LOWELL, Ark. - J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) reported better-than-expected third quarter results, sending shares up 5% in after-hours trading.
The transportation and logistics company posted earnings per share of $1.49, surpassing analyst estimates of $1.39. Revenue came in at $3.07 billion, slightly above the $3 billion consensus forecast.
However, both earnings and revenue declined compared to the same period last year. Net earnings fell 17% to $152.1 million, while total revenue decreased 3% YoY.
The company's largest segment, Intermodal, saw flat revenue of $1.56 billion despite a 5% increase in load volume. This was offset by a 5% decrease in revenue per load.
"Demand for our intermodal service improved throughout the quarter across both the transcontinental and eastern networks, supported by seasonal activity and strong performance from our rail providers," said John Roberts, President and CEO of J.B. Hunt.
Operating income declined 7% to $224.1 million, primarily due to lower revenue in most segments and higher personnel and insurance expenses.
The company repurchased approximately 1.2 million shares for $200 million during the quarter.
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