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J.B. Hunt Transport Services Inc.


Second-Quarter Earnings Down

LOWELL -- J.B. Hunt Transport Services Inc.'s revenue for the second quarter that ended June 30 increased 18 percent from the same quarter a year ago, going from $140.9 million to $166.6 million.

But net earnings were down. Quarterly earnings were $7.8 million, 34 cents a share, compared with $8.5 million, 36 cents a share, for the corresponding period last year.

For the first six months of this year, revenues were $325.1 million, up 17 percent.

Net earnings for the six months were $11.7 million, 51 cents a share, compared with $14.6 million, 62 cents a share, in 1990.

The increase in revenues for the second quarter reflected higher base rates, a fuel surcharge that began to dissipate toward the end of the quarter and continued growth of new niche ventures such as flatbed and intermodal transportation services.

Earnings for the quarter were adversely affected by high fuel prices, a driver pay increase implemented in November 1990 and increased interest expenses associated with capital expenditures for expanding and replacing the fleet. Partially off-setting the increases was a reduction in insurance and claims expense.

Late in the quarter, the company began a cost-reduction program aimed at bolstering earnings. Included in the effort was the decision to combine the operations of Bulldog Trucking with the J.B. Hunt van and flatbed fleets.

A company statement said, "We expect to maintain the level of service to Bulldog's customers, while obtaining operational synergies and eliminating duplicate overhead. The result of the activities should have favorable impact on third- and fourth-quarter earnings for 1991."

Contact: J.B. Hunt, J.B. Hunt Transport Services Inc., P.O. Box 130, Lowell, 72745, 659-8800.
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Title Annotation:Public company corporate reports
Publication:Arkansas Business
Article Type:company profile
Date:Aug 12, 1991
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Next Article:Murphy Oil Corp.

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