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J.B. Hunt Transport Services, Inc.$106.58$1.791.71%

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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, 2015
   Thursday, January 21, 2016 7:33:00 AM ET

--Fourth quarter 2015 Operating Income: $192.9 million; up 5%

--Fourth quarter 2015 EPS: $1.01 vs. 93 cents; up 9%

--Full Year 2015 Revenue: $6.2 billion; flat

--Full Year 2015 Operating Income: $715.7 million; up 13%

--Full Year 2015 EPS: $3.66 vs. $3.16; up 16%

J.B. Hunt Transport Services, Inc., (JBHT ) announced fourth quarter 2015 net earnings of $116.7 million, or diluted earnings per share of $1.01 vs. fourth quarter 2014 net earnings of $110.3 million, or 93 cents per diluted share.

Total operating revenue for the current quarter was $1.62 billion, compared with $1.61 billion for the fourth quarter 2014. Load growth of 6% in Intermodal (JBI) was the primary reason for a 1% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 2%, primarily from the addition of new customer accounts and rate increases implemented in the current and earlier periods. Truck (JBT) segment revenue increased 3% primarily from customer rate increases and an increase in fleet size compared to a year ago. Integrated Capacity Solutions (ICS) segment revenue decreased by 4%, mostly from less spot market activity and lower revenue per load. Current quarter total operating revenue, excluding fuel surcharges, increased 9% vs. the comparable quarter 2014.

Operating income for the current quarter increased to $192.9 million vs. $182.9 million for the fourth quarter 2014. The increase primarily reflects higher revenue in JBI, DCS and JBT business segments, improved fuel economy and lower maintenance costs on newer equipment, less reliance on third party carriers in JBI and DCS, expanding gross margins in ICS and lower safety and insurance costs in JBT. These benefits were partially offset by increased rail purchase transportation costs, increased wages paid to drivers, increased costs of recruiting drivers and independent contractors and higher costs of equipment ownership.

Net earnings rose 6% to $116.7 million in the current quarter from $110.3 million in 2014, due to increased operating income and lower net interest expense. Compared with the same period 2014, net interest expense in the current quarter decreased approximately 23% primarily from lower interest accruals on accrued income tax liabilities. The fourth quarter effective tax rates for 2015 and 2014 were 38.10% and 37.79%, respectively. The annual effective tax rates for 2015 and 2014 were 38.10% and 38.01%, respectively.

Segment Information:

Intermodal (JBI)

-- Fourth quarter 2015 Segment Revenue: $967 million; up 1%

-- Fourth quarter 2015 Operating Income: $127.7 million; down 1%

JBI total volumes grew 6% over the same period in 2014. Eastern network loads increased 8% and transcontinental loads increased 5% compared to the fourth quarter 2014. Revenue increased 1%, reflecting volume growth of 6% and a 5% 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 approximately 5% compared to a year ago.

Operating income decreased 1% from the prior year. Benefits from customer rate increases, a smaller percentage of outsourced dray usage and lower fleet maintenance costs could not offset increases in rail purchased transportation costs, equipment ownership costs and driver recruiting and retention costs. The current period ended with approximately 78,900 units of trailing capacity and approximately 5,080 power units in the dray fleet.

Dedicated Contract Services (DCS)

-- Fourth quarter 2015 Segment Revenue: $369 million; up 2%

-- Fourth quarter 2015 Operating Income: $42.0 million; up 13%

DCS revenue increased 2% during the current quarter over the same period 2014. Productivity (revenue per truck per week) decreased approximately 3% vs. 2014 primarily from lower fuel surcharge revenue. Productivity excluding fuel surcharge revenue increased approximately 2.5% from a year ago primarily from customer rate increases. A year over year net additional 328 revenue producing trucks, 41 net additions compared to third quarter 2015, were in the fleet by the end of the quarter. Approximately 61% of these additions represent private fleet conversions versus traditional dedicated capacity fleets and primarily reflect new contract implementations in this and prior periods. Customer retention rates remain above 96% as value driven services continue to support necessary rate increases.

Operating income increased by 13% from a year ago. Revenue from new customer accounts, higher truck productivity excluding fuel surcharge revenue, less reliance on third party carrier capacity and lower equipment maintenance costs were partially offset with higher driver wages, higher driver recruiting costs and higher equipment ownership costs compared to the same period in 2014.

Integrated Capacity Solutions (ICS)

-- Fourth Quarter 2015 Segment Revenue: $190 million; down 4%

-- Fourth Quarter 2015 Operating Income: $12.8 million; up 40%

ICS revenue decreased 4% in the current quarter vs. the fourth quarter 2014 mostly due to a 31% decrease in revenue per load due to lower fuel prices and freight mix changes driven by customer demand. Load volume increased 38% compared to fourth quarter 2014. Contractual volumes increased 54% to approximately 73% of the total load volume and 62% of the total revenue in the current quarter compared to 66% and 57%, respectively, in fourth quarter 2014.

Operating income increased 40% over the same period in 2014 primarily due to improved gross profit margin. Gross profit margin increased to 16% in the current period from 13.7% last year. The operating income increase was partially offset by increased personnel costs to expand our branch network. Total branches at the end of the period grew to 34 from 29 at the end of the same period in 2014. ICS’s carrier base increased 17% and the employee count increased 15% from a year ago.

Truck (JBT)

-- Fourth quarter 2015 Segment Revenue: $ 99 million; up 3%

-- Fourth quarter 2015 Operating Income: $ 10.4 million; up 29%

JBT revenue for the current quarter increased 3% from the same period in 2014. Revenue excluding fuel surcharges increased 12% primarily from increased truck count and core customer rate increases of approximately 3.7% compared to fourth quarter 2014. At the end of the period, JBT operated 2,149 tractors compared to 1,886 a year ago.

Operating income increased 29% from fourth quarter 2014 levels. Favorable changes from an increased truck count, customer rate increases, lower equipment maintenance costs, lower safety and insurance costs and improved fuel economy were partially offset by increased driver wages, increased independent contractor costs per mile, higher driver recruiting and hiring costs, lower asset utilization and an increase in empty miles compared to fourth quarter 2014.

Cash Flow and Capitalization:

At December 31, 2015, we had total debt outstanding of $1.0 billion on various debt instruments compared to $934 million at December 31, 2014 and $993 million at September 30, 2015.

Our net capital expenditures for 2015 approximated $556 million vs. $660 million in 2014. At December 31, 2015, we had cash and cash equivalents of $5.6 million.

In the fourth quarter 2015, we purchased 672,500 shares of our common stock for approximately $50 million. At December 31, 2015, we had approximately $451 million remaining under our share repurchase authorization. Actual shares outstanding at December 31, 2015 approximated 114 million.

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, 2014. 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
                                                                                                                  -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              2015                                                                                                            2014
                                                                                                                  ------------------------------------------------------------                                              -------------------------------------------------------------------------
                                                                                                                                                                        % Of                                                                                                            % Of
                                                                                                                    Amount       Revenue                                                Amount             Revenue
                                                                                                                  --------- -------------------- -------------------- -------                                               --------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                 
Operating revenues, excluding fuel surcharge revenues                                                           $ 1,472,291                                                                                               $ 1,344,891
Fuel surcharge revenues                                                                                             148,724                                                                                                   264,620
                                                                                                                  ---------                                                                                                 ---------
     Total operating revenues                                                                                     1,621,015                                            100.0%                                               1,609,511                                                         100.0%
                                                                                                                                                                                                                                                                                 
Operating expenses
     Rents and purchased transportation                                                                             799,903                                             49.3%                                                 802,284                                                          49.8%
     Salaries, wages and employee benefits                                                                          363,801                                             22.4%                                                 338,888                                                          21.1%
     Fuel and fuel taxes                                                                                             69,575                                              4.3%                                                 101,467                                                           6.3%
     Depreciation and amortization                                                                                   88,374                                              5.5%                                                  78,386                                                           4.9%
     Operating supplies and expenses                                                                                 56,100                                              3.5%                                                  52,600                                                           3.3%
     Insurance and claims                                                                                            17,975                                              1.1%                                                  23,440                                                           1.5%
     General and administrative expenses, net of asset dispositions                                                  16,051                                              1.0%                                                  14,071                                                           0.8%
     Operating taxes and licenses                                                                                    11,579                                              0.7%                                                  10,279                                                           0.6%
     Communication and utilities                                                                                      4,764                                              0.3%                                                   5,191                                                           0.3%
                                                                                                                  ---------                                           -------                                               ---------                                           --------------------
        Total operating expenses                                                                                  1,428,122                                             88.1%                                               1,426,606                                                          88.6%
                                                                                                                  ---------                                           -------                                               ---------                                           --------------------
        Operating income                                                                                            192,893                                             11.9%                                                 182,905                                                          11.4%
Net interest expense                                                                                                  4,290                                              0.3%                                                   5,583                                                           0.4%
                                                                                                                  ---------                                           -------                                               ---------                                           --------------------
        Earnings before income taxes                                                                                188,603                                             11.6%                                                 177,322                                                          11.0%
Income taxes                                                                                                         71,857                                              4.4%                                                  67,016                                                           4.1%
                                                                                                                  ---------                                           -------                                               ---------                                           --------------------
        Net earnings                                                                                            $   116,746                                              7.2%                                             $   110,306                                                           6.9%
                                                                                                                  =========                                           =======                                               =========                                           ====================
Average diluted shares outstanding                                                                                  115,048                                                                                                   118,078
                                                                                                                  =========                                                                                                 =========
        Diluted earnings per share                                                                              $      1.01                                                                                               $      0.93
                                                                                                                  =========                                                                                                 =========
                                                                                                                                                                                                                                                                                 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                                                 Condensed Consolidated Statements of Earnings
                                                                                                                                                     (in thousands, except per share data)
                                                                                                                                                                  (unaudited)
                                                                                                                                                                 
                                                                                                                                                                                                                 Twelve Months Ended December 31
                                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        2015                                                                                                                                  2014
                                                                                                                 -----------------------------------------------------------------------------------                                             ----------------------------------------------------------------------------------------------
                                                                                                                                                                                             % Of                                                                                                                                 % Of
                                                                                                                             Amount                   Revenue                                                          Amount                        Revenue
                                                                                                                 --------------------------------------------------- -------------------- ----------                                             --------------------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                           
Operating revenues, excluding fuel surcharge revenues                                                          $ 5,516,282                                                                                                                     $ 5,082,827
Fuel surcharge revenues                                                                                            671,364                                                                                                    1,082,614  
                                                                                                                 --------- --------------------                                                                                                  --------- --------------------
     Total operating revenues                                                                                    6,187,646                                                                100.0 %                                                6,165,441                                                                     100.0 %
                                                                                                                                                                                                                                                                                                                           
Operating expenses
     Rents and purchased transportation                                                                          2,994,586                                                                 48.4 %                                                3,085,276                                                                      50.0 %
     Salaries, wages and employee benefits                                                                       1,394,239                                                                 22.5 %                                                1,290,404                                                                      20.9 %
     Fuel and fuel taxes                                                                                           313,034                                                                  5.1 %                                                  453,919                                                                       7.4 %
     Depreciation and amortization                                                                                 339,613                                                                  5.5 %                                                  294,496                                                                       4.8 %
     Operating supplies and expenses                                                                               220,597                                                                  3.6 %                                                  218,539                                                                       3.5 %
     Insurance and claims                                                                                           73,689                                                                  1.2 %                                                   81,062                                                                       1.3 %
     General and administrative expenses, net of asset dispositions                                                 72,522                                                                  1.1 %                                                   50,596                                                                       0.8 %
     Operating taxes and licenses                                                                                   43,084                                                                  0.7 %                                                   38,796                                                                       0.7 %
     Communication and utilities                                                                                    20,588                                               0.3 %                                                   20,811                                                    0.4 %
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
        Total operating expenses                                                                                 5,471,952                                              88.4 %                                                5,533,899                                                   89.8 %
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
        Operating income                                                                                           715,694                                                                 11.6 %                                                  631,542                                                                      10.2 %
Net interest expense                                                                                                25,491                                               0.4 %                                                   26,941                                                    0.4 %
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
        Earnings before income taxes                                                                               690,203                                                                 11.2 %                                                  604,601                                                                       9.8 %
Income taxes                                                                                                       262,968                                               4.3 %                                                  229,809                                                    3.7 %
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
        Net earnings                                                                                           $   427,235                                               6.9 %                                              $   374,792                                                    6.1 %
                                                                                                                 ========= ====================                                           ===== ===                                              ========= ====================                                           ========== =========
Average diluted shares outstanding                                                                                 116,728                                                                                                      118,445  
                                                                                                                 ========= ====================                                                                                                  ========= ====================
        Diluted earnings per share                                                                             $      3.66                                                                                                  $      3.16  
                                                                                                                 ========= ====================                                                                                                  ========= ====================
                                                                                                                                                                                                                                                                                                                           
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                       Financial Information By Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                (in thousands)
                                                                                                                                                                  (unaudited)
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                 Three Months Ended December 31
                                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        2015                                                                                                                                  2014
                                                                                                                 -----------------------------------------------------------------------------------                                             ----------------------------------------------------------------------------------------------
                                                                                                                                                                                             % Of                                                                                                                                 % Of
                                                                                                                             Amount                    Total                                                           Amount                         Total
                                                                                                                 --------------------------------------------------- -------------------- ----------                                             --------------------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                           
Revenue
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                           
     Intermodal                                                                                                $   967,133                                                                   59 %                                              $   957,714                                                                        59 %
     Dedicated                                                                                                     368,992                                                                   23 %                                                  362,966                                                                        23 %
     Integrated Capacity Solutions                                                                                 189,540                                                                   12 %                                                  197,417                                                                        12 %
     Truck                                                                                                          99,292                                                 6 %                                                   96,306                                                      6 %
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
          Subtotal                                                                                               1,624,957                                                                  100 %                                                1,614,403                                                                       100 %
          Intersegment eliminations                                                                                 (3,942 )                                                                 (0 %)                                                  (4,892 )                                                                      (0 %)
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
               Consolidated revenue                                                                            $ 1,621,015                                               100 %                                              $ 1,609,511                                                    100 %
                                                                                                                 ========= ====================                                           ===== ===                                              ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                           
Operating income
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                           
     Intermodal                                                                                                $   127,730                                                                   66 %                                              $   128,767                                                                        70 %
     Dedicated                                                                                                      42,000                                                                   22 %                                                   37,031                                                                        20 %
     Integrated Capacity Solutions                                                                                  12,754                                                                    7 %                                                    9,092                                                                         5 %
     Truck                                                                                                          10,416                                                                    5 %                                                    8,079                                                                         5 %
     Other (1)                                                                                                          (7 )                                                                 (0 %)                                                     (64 )                                                                      (0 %)
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
          Operating income                                                                                     $   192,893                                               100 %                                              $   182,905                                                    100 %
                                                                                                                 ========= ====================                                           ===== ===                                              ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                 Twelve Months Ended December 31
                                                                                                                 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        2015                                                                                                                                  2014
                                                                                                                 -----------------------------------------------------------------------------------                                             ----------------------------------------------------------------------------------------------
                                                                                                                                                                                             % Of                                                                                                                                 % Of
                                                                                                                             Amount                    Total                                                           Amount                         Total
                                                                                                                 --------------------------------------------------- -------------------- ----------                                             --------------------------------------------------- -------------------- ---------------------
Revenue
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                           
     Intermodal                                                                                                $ 3,664,670                                                                   59 %                                              $ 3,687,444                                                                        60 %
     Dedicated                                                                                                   1,451,256                                                                   24 %                                                1,393,768                                                                        22 %
     Integrated Capacity Solutions                                                                                 699,525                                                                   11 %                                                  718,076                                                                        12 %
     Truck                                                                                                         385,510                                                 6 %                                                  385,603                                                      6 %
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
          Subtotal                                                                                               6,200,961                                                                  100 %                                                6,184,891                                                                       100 %
          Intersegment eliminations                                                                                (13,315 )                                                                 (0 %)                                                 (19,450 )                                                                      (0 %)
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
               Consolidated revenue                                                                            $ 6,187,646                                               100 %                                              $ 6,165,441                                                    100 %
                                                                                                                 ========= ====================                                           ===== ===                                              ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                           
Operating income
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                           
     Intermodal                                                                                                $   476,685                                                                   67 %                                              $   460,377                                                                        73 %
     Dedicated                                                                                                     163,511                                                                   23 %                                                  117,243                                                                        18 %
     Integrated Capacity Solutions                                                                                  35,729                                                                    5 %                                                   29,880                                                                         5 %
     Truck                                                                                                          39,864                                                                    5 %                                                   24,223                                                                         4 %
     Other (1)                                                                                                         (95 )                                                                 (0 %)                                                    (181 )                                                                      (0 %)
                                                                                                                 --------- --------------------                                           ----- ---                                              --------- --------------------                                           ---------- ---------
          Operating income                                                                                     $   715,694                                               100 %                                              $   631,542                                                    100 %
                                                                                                                 ========= ====================                                           ===== ===                                              ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                           
      (1) Includes corporate support activity
                                                                                                                                                                                                                                                                                                                           
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                        Operating Statistics by Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                  (unaudited)
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                 Three Months Ended December 31
                                                                                                                 ---------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              2015                                                                                                                            2014
                                                                                                                 -------------------------------                                                                                                 -------------------------------
                                                                                                                                                                                                                                                                                                                           
Intermodal
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                  467,461                                  439,565
     Average length of haul                                                   1,664                                    1,666
     Revenue per load                                                   $     2,069                              $     2,179
     Average tractors during the period *                                     5,088                                    4,697
                                                                                                                                                     
     Tractors (end of period)
          Company-owned                                                       4,276                                    3,916
          Independent contractor                                                805                   761  
                                                                          --------- --------------------           --------- --------------------
               Total tractors                                                 5,081                                    4,677
                                                                                                                                                     
     Net change in trailing equipment during the period                       1,020                                    1,620
     Trailing equipment (end of period)                                      78,957                                   73,298
     Average effective trailing equipment usage                              76,305                                   71,481
                                                                                                                                                     
                                                                                                                                                     
Dedicated
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                  578,692                                  548,615
     Average length of haul                                                     175                                      174
     Revenue per truck per week**                                       $     4,048                              $     4,184
     Average trucks during the period***                                      7,177                                    6,885
                                                                                                                                                     
     Trucks (end of period)
          Company-owned                                                       6,762                                    6,425
          Independent contractor                                                 10                                        7
          Customer-owned (Dedicated operated)                                   436                   448  
                                                                          --------- --------------------           --------- --------------------
               Total trucks                                                   7,208                                    6,880
                                                                                                                                                     
     Trailing equipment (end of period)                                      21,672                                   20,516
     Average effective trailing equipment usage                              22,594                                   21,589
                                                                                                                                                     
                                                                                                                                                     
Integrated Capacity Solutions
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                  171,887                                  124,123
     Revenue per load                                                   $     1,103                              $     1,590
     Gross profit margin                                                       16.0 %                                   13.7 %
     Employee count (end of period)                                             670                                      582
     Approximate number of third-party carriers (end of period)              45,700                                   39,100
                                                                                                                                                     
                                                                                                                                                     
Truck
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                   95,190                                   89,877
     Average length of haul                                                     454                                      433
     Loaded miles (000)                                                      42,749                                   38,337
     Total miles (000)                                                       51,437                                   45,411
     Average nonpaid empty miles per load                                      82.0                                     78.3
     Revenue per tractor per week**                                     $     3,663                              $     4,086
     Average tractors during the period *                                     2,157                                    1,887
                                                                                                                                                     
     Tractors (end of period)
          Company-owned                                                       1,462                                    1,296
          Independent contractor                                                687                   590  
                                                                          --------- --------------------           --------- --------------------
               Total tractors                                                 2,149                                    1,886
                                                                                                                                                     
     Trailers (end of period)                                                 7,604                                    7,215
     Average effective trailing equipment usage                               6,814                                    6,201
                                                                                                                                                     
                                                                                                                                                     
* 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
                                                                          ------------------------------------------------------------------------
                                                                                       2015                                     2014
                                                                          -------------------------------          -------------------------------
                                                                                                                                                     
Intermodal
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                1,772,808                                1,700,374
     Average length of haul                                                   1,652                                    1,656
     Revenue per load                                                   $     2,067                              $     2,169
     Average tractors during the period *                                     4,949                                    4,502
                                                                                                                                                     
     Tractors (end of period)
          Company-owned                                                       4,276                                    3,916
          Independent contractor                                                805                   761  
                                                                          --------- --------------------           --------- --------------------
               Total tractors                                                 5,081                                    4,677
                                                                                                                                                     
     Net change in trailing equipment during the period                       5,659                                    7,319
     Trailing equipment (end of period)                                      78,957                                   73,298
     Average effective trailing equipment usage                              72,622                                   68,683
                                                                                                                                                     
                                                                                                                                                     
Dedicated
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                2,250,099                                2,101,707
     Average length of haul                                                     175                                      177
     Revenue per truck per week**                                       $     4,028                              $     4,098
     Average trucks during the period***                                      7,012                                    6,641
                                                                                                                                                     
     Trucks (end of period)
          Company-owned                                                       6,762                                    6,425
          Independent contractor                                                 10                                        7
          Customer-owned (Dedicated operated)                                   436                   448  
                                                                          --------- --------------------           --------- --------------------
               Total trucks                                                   7,208                                    6,880
                                                                                                                                                     
     Trailing equipment (end of period)                                      21,672                                   20,516
     Average effective trailing equipment usage                              22,391                                   20,927
                                                                                                                                                     
                                                                                                                                                     
Integrated Capacity Solutions
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                  542,947                                  453,410
     Revenue per load                                                   $     1,288                              $     1,584
     Gross profit margin                                                       15.3 %                                   13.0 %
     Employee count (end of period)                                             670                                      582
     Approximate number of third-party carriers (end of period)              45,700                                   39,100
                                                                                                                                                     
                                                                                                                                                     
Truck
-------------------------------------------------------------------
                                                                                                                                                     
     Loads                                                                  366,297                                  370,555
     Average length of haul                                                     448                                      411
     Loaded miles (000)                                                     163,115                                  151,725
     Total miles (000)                                                      193,856                                  179,036
     Average nonpaid empty miles per load                                      78.9                                     71.8
     Revenue per tractor per week**                                     $     3,698                              $     4,068
     Average tractors during the period*                                      2,051                                    1,868
                                                                                                                                                     
     Tractors (end of period)
          Company-owned                                                       1,462                                    1,296
          Independent contractor                                                687                   590  
                                                                          --------- --------------------           --------- --------------------
               Total tractors                                                 2,149                                    1,886
                                                                                                                                                     
     Trailers (end of period)                                                 7,604                                    7,215
     Average effective trailing equipment usage                               6,460                                    5,891
                                                                                                                                                     
                                                                                                                                                     
* 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, 2015          December 31, 2014
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
ASSETS
     Current assets:
          Cash and cash equivalents                                                                                   $                5,566                                                              $                5,961
          Accounts Receivable                                                                                                        654,542                                                                             653,795
          Prepaid expenses and other                                        199,259                    201,743
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Total current assets                                         859,367                    861,499
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Property and equipment                                                                                                        4,019,451                                                                           3,719,757
          Less accumulated depreciation                                   1,318,122                  1,237,225
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Net property and equipment                                 2,701,329                  2,482,532
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Other assets                                                            75,871                     34,455
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                             $            3,636,567                        $            3,378,486
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                             
                                                                                                                                                                                                             
LIABILITIES & STOCKHOLDERS’ EQUITY
     Current liabilities:
          Current debt                                                                                                $                    -                                                              $              250,000
          Trade accounts payable                                                                                                     340,332                                                                             325,838
          Claims accruals                                                                                                            104,220                                                                              96,719
          Accrued payroll                                                                                                             59,420                                                                              80,547
          Other accrued expenses                                                                                                      28,445                                                                              17,966
               Total current liabilities                                    532,417                    771,070
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                             
     Long-term debt                                                                                                                1,005,026                                                                             683,539
     Other long-term liabilities                                                                                                      58,552                                                                              59,561
     Deferred income taxes                                                                                                           740,220                                                                             659,793
     Stockholders’ equity                                                 1,300,352                  1,204,523
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                             $            3,636,567                        $            3,378,486
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                             
                                                                                                                                                                                                             
                                                                                                        Supplemental Data
                                                                                                           (unaudited)
                                                     
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                              December 31, 2015          December 31, 2014
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                             
Actual shares outstanding at end of period (000)                            113,948                    116,575
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                             
Book value per actual share outstanding at end of period                        $                11.41                        $                10.33
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                             
                                                     
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                             Twelve Months Ended December 31
                                                                                                                        ---------------------------------------------------------------------------------------------------------
                                                                                                                                2015                                                                                2014
                                                                                                                        --------------------                                                                --------------------
                                                                                                                                                                                                             
Net cash provided by operating activities (000)                                 $              873,308                        $              646,779
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                             
Net capital expenditures (000)                                                  $              556,436                        $              659,710
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160121005107r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160121005107/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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