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J.B. Hunt Transport Services, Inc.$111.30($1.21)(1.08%)

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 J.B. Hunt Transport Services, Inc. Reports Revenues, Net Earnings and Earnings Per Share for Both the Fourth Quarter and Year Ended December 31, 2014
   Thursday, January 22, 2015 8:00:43 AM ET

--Fourth quarter 2014 Operating Income: $182.9 million; up 19%

--Fourth quarter 2014 EPS: 93 cents vs. 77 cents; up 21%

--Full Year 2014 Revenue: $6.2 billion; up 10%

--Full Year 2014 Operating Income: $631.5 million; up 10%

--Full Year 2014 EPS: $3.16 vs. $2.87; up 10%

J.B. Hunt Transport Services, Inc., (JBHT ) announced fourth quarter 2014 net earnings of $110 million, or diluted earnings per share of 93 cents vs. fourth quarter 2013 net earnings of $92 million, or 77 cents per diluted share.

Total operating revenue for the current quarter was $1.61 billion, compared with $1.47 billion for the fourth quarter 2013. Load growth of 6% in Intermodal (JBI) was the primary reason for a 5% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 10%, primarily from the addition of new customer accounts and rate increases implemented in the current and earlier periods. Integrated Capacity Solutions (ICS) segment revenue increased by 36%, mostly from a higher load count and an increase in revenue per load. Truck (JBT) segment revenue increased 6% primarily from customer rate increases and a 2% increase in fleet size compared to a year ago. Current quarter total operating revenue, excluding fuel surcharges, increased 12% vs. the comparable quarter 2013.

Operating income for the current quarter increased to $182.9 million vs. $153.5 million for the fourth quarter 2013. The increase primarily reflects higher revenue in all business segments and the current benefit of rapidly falling fuel prices during the quarter, net of lower fuel surcharge revenue primarily in DCS and JBT. These benefits were partially offset by increased costs paid to hire and retain drivers; higher workers’ compensation and accident costs; and higher costs of equipment ownership.

Net earnings rose 20% to $110 million in the current quarter from $92 million in 2013, due to the increased operating income partially offset by higher net interest expense. Compared with the same period 2013, net interest expense in the current quarter increased approximately 16% on a higher average debt balance primarily from higher capital expenditures in the year. The annual and fourth quarter effective tax rates in 2014 were 38.01% and 37.79%, respectively. The annual and fourth quarter effective tax rates in 2013 were 38.15% and 38.23%, respectively.

Segment Information:

Intermodal (JBI)

-- Fourth quarter 2014 Segment Revenue: $958 million; up 5%

-- Fourth quarter 2014 Operating Income: $128.8 million; up 6%

JBI total volumes grew 6% over the same period in 2013. Inconsistent rail service and limited dray fleet capacity continued during the quarter. Eastern network loads increased 14% and transcontinental loads increased 1% compared to the fourth quarter 2013. Revenue increased 5%, reflecting volume growth of 6% and a 1% decrease in revenue per load which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges increased 1% compared to a year ago.

Operating income for the quarter grew 6%. Benefits from customer rate increases, a smaller percentage of empty repositioning moves and a smaller percentage of outsourced dray usage were substantially offset by cost increases in rail and dray purchased transportation, driver recruiting and retention costs and insurance and claims costs. The current period ended with approximately 73,300 units of trailing capacity and approximately 4,700 power units in the dray fleet.

Dedicated Contract Services (DCS)

-- Fourth quarter 2014 Segment Revenue: $363 million; up 10%

-- Fourth quarter 2014 Operating Income: $37.0 million; up 25%

DCS revenue increased 10% during the current quarter over the same period 2013 primarily from rate increases implemented during the past 9 months and more activity at customer accounts. Revenue excluding fuel surcharges increased 11% compared to fourth quarter 2013. A net additional 473 revenue producing trucks were in the fleet by the end of the quarter compared to prior year primarily reflecting new contract implementations in the current and prior periods.

Operating income was up 25% from a year ago. The increase is primarily due to the increase in revenue, improved asset utilization, less reliance on outsourced power units and the current period benefit of rapidly declining fuel costs, but was partially offset by continued higher costs for driver hiring and retention, increased insurance and claims costs and higher workers’ compensation costs.

Integrated Capacity Solutions (ICS)

-- Fourth Quarter 2014 Segment Revenue: $197 million; up 36%

-- Fourth Quarter 2014 Operating Income: $9.1 million; up 158%

ICS revenue increased 36% in the current quarter vs. the fourth quarter 2013 mostly due to a 25% increase in load volume and a 9% increase in revenue per load. Both contractual and transactional business realized volume increases. Contractual business was approximately 66% of the total load volume but only 57% of the total revenue in the current quarter compared to 65% of the total load volume and 61% of the total revenue in fourth quarter 2013.

Operating income increased 158% over the same period in 2013 primarily from increased revenue and higher gross profit margin. Gross profit margin increased to 13.7% in the current period from 12.0% last year primarily from customer rate increases in contractual business and maintaining margin discipline in the transactional business. Personnel costs increased from the comparable period last year as we continued to on-board and train staff to expand our branch network. Total branches at the end of the period grew to 29 from 24 at the end of the same period in 2013. ICS’s carrier base increased 13% and the employee count increased 16% from a year ago.

Truck (JBT)

-- Fourth quarter 2014 Segment Revenue: $ 96 million; up 6%

-- Fourth quarter 2014 Operating Income: $ 8.1 million; compared to an Operating Loss of $1.0 million in 2013

JBT revenue for the current quarter increased 6% from the same period in 2013 on a 2% larger fleet size. Revenue excluding fuel surcharges increased 10% primarily from increased asset utilization, intentional freight mix change and core customer rate increases of approximately 9% compared to fourth quarter 2013. At the end of the period, JBT operated 1,886 tractors compared to 1,857 a year ago.

Operating income increased $9.1 million from fourth quarter 2013 levels. Favorable changes from increased rates per loaded mile, rapidly declining fuel prices and higher utilization of company owned assets were partially offset by increased driver and independent contract costs per mile, increased hiring costs and higher safety and insurance costs compared to fourth quarter 2013.

Cash Flow and Capitalization:

At December 31, 2014, we had total debt outstanding of $934 million on various debt instruments compared to $708 million at December 31, 2013 and $837 million at September 30, 2014.

Our net capital expenditures for 2014 approximated $660 million vs. $443 million in 2013. The increase in capital expenditures was primarily due to purchasing additional containers and chassis for JBI and additional and replacement tractors and trailers across all asset business units. At December 31, 2014, we had cash and cash equivalents of $6.0 million.

In the fourth quarter 2014, we purchased approximately 615,000 shares of our common stock for $50 million. At December 31, 2014, we had approximately $213 million remaining under our share repurchase authorizations.

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, 2013. 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.

 
                                                                                                                                                   J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                                              Condensed Consolidated Statements of Earnings
                                                                                                                                                  (in thousands, except per share data)
                                                                                                                                                               (unaudited)
                                                                                                                                                          
                                                                                                                                                                                                           Three Months Ended December 31
                                                                                                             ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                    2014                                                                                                                               2013
                                                                                                             -----------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------
                                                                                                                                                                                         % Of                                                                                                                              % Of
                                                                                                                         Amount                   Revenue                                                       Amount                        Revenue
                                                                                                             --------------------------------------------------- -------------------- ----------                                          --------------------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                    
Operating revenues, excluding fuel surcharge revenues                                                                           $ 1,344,891                                                                                                                  $ 1,202,168
Fuel surcharge revenues                                                                                          264,620                                                                                                   272,108
                                                                                                             -------------------- ---------                                                                                               -------------------- ---------
    Total operating revenues                                                                                                      1,609,511                                           100.0 %                                                                  1,474,276                                                100.0 %
                                                                                                                                                                                                                                                                                                                    
Operating expenses
    Rents and purchased transportation                                                                                              802,284                                            49.8 %                                                                    742,824                                                 50.4 %
    Salaries, wages and employee benefits                                                                                           338,888                                            21.1 %                                                                    302,448                                                 20.5 %
    Fuel and fuel taxes                                                                                                             101,467                                             6.3 %                                                                    114,939                                                  7.8 %
    Depreciation and amortization                                                                                                    78,386                                             4.9 %                                                                     66,077                                                  4.5 %
    Operating supplies and expenses                                                                                                  52,600                                             3.3 %                                                                     52,782                                                  3.6 %
    Insurance and claims                                                                                                             23,440                                             1.5 %                                                                     16,400                                                  1.1 %
    General and administrative expenses, net of asset dispositions                                                                   14,071                                             0.8 %                                                                     11,884                                                  0.8 %
    Operating taxes and licenses                                                                                                     10,279                                             0.6 %                                                                      8,585                                                  0.6 %
    Communication and utilities                                                                                    5,191                                             0.3 %                                                   4,804                                                  0.3 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Total operating expenses                                                                                1,426,606                                            88.6 %                                               1,320,743                                                 89.6 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Operating income                                                                                                             182,905                                            11.4 %                                                                    153,533                                                 10.4 %
Net interest expense                                                                                               5,583                                             0.4 %                                                   4,820                                                  0.3 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Earnings before income taxes                                                                                                 177,322                                            11.0 %                                                                    148,713                                                 10.1 %
Income taxes                                                                                                      67,016                                             4.1 %                                                  56,849                                                  3.9 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Net earnings                                                                                                             $   110,306                                             6.9 %                                                                $    91,864                                                  6.2 %
                                                                                                             ==================== =========                                           ===== ===                                           ==================== =========                                           ========== =========
Average diluted shares outstanding                                                                               118,078                                                                                                   118,960
                                                                                                             ==================== =========                                                                                               ==================== =========
       Diluted earnings per share                                                                                               $      0.93                                                                                                                  $      0.77
                                                                                                             ==================== =========                                                                                               ==================== =========
                                                                                                                                                                                                                                                                                                                    
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                   J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                                              Condensed Consolidated Statements of Earnings
                                                                                                                                                  (in thousands, except per share data)
                                                                                                                                                               (unaudited)
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                           Twelve Months Ended December 31
                                                                                                             ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                    2014                                                                                                                               2013
                                                                                                             -----------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------
                                                                                                                                                                                         % Of                                                                                                                              % Of
                                                                                                                         Amount                   Revenue                                                       Amount                        Revenue
                                                                                                             --------------------------------------------------- -------------------- ----------                                          --------------------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                    
Operating revenues, excluding fuel surcharge revenues                                                                           $ 5,082,827                                                                                                                  $ 4,527,238
Fuel surcharge revenues                                                                                        1,082,614                                                                                                 1,057,333
                                                                                                             -------------------- ---------                                                                                               -------------------- ---------
    Total operating revenues                                                                                                      6,165,441                                           100.0 %                                                                  5,584,571                                                100.0 %
                                                                                                                                                                                                                                                                                                                    
Operating expenses
    Rents and purchased transportation                                                                                            3,085,276                                            50.0 %                                                                  2,805,568                                                 50.2 %
    Salaries, wages and employee benefits                                                                                         1,290,404                                            20.9 %                                                                  1,138,213                                                 20.4 %
    Fuel and fuel taxes                                                                                                             453,919                                             7.4 %                                                                    455,926                                                  8.2 %
    Depreciation and amortization                                                                                                   294,496                                             4.8 %                                                                    253,380                                                  4.5 %
    Operating supplies and expenses                                                                                                 218,539                                             3.5 %                                                                    202,700                                                  3.6 %
    Insurance and claims                                                                                                             81,062                                             1.3 %                                                                     55,158                                                  1.0 %
    General and administrative expenses, net of asset dispositions                                                                   50,596                                             0.8 %                                                                     45,469                                                  0.8 %
    Operating taxes and licenses                                                                                                     38,796                                             0.7 %                                                                     32,307                                                  0.7 %
    Communication and utilities                                                                                   20,811                                             0.4 %                                                  19,142                                                  0.3 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Total operating expenses                                                                                5,533,899                                            89.8 %                                               5,007,863                                                 89.7 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Operating income                                                                                                             631,542                                            10.2 %                                                                    576,708                                                 10.3 %
Net interest expense                                                                                              26,941                                             0.4 %                                                  23,140                                                  0.4 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Earnings before income taxes                                                                                                 604,601                                             9.8 %                                                                    553,568                                                  9.9 %
Income taxes                                                                                                     229,809                                             3.7 %                                                 211,186                                                  3.8 %
                                                                                                             -------------------- ---------                                           ----- ---                                           -------------------- ---------                                           ---------- ---------
       Net earnings                                                                                                             $   374,792                                             6.1 %                                                                $   342,382                                                  6.1 %
                                                                                                             ==================== =========                                           ===== ===                                           ==================== =========                                           ========== =========
Average diluted shares outstanding                                                                               118,445                                                                                                   119,404
                                                                                                             ==================== =========                                                                                               ==================== =========
       Diluted earnings per share                                                                                               $      3.16                                                                                                                  $      2.87
                                                                                                             ==================== =========                                                                                               ==================== =========
                                                                                                                                                                                                                                                                                                                    
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                       Financial Information By Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                (in thousands)
                                                                                                                                                                  (unaudited)
                                                                                                                                                                
                                                                                                                                                                                              Three Months Ended December 31
                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            2014                                                                                                                                                  2013
                                                                            -----------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                           % Of                                                                                                                                                  % Of
                                                                                                   Amount                            Total                                                                  Amount                                   Total
                                                                            ------------------------------------------------------------------------ -------------------- -------                                          ------------------------------------------------------------------------ -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                          
Revenue
---------------------------------
    Intermodal                                                                                 $   957,714                                                                 59 %                                                               $   915,071                                                                        62 %
    Dedicated                                                                                      362,966                                                                 23 %                                                                   330,684                                                                        23 %
    Integrated Capacity Solutions                                                                  197,417                                                                 12 %                                                                   145,293                                                                        10 %
    Truck                                                                        96,306                                               6 %                                                 91,213                                                      6 %
                                                                            -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
       Subtotal                                                                                  1,614,403                                                                100 %                                                                 1,482,261                                                                       101 %
       Intersegment eliminations                                                 (4,892 )                                                               (0 %)                                                (7,985 )                                                                      (1 %)
                                                                            -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
           Consolidated revenue                                                                $ 1,609,511                                             100 %                                                               $ 1,474,276                                                    100 %
                                                                            ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                          
 
Operating income
---------------------------------
    Intermodal                                                                                 $   128,767                                                                 70 %                                                               $   121,523                                                                        79 %
    Dedicated                                                                                       37,031                                                                 20 %                                                                    29,532                                                                        19 %
    Integrated Capacity Solutions                                                                    9,092                                                                  5 %                                                                     3,518                                                                         3 %
    Truck                                                                                            8,079                                                                  5 %                                                                    (1,041 )                                                                      (1 %)
    Other (1)                                                                       (64 )                                                               (0 %)                                                     1                                                      0 %
                                                                            -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
       Operating income                                                                        $   182,905                                             100 %                                                               $   153,533                                                    100 %
                                                                            ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                              Twelve Months Ended December 31
                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            2014                                                                                                                                                  2013
                                                                            -----------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                           % Of                                                                                                                                                  % Of
                                                                                                   Amount                            Total                                                                  Amount                                   Total
                                                                            ------------------------------------------------------------------------ -------------------- -------                                          ------------------------------------------------------------------------ -------------------- ---------------------
Revenue
---------------------------------
    Intermodal                                                                                 $ 3,687,444                                                                 60 %                                                               $ 3,456,164                                                                        62 %
    Dedicated                                                                                    1,393,768                                                                 22 %                                                                 1,231,342                                                                        22 %
    Integrated Capacity Solutions                                                                  718,076                                                                 12 %                                                                   536,844                                                                        10 %
    Truck                                                                       385,603                                               6 %                                                391,086                                                      7 %
                                                                            -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
       Subtotal                                                                                  6,184,891                                                                100 %                                                                 5,615,436                                                                       101 %
       Intersegment eliminations                                                (19,450 )                                                               (0 %)                                               (30,865 )                                                                      (1 %)
                                                                            -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
           Consolidated revenue                                                                $ 6,165,441                                             100 %                                                               $ 5,584,571                                                    100 %
                                                                            ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                          
 
Operating income
---------------------------------
    Intermodal                                                                                 $   460,377                                                                 73 %                                                               $   447,030                                                                        77 %
    Dedicated                                                                                      117,243                                                                 18 %                                                                   110,438                                                                        19 %
    Integrated Capacity Solutions                                                                   29,880                                                                  5 %                                                                    15,693                                                                         3 %
    Truck                                                                                           24,223                                                                  4 %                                                                     3,658                                                                         1 %
    Other (1)                                                                      (181 )                                                               (0 %)                                                  (111 )                                                                      (0 %)
                                                                            -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
       Operating income                                                                        $   631,542                                             100 %                                                               $   576,708                                                    100 %
                                                                            ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                          
(1) Includes corporate support activity
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Operating Statistics by Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (unaudited)
 
                                                                                                                           Three Months Ended December 31
                                                                                                         ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                2014                                                  2013
                                                                                                         --------------------------------------------------                                          --------------------------------------------------
                                                                                                                                                                                                      
Intermodal
--------------------------------------------------------------
                                                                                                                                                                                                      
    Loads                                                                                                                     439,565                                                                                     415,601
    Average length of haul                                                                                                      1,666                                                                                       1,703
    Revenue per load                                                                                                        $   2,179                                                                                   $   2,202
    Average tractors during the period *                                                                                        4,697                                                                                       4,084
                                                                                                                                                                                                      
    Tractors (end of period)
       Company-owned                                                                                                            3,916                                                                                       3,448
       Independent contractor                                                                                  761                                                   646  
                                                                                                         -------------------- ------- --------------------                                           -------------------- ------- --------------------
           Total tractors                                                                                                       4,677                                                                                       4,094
                                                                                                                                                                                                      
    Net change in trailing equipment during the period                                                                          1,620                                                                                       2,059
    Trailing equipment (end of period)                                                                                         73,298                                                                                      65,979
    Average effective trailing equipment usage                                                                                 71,481                                                                                      63,914
                                                                                                                                                                                                      
                                                                                                                                                                                                      
Dedicated
--------------------------------------------------------------
                                                                                                                                                                                                      
    Loads                                                                                                                     548,615                                                                                     504,738
    Average length of haul                                                                                                        174                                                                                         179
    Revenue per truck per week**                                                                                            $   4,184                                                                                   $   4,198
    Average trucks during the period***                                                                                         6,885                                                                                       6,271
                                                                                                                                                                                                      
    Trucks (end of period)
       Company-owned                                                                                                            6,425                                                                                       5,805
       Independent contractor                                                                                                       7                                                                                          10
       Customer-owned (Dedicated operated)                                                                     448                                                   592  
                                                                                                         -------------------- ------- --------------------                                           -------------------- ------- --------------------
           Total trucks                                                                                                         6,880                                                                                       6,407
                                                                                                                                                                                                      
    Trailing equipment (end of period)                                                                                         20,516                                                                                      19,062
    Average effective trailing equipment usage                                                                                 21,589                                                                                      20,099
                                                                                                                                                                                                      
                                                                                                                                                                                                      
Integrated Capacity Solutions
--------------------------------------------------------------
                                                                                                                                                                                                      
    Loads                                                                                                                     124,123                                                                                      99,444
    Revenue per load                                                                                                        $   1,590                                                                                   $   1,461
    Gross profit margin                                                                                                          13.7 %                                                                                      12.0 %
    Employee count (end of period)                                                                                                582                                                                                         503
    Approximate number of third-party carriers (end of period)                                                                 39,100                                                                                      34,600
                                                                                                                                                                                                      
                                                                                                                                                                                                      
Truck
--------------------------------------------------------------
                                                                                                                                                                                                      
    Loads                                                                                                                      89,877                                                                                      89,663
    Average length of haul                                                                                                        433                                                                                         432
    Loaded miles (000)                                                                                                         38,337                                                                                      38,629
    Total miles (000)                                                                                                          45,411                                                                                      45,422
    Average nonpaid empty miles per load                                                                                         78.3                                                                                        74.7
    Revenue per tractor per week**                                                                                          $   4,086                                                                                   $   3,804
    Average tractors during the period *                                                                                        1,887                                                                                       1,921
                                                                                                                                                                                                      
    Tractors (end of period)
       Company-owned                                                                                                            1,296                                                                                       1,200
       Independent contractor                                                                                  590                                                   657  
                                                                                                         -------------------- ------- --------------------                                           -------------------- ------- --------------------
           Total tractors                                                                                                       1,886                                                                                       1,857
                                                                                                                                                                                                      
    Trailers (end of period)                                                                                                    7,215                                                                                       6,828
    Average effective trailing equipment usage                                                                                  6,201                                                                                       6,114
                                                                                                                                                                                                      
                                                                                                                                                                                                      
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and
customer-owned trucks
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              Operating Statistics by Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        (unaudited)
                                                                                                                          
                                                                                                                                                                   Twelve Months Ended December 31
                                                                                                         --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 2014                                                                                          2013
                                                                                                         ----------------------------------------------------                                          ----------------------------------------------------
                                                                                                                                                                                                        
Intermodal
--------------------------------------------------------------
                                                                                                                                                                                                        
    Loads                                                                                                                     1,700,374                                                                                     1,593,511
    Average length of haul                                                                                                        1,656                                                                                         1,694
    Revenue per load                                                                                                        $     2,169                                                                                   $     2,169
    Average tractors during the period *                                                                                          4,502                                                                                         3,916
                                                                                                                                                                                                        
    Tractors (end of period)
       Company-owned                                                                                                              3,916                                                                                         3,448
       Independent contractor                                                                                    761                                                     646  
                                                                                                         -------------------- --------- --------------------                                           -------------------- --------- --------------------
           Total tractors                                                                                                         4,677                                                                                         4,094
                                                                                                                                                                                                        
    Net change in trailing equipment during the period                                                                            7,319                                                                                         7,017
    Trailing equipment (end of period)                                                                                           73,298                                                                                        65,979
    Average effective trailing equipment usage                                                                                   68,683                                                                                        60,612
                                                                                                                                                                                                        
                                                                                                                                                                                                        
Dedicated
--------------------------------------------------------------
                                                                                                                                                                                                        
    Loads                                                                                                                     2,101,707                                                                                     1,835,872
    Average length of haul                                                                                                          177                                                                                           190
    Revenue per truck per week**                                                                                            $     4,098                                                                                   $     4,109
    Average trucks during the period***                                                                                           6,641                                                                                         5,865
                                                                                                                                                                                                        
    Trucks (end of period)
       Company-owned                                                                                                              6,425                                                                                         5,805
       Independent contractor                                                                                                         7                                                                                            10
       Customer-owned (Dedicated operated)                                                                       448                                                     592  
                                                                                                         -------------------- --------- --------------------                                           -------------------- --------- --------------------
           Total trucks                                                                                                           6,880                                                                                         6,407
                                                                                                                                                                                                        
    Trailing equipment (end of period)                                                                                           20,516                                                                                        19,062
    Average effective trailing equipment usage                                                                                   20,927                                                                                        19,229
                                                                                                                                                                                                        
                                                                                                                                                                                                        
Integrated Capacity Solutions
--------------------------------------------------------------
                                                                                                                                                                                                        
    Loads                                                                                                                       453,410                                                                                       388,987
    Revenue per load                                                                                                        $     1,584                                                                                   $     1,380
    Gross profit margin                                                                                                            13.0 %                                                                                        11.8 %
    Employee count (end of period)                                                                                                  582                                                                                           503
    Approximate number of third-party carriers (end of period)                                                                   39,100                                                                                        34,600
                                                                                                                                                                                                        
                                                                                                                                                                                                        
Truck
--------------------------------------------------------------
                                                                                                                                                                                                        
    Loads                                                                                                                       370,555                                                                                       386,875
    Average length of haul                                                                                                          411                                                                                           431
    Loaded miles (000)                                                                                                          151,725                                                                                       165,543
    Total miles (000)                                                                                                           179,036                                                                                       194,046
    Average nonpaid empty miles per load                                                                                           71.8                                                                                          73.3
    Revenue per tractor per week**                                                                                          $     4,068                                                                                   $     3,828
    Average tractors during the period*                                                                                           1,868                                                                                         2,007
                                                                                                                                                                                                        
    Tractors (end of period)
       Company-owned                                                                                                              1,296                                                                                         1,200
       Independent contractor                                                                                    590                                                     657  
                                                                                                         -------------------- --------- --------------------                                           -------------------- --------- --------------------
           Total tractors                                                                                                         1,886                                                                                         1,857
                                                                                                                                                                                                        
    Trailers (end of period)                                                                                                      7,215                                                                                         6,828
    Average effective trailing equipment usage                                                                                    5,891                                                                                         6,877
                                                                                                                                                                                                        
                                                                                                                                                                                                        
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and
customer-owned trucks
 
 
                                                                                        J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                       Condensed Consolidated Balance Sheets
                                                                                                  (in thousands)
                                                                                                    (unaudited)
                                                                                                     
                                                       December 31, 2014                         December 31, 2013
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
ASSETS
    Current assets:
       Cash and cash equivalents                                                                                           $      5,961                                                              $      5,831
       Accounts Receivable                                                                                                      653,795                                                                   568,519
       Prepaid expenses and other                                                                                               201,743                                                                   105,853
       Deferred income taxes                                            18,631                -
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
           Total current assets                                        880,130          680,203
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
    Property and equipment                                                                                                    3,719,757                                                                 3,259,814
       Less accumulated depreciation                                 1,237,225        1,147,610
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
           Net property and equipment                                2,482,532        2,112,204
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
    Other assets                                                        34,455           26,997
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                                  $  3,397,117                        $  2,819,404
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
                                                                                                                                                                                   
LIABILITIES & STOCKHOLDERS’ EQUITY
    Current liabilities:
       Current debt                                                                                                        $    250,000                                                              $    250,000
       Trade accounts payable                                                                                                   325,838                                                                   305,465
       Claims accruals                                                                                                           96,719                                                                    68,221
       Accrued payroll                                                                                                           80,547                                                                    72,063
       Other accrued expenses                                                                                                    17,966                                                                    14,062
       Deferred income taxes                                                 -            2,485
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
           Total current liabilities                                   771,070          712,296
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                                                                                                                                                   
    Long-term debt                                                                                                              683,539                                                                   458,417
    Other long-term liabilities                                                                                                  59,561                                                                    58,274
    Deferred income taxes                                                                                                       678,424                                                                   577,965
                                                                     1,204,523        1,012,452
    Stockholders’ equity
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                                  $  3,397,117                        $  2,819,404
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
                                                                                                                                                                                   
                                                                                                 Supplemental Data
                                                                                                    (unaudited)
                                                                 
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                               December 31, 2014                   December 31, 2013
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                                                                                                                                                                   
Actual shares outstanding at end of period (000)                       116,575          117,241
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
Book value per actual share outstanding at end of period                             $      10.33                        $       8.64
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
                                                                                                                                                                                   
                                                                 
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                                                                                                                              Twelve Months Ended December 31
                                                                                                        ----------------------------------------------------------------------------------------------------------
                                                                                                                      2014                                                                      2013
                                                                                                        --------------------------------                                          --------------------------------
                                                                                                                                                                                   
Net cash provided by operating activities (000)                                      $    646,779                        $    574,351
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
Net capital expenditures (000)                                                       $    659,710                        $    442,504
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150122005091r1&sid=cmtx6&distro=nx&lang=en

SOURCE: J.B. Hunt Transport Services, Inc.

J.B. Hunt Transport Services, Inc. 
David G. Mee, 479-820-8363 
Executive Vice President, Finance/Administration and Chief Financial Officer


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