JB Hunt releases Q3 21 figures

LOWELL, Ark., October 15, 2021 – J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2021 net earnings of $199.8 million, or diluted earnings per share of $1.88 versus third quarter 2020 net earnings of $125.5 million, or $1.18 cents per diluted share.

Total operating revenue for the current quarter was $3.14 billion, an increase of 27% compared with $2.47 billion for the third quarter 2020. All segments contributed double-digit revenue growth versus the prior year period. Truckload (JBT) and Integrated Capacity Solutions (ICS) grew revenue 87% and 55% year-over-year, respectively, as both segments were able to source and secure capacity for customers in the Marketplace for J.B. Hunt 360°® in this capacity-constrained freight environment. Intermodal (JBI) revenue grew 17%, driven by a 24% increase in revenue per load, partially offset by a 6% decline in volume. Dedicated Contract Services® (DCS®) revenue grew 20% as a result of a 12% increase in average revenue producing trucks and a 7% increase in fleet productivity versus the prior year period. Final Mile Services® (FMS) revenue increased 13% as revenue per stop increased 17%, partially offset by 3% fewer stops. Current quarter total operating revenue, excluding fuel surcharges, increased 23% versus the comparable quarter 2020.

Total freight transactions in the Marketplace for J.B. Hunt 360 increased to $518 million in the third quarter 2021 compared to $358 million in the prior year quarter. ICS revenue on the platform increased 36% to $397 million versus a year ago. JBI and JBT executed approximately $34 million and $87 million, respectively, of third-party dray, independent contractor and power-only capacity through the platform during the quarter.

Operating income for the current quarter totaled $273.8 million versus $175.5 million for the third quarter 2020. Operating income increased from third quarter 2020 primarily from customer rate and cost recovery efforts and further scaling into our technology investments at a consolidated level, in addition to higher productivity of our assets and people across our ICS and JBT segments. These items were partially offset by a lack of network fluidity from both rail and customer activity in JBI as well as increases in: driver wage and recruiting costs; rail and truck purchase transportation expense; non-driver personnel salary, wages and incentive compensation; group medical expense; and implementation costs for new business in both our DCS and FMS segments.

Interest expense in the current quarter was comparable to the prior year period. The effective income tax rate for the current quarter was 23.7% compared to 23.3% for third quarter 2020. We expect our 2021 annual tax rate to fall between 23.5% and 24.0%.

To read the full release, please click here.

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