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J.B. Hunt Transport Services, Inc.$101.64($2.37)(2.28%)

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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, 2016
   Thursday, January 19, 2017 7:51:00 AM ET

--Fourth quarter 2016 Operating Income: $194.4 million; up 1%

--Fourth quarter 2016 EPS: $1.05 vs. $1.01; up 4%

--Full Year 2016 Revenue: $6.6 billion; up 6%

--Full Year 2016 Operating Income: $721 million; up 1%

--Full Year 2016 EPS: $3.81 vs. $3.66; up 4%

J.B. Hunt Transport Services, Inc., (JBHT ) announced fourth quarter 2016 net earnings of $117.6 million, or diluted earnings per share of $1.05 vs. fourth quarter 2015 net earnings of $116.7 million, or $1.01 per diluted share. Fourth quarter 2016 net earnings included a one-time after tax benefit of $9.5 million or $0.08 per diluted share for a change in the company’s paid time off policy.

Total operating revenue for the current quarter was $1.72 billion, compared with $1.62 billion for the fourth quarter 2015. Load growth of 5% in Intermodal (JBI) was the primary reason for a 3% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 8%, primarily from the addition of new customer accounts, rate increases implemented in the current and earlier periods and improved asset utilization. Integrated Capacity Solutions (ICS) segment revenue increased by 22% primarily from a 38% increase in load growth. Truck (JBT) segment revenue decreased 3% primarily from customer rate per mile decreases. Current quarter total operating revenue, excluding fuel surcharges, increased 6% vs. the comparable quarter 2015.

Operating income for the current quarter increased to $194.4 million vs. $192.9 million for the fourth quarter 2015. The increase primarily reflects higher revenue in JBI, DCS and ICS business segments and a $15.2 million pre-tax, one-time benefit recorded to reflect a change in employee paid time off policy. The one-time benefit was partially offset with corporate charges totaling approximately $5 million pre-tax that included charitable contributions, employment tax audit settlements and increases to reserves for uncollectable accounts. Continuing operational cost increases in rail purchased transportation, wages paid to drivers, driver and independent contractor recruiting, equipment ownership, increased technology spending and lower gross profit margins in the brokerage business also offset the benefits from increases in revenue and the change in paid time off policy.

Net earnings increased to $117.6 million in the current quarter from $116.7 million in 2015, due to the increased revenue, the paid time off policy change benefit and a lower effective income tax rate. The fourth quarter effective tax rates for 2016 and 2015 were 37.63% and 38.10%, respectively. The annual effective tax rates for 2016 and 2015 were 37.89% and 38.10%, respectively.

Segment Information:

Intermodal (JBI)

-- Fourth quarter 2016 Segment Revenue: $998 million; up 3%

-- Fourth quarter 2016 Operating Income: $124 million; down 3%

JBI total volumes grew 5% over the same period in 2015. Eastern network loads were flat and transcontinental loads increased 9% compared to the fourth quarter 2015. Revenue increased 3%, reflecting volume growth of 5% and a 2% decrease in revenue per load which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges decreased approximately 2% compared to a year ago.

Operating income decreased 3% from the prior year. Benefits from increased revenue, improved utilization and approximately $5.7 million from the change in paid time off policy were more than offset with increases in rail purchased transportation costs, insurance and claims costs, equipment ownership costs and driver recruiting and retention costs. The current period ended with approximately 84,600 units of trailing capacity and approximately 5,280 power units in the dray fleet.

Dedicated Contract Services (DCS)

-- Fourth quarter 2016 Segment Revenue: $398 million; up 8%

-- Fourth quarter 2016 Operating Income: $57.5 million; up 37%

DCS revenue increased 8% during the current quarter over the same period 2015. Productivity (revenue per truck per week) increased approximately 5% vs. 2015. Productivity excluding fuel surcharge revenue increased approximately 3% from a year ago primarily from improved integration of assets between customer accounts, fewer unseated trucks, increased customer supply chain fluidity and customer rate increases. A year over year net additional 193 revenue producing trucks, 29 net additions compared to third quarter 2016, were in the fleet by the end of the quarter. Approximately 82% 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 98%.

Operating income increased by 37% from a year ago. The increase in revenue, improved asset utilization and approximately $7.3 million from the change in paid time off policy were partially offset with higher driver wages, higher driver recruiting costs and higher equipment ownership costs compared to the same period in 2015.

Integrated Capacity Solutions (ICS)

-- Fourth Quarter 2016 Segment Revenue: $232 million; up 22%

-- Fourth Quarter 2016 Operating Income: $6.1 million; down 52%

ICS revenue increased 22% in the current quarter vs. the fourth quarter 2015 mostly due to a 38% increase in volume offset by a 12% decrease in revenue per load and freight mix changes driven by customer demand. Contractual volumes represent approximately 75% of the total load volume and 62% of the total revenue in the current quarter compared to 73% and 62%, respectively, in fourth quarter 2015.

Operating income decreased 52% over the same period in 2015 primarily due to a lower gross profit margin, increased claim costs, higher technology costs and increased personnel costs partially offset with approximately $1.0 million from the change in paid time off policy. Gross profit margin decreased to 12.9% in the current period from 16.0% last year primarily from new customer rates implemented during the quarter and lower spot rates compared to the fourth quarter 2015. Total branches at the end of the period grew to 42 from 34 at the end of the same period in 2015. ICS’s carrier base increased 11% and the employee count increased 23% from a year ago.

Truck (JBT)

-- Fourth quarter 2016 Segment Revenue: $ 96 million; down 3%

-- Fourth quarter 2016 Operating Income: $ 6.8 million; down 35%

JBT revenue for the current quarter decreased 3% from the same period in 2015. Revenue excluding fuel surcharges also decreased 3% primarily from a 3% decrease in rate per mile due to core customer rate decreases of approximately 1.4% and freight mix changes compared to fourth quarter 2015. At the end of the period, JBT operated 2,128 tractors compared to 2,149 a year ago.

Operating income decreased 35% from fourth quarter 2015 levels. Favorable changes from increased load count, fewer empty miles and approximately $1.2 million from the change in paid time off policy were more than offset by lower customer rates per mile, increased equipment maintenance costs and higher safety and insurance costs compared to fourth quarter 2015.

Cash Flow and Capitalization:

At December 31, 2016, we had total debt outstanding of $986 million on various debt instruments compared to $998 million at December 31, 2015 and $944 million at September 30, 2016.

Our net capital expenditures for 2016 approximated $485 million vs. $556 million in 2015. At December 31, 2016, we had cash and cash equivalents of $6.4 million.

In the fourth quarter 2016, we purchased 880,000 shares of our common stock for approximately $75 million. At December 31, 2016, we had approximately $201 million remaining under our share repurchase authorization. Actual shares outstanding at December 31, 2016 approximated 111.3 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, 2015. 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
                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                              2016                                                                                                                                               2015
                                                                                                            ---------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        % Of                                                                                                                                               % Of
                                                                                                                              Amount                             Revenue                                                                   Amount                             Revenue
                                                                                                            -------------------------------------------------------------- -------------------- ---------------------                                          -------------------------------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                    
Operating revenues, excluding fuel surcharge revenues                                                                          $            1,558,638                                                                                                                             $            1,472,291
Fuel surcharge revenues                                                                                                    162,424                                                                                                                         148,724
                                                                                                            -------------------- --------------------                                                                                                          -------------------- --------------------
   Total operating revenues                                                                                                                 1,721,062                                                100.0 %                                                                                   1,621,015                                                100.0 %
                                                                                                                                                                                                                                                                                                                                                    
Operating expenses
   Rents and purchased transportation                                                                                                         874,144                                                 50.8 %                                                                                     799,903                                                 49.3 %
   Salaries, wages and employee benefits                                                                                                      360,190                                                 20.9 %                                                                                     363,801                                                 22.4 %
   Fuel and fuel taxes                                                                                                                         78,355                                                  4.6 %                                                                                      69,575                                                  4.3 %
   Depreciation and amortization                                                                                                               91,794                                                  5.3 %                                                                                      88,374                                                  5.5 %
   Operating supplies and expenses                                                                                                             60,001                                                  3.5 %                                                                                      56,100                                                  3.5 %
   Insurance and claims                                                                                                                        20,026                                                  1.2 %                                                                                      17,975                                                  1.1 %
   General and administrative expenses, net of asset dispositions                                                                              25,483                                                  1.4 %                                                                                      16,051                                                  1.0 %
   Operating taxes and licenses                                                                                                                11,798                                                  0.7 %                                                                                      11,579                                                  0.7 %
   Communication and utilities                                                                                               4,910                                                  0.3 %                                                                    4,764                                                  0.3 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Total operating expenses                                                                                           1,526,701                                                 88.7 %                                                                1,428,122                                                 88.1 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Operating income                                                                                                                        194,361                                                 11.3 %                                                                                     192,893                                                 11.9 %
Net interest expense                                                                                                         5,876                                                  0.3 %                                                                    4,290                                                  0.3 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Earnings before income taxes                                                                                                            188,485                                                 11.0 %                                                                                     188,603                                                 11.6 %
Income taxes                                                                                                                70,929                                                  4.2 %                                                                   71,857                                                  4.4 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Net earnings                                                                                                             $              117,556                                                  6.8 %                                                                      $              116,746                                                  7.2 %
                                                                                                            ==================== ====================                                           ========== =========                                           ==================== ====================                                           ========== =========
Average diluted shares outstanding                                                                                         112,327                                                                                                                         115,048
                                                                                                            ==================== ====================                                                                                                          ==================== ====================
      Diluted earnings per share                                                                                               $                 1.05                                                                                                                             $                 1.01
                                                                                                            ==================== ====================                                                                                                          ==================== ====================
                                                                                                                                                                                                                                                                                                                                                    
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                   J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                                                              Condensed Consolidated Statements of Earnings
                                                                                                                                                                  (in thousands, except per share data)
                                                                                                                                                                               (unaudited)
                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                           Twelve Months Ended December 31
                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                              2016                                                                                                                                               2015
                                                                                                            ---------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                        % Of                                                                                                                                               % Of
                                                                                                                              Amount                             Revenue                                                                   Amount                             Revenue
                                                                                                            -------------------------------------------------------------- -------------------- ---------------------                                          -------------------------------------------------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                    
Operating revenues, excluding fuel surcharge revenues                                                                          $            6,007,347                                                                                                                             $            5,516,282
Fuel surcharge revenues                                                                                                    548,112                                                                                                                         671,364
                                                                                                            -------------------- --------------------                                                                                                          -------------------- --------------------
   Total operating revenues                                                                                                                 6,555,459                                                100.0 %                                                                                   6,187,646                                                100.0 %
                                                                                                                                                                                                                                                                                                                                                    
Operating expenses
   Rents and purchased transportation                                                                                                       3,255,692                                                 49.7 %                                                                                   2,994,586                                                 48.4 %
   Salaries, wages and employee benefits                                                                                                    1,469,187                                                 22.4 %                                                                                   1,394,239                                                 22.5 %
   Fuel and fuel taxes                                                                                                                        283,437                                                  4.3 %                                                                                     313,034                                                  5.1 %
   Depreciation and amortization                                                                                                              361,510                                                  5.5 %                                                                                     339,613                                                  5.5 %
   Operating supplies and expenses                                                                                                            233,223                                                  3.6 %                                                                                     220,597                                                  3.6 %
   Insurance and claims                                                                                                                        78,410                                                  1.2 %                                                                                      73,689                                                  1.2 %
   General and administrative expenses, net of asset dispositions                                                                              87,053                                                  1.3 %                                                                                      72,522                                                  1.1 %
   Operating taxes and licenses                                                                                                                45,954                                                  0.7 %                                                                                      43,084                                                  0.7 %
   Communication and utilities                                                                                              19,973                                                  0.3 %                                                                   20,588                                                  0.3 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Total operating expenses                                                                                           5,834,439                                                 89.0 %                                                                5,471,952                                                 88.4 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Operating income                                                                                                                        721,020                                                 11.0 %                                                                                     715,694                                                 11.6 %
Net interest expense                                                                                                        25,223                                                  0.4 %                                                                   25,491                                                  0.4 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Earnings before income taxes                                                                                                            695,797                                                 10.6 %                                                                                     690,203                                                 11.2 %
Income taxes                                                                                                               263,707                                                  4.0 %                                                                  262,968                                                  4.3 %
                                                                                                            -------------------- --------------------                                           ---------- ---------                                           -------------------- --------------------                                           ---------- ---------
      Net earnings                                                                                                             $              432,090                                                  6.6 %                                                                      $              427,235                                                  6.9 %
                                                                                                            ==================== ====================                                           ========== =========                                           ==================== ====================                                           ========== =========
Average diluted shares outstanding                                                                                         113,361                                                                                                                         116,728
                                                                                                            ==================== ====================                                                                                                          ==================== ====================
      Diluted earnings per share                                                                                               $                 3.81                                                                                                                             $                 3.66
                                                                                                            ==================== ====================                                                                                                          ==================== ====================
                                                                          
----------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                    
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      Financial Information By Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                               (in thousands)
                                                                                                                                                                 (unaudited)
                                                                                                                                                               
                                                                                                                                                                                             Three Months Ended December 31
                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2016                                                                                                                                                  2015
                                                                           -----------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          % Of                                                                                                                                                  % Of
                                                                                                  Amount                            Total                                                                  Amount                                   Total
                                                                           ------------------------------------------------------------------------ -------------------- -------                                          ------------------------------------------------------------------------ -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                         
Revenue
--------------------------------
                                                                                                                                                                                                                                                                                                                         
   Intermodal                                                                                 $   997,967                                                                 58 %                                                               $   967,133                                                                        59 %
   Dedicated                                                                                      398,325                                                                 23 %                                                                   368,992                                                                        23 %
   Integrated Capacity Solutions                                                                  231,594                                                                 13 %                                                                   189,540                                                                        12 %
   Truck                                                                        96,296                                               6 %                                                 99,292                                                      6 %
                                                                           -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
      Subtotal                                                                                  1,724,182                                                                100 %                                                                 1,624,957                                                                       100 %
      Intersegment eliminations                                                 (3,120 )                                                               (0 %)                                                (3,942 )                                                                      (0 %)
                                                                           -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
                                                                                              $ 1,721,062                                             100 %                                                               $ 1,621,015                                                    100 %
         Consolidated revenue
                                                                           ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                         
Operating income
--------------------------------
                                                                                                                                                                                                                                                                                                                         
   Intermodal                                                                                 $   124,143                                                                 64 %                                                               $   127,730                                                                        66 %
   Dedicated                                                                                       57,539                                                                 30 %                                                                    42,000                                                                        22 %
   Integrated Capacity Solutions                                                                    6,074                                                                  3 %                                                                    12,754                                                                         7 %
   Truck                                                                                            6,750                                                                  3 %                                                                    10,416                                                                         5 %
   Other (1)                                                                      (145 )                                                               (0 %)                                                    (7 )                                                                      (0 %)
                                                                           -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
      Operating income                                                                        $   194,361                                             100 %                                                               $   192,893                                                    100 %
                                                                           ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                             Twelve Months Ended December 31
                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           2016                                                                                                                                                  2015
                                                                           -----------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                          % Of                                                                                                                                                  % Of
                                                                                                  Amount                            Total                                                                  Amount                                   Total
                                                                           ------------------------------------------------------------------------ -------------------- -------                                          ------------------------------------------------------------------------ -------------------- ---------------------
Revenue
--------------------------------
                                                                                                                                                                                                                                                                                                                         
   Intermodal                                                                                 $ 3,796,251                                                                 58 %                                                               $ 3,664,670                                                                        59 %
   Dedicated                                                                                    1,533,186                                                                 23 %                                                                 1,451,256                                                                        24 %
   Integrated Capacity Solutions                                                                  851,550                                                                 13 %                                                                   699,525                                                                        11 %
   Truck                                                                       387,764                                               6 %                                                385,510                                                      6 %
                                                                           -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
      Subtotal                                                                                  6,568,751                                                                100 %                                                                 6,200,961                                                                       100 %
      Intersegment eliminations                                                (13,292 )                                                               (0 %)                                               (13,315 )                                                                      (0 %)
                                                                           -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
         Consolidated revenue                                                                 $ 6,555,459                                             100 %                                                               $ 6,187,646                                                    100 %
                                                                           ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                         
Operating income
--------------------------------
                                                                                                                                                                                                                                                                                                                         
   Intermodal                                                                                 $   449,768                                                                 62 %                                                               $   476,685                                                                        67 %
   Dedicated                                                                                      205,240                                                                 29 %                                                                   163,511                                                                        23 %
   Integrated Capacity Solutions                                                                   36,260                                                                  5 %                                                                    35,729                                                                         5 %
   Truck                                                                                           29,862                                                                  4 %                                                                    39,864                                                                         5 %
   Other (1)                                                                      (110 )                                                               (0 %)                                                   (95 )                                                                      (0 %)
                                                                           -------------------- --------- --------------------                                           --- --                                           -------------------- --------- --------------------                                           ---------- ---------
      Operating income                                                                        $   721,020                                             100 %                                                               $   715,694                                                    100 %
                                                                           ==================== ========= ====================                                           === ==                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                                                         
(1) Includes corporate support activity
 
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Operating Statistics by Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (unaudited)
                                                                                                                       
                                                                                                                                                                Three Months Ended December 31
                                                                                                        ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               2016                                                                                        2015
                                                                                                        --------------------------------------------------                                          --------------------------------------------------
                                                                                                                                                                                                     
Intermodal
-------------------------------------------------------------
                                                                                                                                                                                                     
   Loads                                                                                                                     491,570                                                                                     467,461
   Average length of haul                                                                                                      1,685                                                                                       1,664
   Revenue per load                                                                                                        $   2,030                                                                                   $   2,069
   Average tractors during the period *                                                                                        5,274                                                                                       5,088
                                                                                                                                                                                                     
   Tractors (end of period)
      Company-owned                                                                                                            4,581                                                                                       4,276
      Independent contractor                                                                                  695                                                   805  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------
         Total tractors                                                                                                        5,276                                                                                       5,081
                                                                                                                                                                                                     
   Net change in trailing equipment during the period                                                                          1,773                                                                                       1,020
   Trailing equipment (end of period)                                                                                         84,594                                                                                      78,957
   Average effective trailing equipment usage                                                                                 81,654                                                                                      76,305
                                                                                                                                                                                                     
                                                                                                                                                                                                     
Dedicated
-------------------------------------------------------------
                                                                                                                                                                                                     
   Loads                                                                                                                     606,900                                                                                     578,692
   Average length of haul                                                                                                        181                                                                                         175
   Revenue per truck per week**                                                                                            $   4,247                                                                                   $   4,048
   Average trucks during the period***                                                                                         7,390                                                                                       7,177
                                                                                                                                                                                                     
   Trucks (end of period)
      Company-owned                                                                                                            6,976                                                                                       6,762
      Independent contractor                                                                                                      15                                                                                          10
      Customer-owned (Dedicated operated)                                                                     410                                                   436  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------
         Total trucks                                                                                                          7,401                                                                                       7,208
                                                                                                                                                                                                     
   Trailing equipment (end of period)                                                                                         22,688                                                                                      21,672
   Average effective trailing equipment usage                                                                                 23,334                                                                                      22,594
                                                                                                                                                                                                     
                                                                                                                                                                                                     
Integrated Capacity Solutions
-------------------------------------------------------------
                                                                                                                                                                                                     
   Loads                                                                                                                     237,845                                                                                     171,887
   Revenue per load                                                                                                        $     974                                                                                   $   1,103
   Gross profit margin                                                                                                          12.9 %                                                                                      16.0 %
   Employee count (end of period)                                                                                                824                                                                                         670
   Approximate number of third-party carriers (end of period)                                                                 50,900                                                                                      45,700
                                                                                                                                                                                                     
                                                                                                                                                                                                     
Truck
-------------------------------------------------------------
                                                                                                                                                                                                     
   Loads                                                                                                                      96,906                                                                                      95,190
   Average length of haul                                                                                                        439                                                                                         454
   Loaded miles (000)                                                                                                         42,476                                                                                      42,749
   Total miles (000)                                                                                                          50,472                                                                                      51,437
   Average nonpaid empty miles per load                                                                                         82.6                                                                                        91.3
   Revenue per tractor per week**                                                                                          $   3,540                                                                                   $   3,663
   Average tractors during the period *                                                                                        2,158                                                                                       2,157
                                                                                                                                                                                                     
   Tractors (end of period)
      Company-owned                                                                                                            1,376                                                                                       1,462
      Independent contractor                                                                                  752                                                   687  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------
         Total tractors                                                                                                        2,128                                                                                       2,149
                                                                                                                                                                                                     
   Trailers (end of period)                                                                                                    7,642                                                                                       7,604
   Average effective trailing equipment usage                                                                                  7,287                                                                                       6,814
                                                                                                                                                                                                     
* 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
                                                                                                        --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                2016                                                                                          2015
                                                                                                        ----------------------------------------------------                                          ----------------------------------------------------
                                                                                                                                                                                                       
Intermodal
-------------------------------------------------------------
                                                                                                                                                                                                       
   Loads                                                                                                                     1,916,303                                                                                     1,772,808
   Average length of haul                                                                                                        1,657                                                                                         1,652
   Revenue per load                                                                                                        $     1,981                                                                                   $     2,067
   Average tractors during the period *                                                                                          5,222                                                                                         4,949
                                                                                                                                                                                                       
   Tractors (end of period)
      Company-owned                                                                                                              4,581                                                                                         4,276
      Independent contractor                                                                                    695                                                     805  
                                                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
         Total tractors                                                                                                          5,276                                                                                         5,081
                                                                                                                                                                                                       
   Net change in trailing equipment during the period                                                                            5,637                                                                                         5,659
   Trailing equipment (end of period)                                                                                           84,594                                                                                        78,957
   Average effective trailing equipment usage                                                                                   77,179                                                                                        72,622
                                                                                                                                                                                                       
                                                                                                                                                                                                       
Dedicated
-------------------------------------------------------------
                                                                                                                                                                                                       
   Loads                                                                                                                     2,401,332                                                                                     2,250,099
   Average length of haul                                                                                                          177                                                                                           175
   Revenue per truck per week**                                                                                            $     4,077                                                                                   $     4,028
   Average trucks during the period***                                                                                           7,307                                                                                         7,012
                                                                                                                                                                                                       
   Trucks (end of period)
      Company-owned                                                                                                              6,976                                                                                         6,762
      Independent contractor                                                                                                        15                                                                                            10
      Customer-owned (Dedicated operated)                                                                       410                                                     436  
                                                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
         Total trucks                                                                                                            7,401                                                                                         7,208
                                                                                                                                                                                                       
   Trailing equipment (end of period)                                                                                           22,688                                                                                        21,672
   Average effective trailing equipment usage                                                                                   22,827                                                                                        22,391
                                                                                                                                                                                                       
                                                                                                                                                                                                       
Integrated Capacity Solutions
-------------------------------------------------------------
                                                                                                                                                                                                       
   Loads                                                                                                                       852,179                                                                                       542,947
   Revenue per load                                                                                                        $       999                                                                                   $     1,288
   Gross profit margin                                                                                                            14.3 %                                                                                        15.3 %
   Employee count (end of period)                                                                                                  824                                                                                           670
   Approximate number of third-party carriers (end of period)                                                                   50,900                                                                                        45,700
                                                                                                                                                                                                       
                                                                                                                                                                                                       
Truck
-------------------------------------------------------------
                                                                                                                                                                                                       
   Loads                                                                                                                       385,298                                                                                       366,297
   Average length of haul                                                                                                          455                                                                                           448
   Loaded miles (000)                                                                                                          175,038                                                                                       163,115
   Total miles (000)                                                                                                           207,998                                                                                       193,856
   Average nonpaid empty miles per load                                                                                           85.6                                                                                          83.9
   Revenue per tractor per week**                                                                                          $     3,458                                                                                   $     3,698
   Average tractors during the period*                                                                                           2,191                                                                                         2,051
                                                                                                                                                                                                       
   Tractors (end of period)
      Company-owned                                                                                                              1,376                                                                                         1,462
      Independent contractor                                                                                    752                                                     687  
                                                                                                        -------------------- --------- --------------------                                           -------------------- --------- --------------------
         Total tractors                                                                                                          2,128                                                                                         2,149
                                                                                                                                                                                                       
   Trailers (end of period)                                                                                                      7,642                                                                                         7,604
   Average effective trailing equipment usage                                                                                    6,956                                                                                         6,460
                                                                                                                                                                                                       
* 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, 2016                   December 31, 2015
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
ASSETS
   Current assets:
      Cash and cash equivalents                                                                                            $      6,377                                                              $      5,566
      Accounts Receivable                                                                                                       797,473                                                                   654,542
      Prepaid expenses and other                                       141,831          197,817
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
         Total current assets                                          945,681          857,925
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
   Property and equipment                                                                                                     4,258,915                                                                 4,019,451
      Less accumulated depreciation                                  1,440,124        1,318,122
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
         Net property and equipment                                  2,818,791        2,701,329
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
   Other assets                                                         64,516           70,290
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                                  $  3,828,988                        $  3,629,544
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
                                                                                                                                                                                   
LIABILITIES & STOCKHOLDERS’ EQUITY
   Current liabilities:
      Trade accounts payable                                                                                               $    384,308                                                              $    340,332
      Claims accruals                                                                                                           109,745                                                                   104,220
      Accrued payroll                                                                                                            51,929                                                                    59,420
      Other accrued expenses                                            27,152           28,445
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
         Total current liabilities                                     573,134          532,417
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                                                                                                                                                   
   Long-term debt                                                                                                               986,278                                                                   998,003
   Other long-term liabilities                                                                                                   64,881                                                                    58,552
   Deferred income taxes                                                                                                        790,634                                                                   740,220
                                                                     1,414,061        1,300,352
   Stockholders’ equity
------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------
                                                                  $  3,828,988                        $  3,629,544
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
                                                                                                                                                                                   
                                                                                                                                                                                   
                                                                                                 Supplemental Data
                                                                                                    (unaudited)
                                                                 
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                                       December 31, 2016                   December 31, 2015
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                                                                                                                                                                   
Actual shares outstanding at end of period (000)                       111,305          113,948
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
Book value per actual share outstanding at end of period                             $      12.70                        $      11.41
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
                                                                                                                                                                                   
                                                                 
------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- --------------------------------
                                                                                                                                              Twelve Months Ended December 31
                                                                                                        ----------------------------------------------------------------------------------------------------------
                                                                                                                      2016                                                                      2015
                                                                                                        --------------------------------                                          --------------------------------
                                                                                                                                                                                   
Net cash provided by operating activities (000)                                      $    854,143                        $    873,308
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========
                                                                                                                                                                                   
Net capital expenditures (000)                                                       $    485,256                        $    556,436
============================================================= ==================== ==================== ==================== ========== ==================== ==================== ==================== ==========

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170119005150r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170119005150/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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