 | ||||||
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Net property and equipment |
2,875,809 | 2,818,791 | ||||||
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Other assets |
171,523 | 64,516 | ||||||
| $ | 4,053,923 | $ | 3,828,988 | |||||
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LIABILITIES & STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Trade accounts payable |
$ | 493,585 | $ | 384,308 | ||||
|
Claims accruals |
117,645 | 109,745 | ||||||
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Accrued payroll |
47,514 | 51,929 | ||||||
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Other accrued expenses |
23,011 | 27,152 | ||||||
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Total current liabilities |
681,755 | 573,134 | ||||||
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Long-term debt |
1,084,801 | 986,278 | ||||||
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Other long-term liabilities |
68,564 | 64,881 | ||||||
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Deferred income taxes |
746,833 | 790,634 | ||||||
|
Stockholders' equity |
1,471,970 | 1,414,061 | ||||||
| $ | 4,053,923 | $ | 3,828,988 | |||||
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Supplemental Data |
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(unaudited) |
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September 30, 2017 |
December 31, 2016 |
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Actual shares outstanding at end of period (000) |
109,752 | 111,305 | ||||||
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Book value per actual share outstanding at end of period |
$ | 13.41 | $ | 12.70 | ||||
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Nine Months Ended September 30 |
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2017 |
2016 |
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|
Net cash provided by operating activities (000) |
$ | 628,549 | $ | 683,963 | ||||
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Net capital expenditures (000) |
$ | 329,775 | $ | 358,754 | ||||