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10-14-2010, 06:33 PM #1
J.B. Hunt's Profit Rises 31%
OCTOBER 14, 2010, 4:29 P.M. ET.
J.B. Hunt's Profit Rises 31%
By JOHN KELL
J.B. Hunt Transport Services Inc. reported a 31% rise in third-quarter profit, as the trucking company's volume and revenue improved.
The U.S. transportation sector is rebounding from last year's poor showing, with trucking firms benefiting from large cuts in capacity, an uptick in demand and better pricing. On Wednesday, J.P Morgan said tightness in the intermodal and truck markets should bolster J.B. Hunt's margins.
On Thursday, J.B. Hunt reported quarterly earnings of $52.2 million, or 41 cents a share, up from $40 million, or 31 cents a share, in the same period a year earlier. Revenue climbed 18% to $986 million.
Operating margin grew to 9.3% from 8.5%.
Revenue from the intermodal division, which involves the movement of freight using multiple modes of transportation, climbed 23% on a 17% increase in volume, helping profit jump 22%.
Trucking revenue increased 4%, helping the segment swing to an operating profit. The average length of haul grew 8% and rates grew nearly 9%. The company's tractor count decreased 13% from a year ago to 2,793.
Both segments reported a double-digit decline in revenue in the year-earlier period.
President and Chief Executive Kirk Thompson said the company was able to reactivate and increase some compensation and benefit programs. He said J.B. Hunt was able to make those moves as profits rebounded more quickly than anticipated going into this year.
Write to John Kell at john.kell@dowjones.com
http://online.wsj.com/article/SB1000142 ... lenews_wsjNO AMNESTY
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