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J.B. Hunt Transport Services, Inc.$112.51$.91.82%

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 J.B. Hunt Transport Services, Inc. Reports Earnings for the Second Quarter 2017 and Updates Full Year 2017 Expectations
   Monday, July 17, 2017 7:38:00 AM ET

--Second Quarter 2017 Operating Income: $164 million; down 7%

--Second Quarter 2017 EPS: 88 cents vs. 92 cents

J.B. Hunt Transport Services, Inc., (JBHT ) announced second quarter 2017 net earnings of $97.9 million, or diluted earnings per share of 88 cents vs. second quarter 2016 net earnings of $105 million, or 92 cents per diluted share.

Total operating revenue for the current quarter was $1.73 billion, compared with $1.62 billion for the second quarter 2016, an increase of 7%. Current quarter total operating revenue, excluding fuel surcharges, increased 5% vs. the comparable quarter 2016. Load growth of 5% in Intermodal (JBI), a 5% increase in revenue producing trucks in Dedicated Contract Services (DCS) and a 20% increase in volume in Integrated Capacity Solutions (ICS) contributed to the increase in consolidated revenue compared to prior year.

Operating income for the current quarter totaled $164 million versus $176 million for the second quarter 2016. The benefits of volume growth and increases in revenue producing truck counts were substantially offset by lower customer rates, increases in rail and over the road purchased transportation costs, start-up costs associated with new DCS contracts, higher driver wages and recruiting costs, increased insurance and claims costs, increased equipment and facility maintenance costs and increased technology costs.

Interest expense in the current quarter increased due to higher interest rates compared to the same period last year. The effective income tax rate for the quarter was 37.4% versus 38.0% for the second quarter 2016. The 2017 annual tax rate is expected to be approximately 35.0% primarily from the one-time tax benefit recognized in the first quarter 2017.

The Company posted revised full year 2017 Financial Expectations on its website under the Investors tab at www.jbhunt.com.

Segment Information:

Intermodal (JBI)

-- Second Quarter 2017 Segment Revenue: $1.0 billion; up 7%

-- Second Quarter 2017 Operating Income: $110 million; up 4%

JBI load volumes grew 5% over the same period in 2016. Transcontinental loads grew 10% while Eastern network volumes were down 2% compared to a year ago. Revenue increased 7% reflecting the 5% volume growth and an approximate 2% increase in revenue per load, which is the combination of customer rate changes, fuel surcharges and freight mix. Revenue per load, excluding fuel surcharge revenue decreased 1% from second quarter 2016.

Operating income increased 4% from prior year. Benefits from volume growth and dray fleet productivity were offset by cost increases in rail purchased transportation, driver pay and retention costs, driver recruiting costs, technology development and modernization costs and equipment ownership costs. The current period ended with approximately 85,600 units of trailing capacity and 5,300 power units assigned to the dray fleet.

Dedicated Contract Services (DCS)

-- Second Quarter 2017 Segment Revenue: $412 million; up 8%

-- Second Quarter 2017 Operating Income: $49 million; down 4%

DCS revenue increased 8% during the current quarter over the same period in 2016. Productivity, defined as revenue per truck per week, increased approximately 2% vs. 2016. Productivity excluding fuel surcharges was flat over a year ago. Increased revenue from better integration of assets between customer accounts and customer rate increases was partially offset by lower productivity at new contracts implemented during the current quarter. A net additional 486 revenue producing trucks, 226 net additions compared to first quarter 2017, were in the fleet by the end of the quarter compared to prior year. Approximately 71% of these additions represent private fleet conversions versus traditional dedicated capacity fleets. Customer retention rates remain above 98%.

Operating income decreased 4% over the prior year quarter primarily from increases in driver wages, increased accident frequency driving higher insurance and claims costs and higher start-up expenses for new customer contracts compared to the second quarter 2016.

Integrated Capacity Solutions (ICS)

-- Second Quarter 2017 Segment Revenue: $222 million; up 9%

-- Second Quarter 2017 Operating Loss: $(0.2) million; down 102%

ICS revenue was up 9% compared to the second quarter 2016. Volumes increased 20% while revenue per load decreased 9%, primarily due to freight mix changes driven by customer demand, compared to second quarter 2016. Spot volumes increased 20% and contractual volumes increased 22% from a year ago. Contractual volumes represented approximately 73% of total load volume and 58% of total revenue compared to 72% and 65%, respectively, in second quarter 2016.

Operating income decreased 102% over the same period 2016 primarily from lower gross profit margins, increased claims cost, a higher number of branches open less than two years (16 vs. 10 in 2016), and higher technology development costs. Gross profit margins decreased to 11.6% in the current quarter versus 15.0% in the same period last year. The decrease in gross margin percentage is primarily the result of higher purchased transportation costs on dry van volumes that outpaced customer rate increases implemented on contractual business compared to second quarter 2016. Total branch count increased to 42 from 35 at second quarter 2016. The carrier base increased 9% and the employee count increased 21% vs. second quarter 2016.

Truck (JBT)

-- Second Quarter 2017 Segment Revenue: $95 million; down 4%

-- Second Quarter 2017 Operating Income: $5.6 million; down 37%

JBT revenue for the current quarter was down 4% compared to the same period in 2016. Revenue excluding fuel surcharges decreased 6% from a year ago. Rate per loaded mile excluding fuel surcharges was up approximately 0.9% primarily from customer driven freight mix changes, including a 6.3% decrease in length of haul. Customer contract rates decreased approximately 0.4% compared to the same period in 2016. At the end of the period, JBT operated 2,072 tractors compared to 2,186 a year ago.

Operating income decreased 37% compared to the same quarter 2016. The benefit from higher customer rates per mile was more than offset by increased driver pay and hiring costs, higher independent contractor cost per mile and increased tractor maintenance costs compared to the second quarter 2016.

Cash Flow and Capitalization:

At June 30, 2017, we had a total of $943 million outstanding on various debt instruments compared to $958 million at June 30, 2016 and $986 million at December 31, 2016.

Our net capital expenditures for the six months ended June 30, 2017 approximated $165 million compared to $258 million for the same period 2016. At June 30, 2017, we had cash and cash equivalents of $7.3 million.

We purchased approximately 564,000 shares of our common stock during the second quarter 2017 for approximately $50 million. At June 30, 2017, we had approximately $521 million remaining under our combined current and new share repurchase authorizations. Actual shares outstanding at June 30, 2017 approximated 109.4 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, 2016. 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 website, www.jbhunt.com.

 
 
 
 
 
                                                                                                                                                                                   J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                                                                              Condensed Consolidated Statements of Earnings
                                                                                                                                                                                  (in thousands, except per share data)
                                                                                                                                                                                               (unaudited)
 
                                                                                                                                                                                               Three Months Ended June 30
                                                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                     2017                                                                                                             2016
                                                                                                                                   --------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                              % Of                                                                                                             % Of
                                                                                                                                                          Amount                             Revenue                                                                  Amount                                  Revenue
                                                                                                                                   ------------------------------------------------------------------------ -------------------- ----------                                          ------------------------------------------------------------------------ -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                                                    
Operating revenues, excluding fuel surcharge revenues                                                                                                 $ 1,551,051                                                                                                                                       $ 1,483,354
Fuel surcharge revenues                                                                                                                175,864                                                                                                     131,672  
                                                                                                                                   -------------------- --------- --------------------                                                                                               -------------------- --------- --------------------
     Total operating revenues                                                                                                                           1,726,915                                                                100.0 %                                                                  1,615,026                                                                     100.0 %
                                                                                                                                                                                                                                                                                                                                                                                    
Operating expenses
     Rents and purchased transportation                                                                                                                   871,122                                                                 50.4 %                                                                    794,907                                                                      49.2 %
     Salaries, wages and employee benefits                                                                                                                389,873                                                                 22.6 %                                                                    371,969                                                                      23.0 %
     Depreciation and amortization                                                                                                                         93,050                                                                  5.4 %                                                                     90,364                                                                       5.6 %
     Fuel and fuel taxes                                                                                                                                   79,072                                                                  4.6 %                                                                     71,489                                                                       4.4 %
     Operating supplies and expenses                                                                                                                       64,486                                                                  3.7 %                                                                     56,495                                                                       3.5 %
     Insurance and claims                                                                                                                                  27,461                                                                  1.6 %                                                                     19,094                                                                       1.2 %
     General and administrative expenses, net of asset dispositions                                                                                        21,728                                                                  1.3 %                                                                     18,711                                                                       1.2 %
     Operating taxes and licenses                                                                                                                          10,905                                                                  0.6 %                                                                     11,365                                                                       0.7 %
     Communication and utilities                                                                                                         5,603                                               0.3 %                                                   4,840                                                    0.3 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Total operating expenses                                                                                                     1,563,300                                              90.5 %                                               1,439,234                                                   89.1 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Operating income                                                                                                                                  163,615                                                                  9.5 %                                                                    175,792                                                                      10.9 %
Net interest expense                                                                                                                     7,393                                               0.4 %                                                   6,420                                                    0.4 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Earnings before income taxes                                                                                                                      156,222                                                                  9.1 %                                                                    169,372                                                                      10.5 %
Income taxes                                                                                                                            58,353                                               3.4 %                                                  64,361                                                    4.0 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Net earnings                                                                                                                                  $    97,869                                               5.7 %                                                                $   105,011                                                    6.5 %
                                                                                                                                   ==================== ========= ====================                                           ===== ===                                           ==================== ========= ====================                                           ========== =========
Average diluted shares outstanding                                                                                                     110,822                                                                                                     113,761  
                                                                                                                                   ==================== ========= ====================                                                                                               ==================== ========= ====================
        Diluted earnings per share                                                                                                                    $      0.88                                                                                                                    $      0.92  
                                                                                                                                   ==================== ========= ====================                                                                                               ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                   J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                                                                              Condensed Consolidated Statements of Earnings
                                                                                                                                                                                  (in thousands, except per share data)
                                                                                                                                                                                               (unaudited)
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                         Six Months Ended June 30
                                                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                     2017                                                                                                                                                   2016
                                                                                                                                   --------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    % Of                                                                                                                                                   % Of
                                                                                                                                                          Amount                             Revenue                                                                  Amount                                  Revenue
                                                                                                                                   ------------------------------------------------------------------------ -------------------- ----------                                          ------------------------------------------------------------------------ -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                                                    
Operating revenues, excluding fuel surcharge revenues                                                                                                 $ 3,012,820                                                                                                                                       $ 2,910,008
Fuel surcharge revenues                                                                                                                343,253                                                                                                     233,730  
                                                                                                                                   -------------------- --------- --------------------                                                                                               -------------------- --------- --------------------
     Total operating revenues                                                                                                                           3,356,073                                                                100.0 %                                                                  3,143,738                                                                     100.0 %
                                                                                                                                                                                                                                                                                                                                                                                    
Operating expenses
     Rents and purchased transportation                                                                                                                 1,677,562                                                                 50.0 %                                                                  1,535,310                                                                      48.8 %
     Salaries, wages and employee benefits                                                                                                                770,184                                                                 22.9 %                                                                    734,480                                                                      23.4 %
     Depreciation and amortization                                                                                                                        185,238                                                                  5.5 %                                                                    178,716                                                                       5.7 %
     Fuel and fuel taxes                                                                                                                                  159,719                                                                  4.8 %                                                                    130,903                                                                       4.2 %
     Operating supplies and expenses                                                                                                                      122,507                                                                  3.7 %                                                                    111,031                                                                       3.5 %
     Insurance and claims                                                                                                                                  50,466                                                                  1.5 %                                                                     36,522                                                                       1.2 %
     General and administrative expenses, net of asset dispositions                                                                                        45,209                                                                  1.4 %                                                                     40,545                                                                       1.3 %
     Operating taxes and licenses                                                                                                                          21,585                                                                  0.6 %                                                                     22,491                                                                       0.7 %
     Communication and utilities                                                                                                        10,599                                               0.3 %                                                  10,058                                                    0.3 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Total operating expenses                                                                                                     3,043,069                                              90.7 %                                               2,800,056                                                   89.1 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Operating income                                                                                                                                  313,004                                                                  9.3 %                                                                    343,682                                                                      10.9 %
Net interest expense                                                                                                                    14,211                                               0.4 %                                                  12,862                                                    0.4 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Earnings before income taxes                                                                                                                      298,793                                                                  8.9 %                                                                    330,820                                                                      10.5 %
Income taxes                                                                                                                            98,222                                               2.9 %                                                 125,711                                                    4.0 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
        Net earnings                                                                                                                                  $   200,571                                               6.0 %                                                                $   205,109                                                    6.5 %
                                                                                                                                   ==================== ========= ====================                                           ===== ===                                           ==================== ========= ====================                                           ========== =========
Average diluted shares outstanding                                                                                                     111,420                                                                                                     113,882  
                                                                                                                                   ==================== ========= ====================                                                                                               ==================== ========= ====================
        Diluted earnings per share                                                                                                                    $      1.80                                                                                                                    $      1.80  
                                                                                                                                   ==================== ========= ====================                                                                                               ==================== ========= ====================
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
 
 
 
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                    Financial Information By Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                             (in thousands)
                                                                                                                                                                                               (unaudited)
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                        Three Months Ended June 30
                                                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                     2017                                                                                                                                                   2016
                                                                                                                                   --------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                    % Of                                                                                                                                                   % Of
                                                                                                                                                          Amount                              Total                                                                   Amount                                   Total
                                                                                                                                   ------------------------------------------------------------------------ -------------------- ----------                                          ------------------------------------------------------------------------ -------------------- ---------------------
                                                                                                                                                                                                                                                                                                                                                                                    
Revenue
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                    
     Intermodal                                                                                                                                       $ 1,001,441                                                                   58 %                                                                $   933,430                                                                        58 %
     Dedicated                                                                                                                                            411,917                                                                   24 %                                                                    382,721                                                                        24 %
     Integrated Capacity Solutions                                                                                                                        222,465                                                                   13 %                                                                    203,767                                                                        12 %
     Truck                                                                                                                              94,575                                                 5 %                                                  98,264                                                      6 %
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
          Subtotal                                                                                                                                      1,730,398                                                                  100 %                                                                  1,618,182                                                                       100 %
          Intersegment eliminations                                                                                                     (3,483 )                                                                 (0 %)                                                 (3,156 )                                                                      (0 %)
                                                                                                                                   -------------------- --------- --------------------                                           ----- ---                                           -------------------- --------- --------------------                                           ---------- ---------
               Consolidated revenue                                                                                                                   $ 1,726,915                                               100 %                                                                $ 1,615,026                                                    100 %
                                                                                                                                   ==================== ========= ====================                                           ===== ===                                           ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                
Operating income
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                
     Intermodal                                                                           $   109,714                                                                   67 %                        $   105,614                                                                        60 %
     Dedicated                                                                                 48,574                                                                   30 %                             50,467                                                                        29 %
     Integrated Capacity Solutions                                                               (239 )                                                                 (0 %)                            10,875                                                                         6 %
     Truck                                                                                      5,563                                                                    3 %                              8,853                                                                         5 %
     Other (1)                                                                   3                                                 0 %             (17 )                                                                      (0 %)
                                                                       -------------------- --------- --------------------                                           ----- ---   -------------------- --------- --------------------                                           ---------- ---------
          Operating income                                                                $   163,615                                               100 %                        $   175,792                                                    100 %
                                                                       ==================== ========= ====================                                           ===== ===   ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                
                                                                                                                                                                         Six Months Ended June 30
                                                                       -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                         2017                                                                                                           2016
                                                                       --------------------------------------------------------------------------------------------------------  -------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                        % Of                                                                                                           % Of
                                                                                              Amount                              Total                           Amount                                   Total
                                                                       ------------------------------------------------------------------------ -------------------- ----------  ------------------------------------------------------------------------ -------------------- ---------------------
Revenue
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                
     Intermodal                                                                           $ 1,938,559                                                                   58 %                        $ 1,828,630                                                                        58 %
     Dedicated                                                                                804,378                                                                   24 %                            741,091                                                                        24 %
     Integrated Capacity Solutions                                                            431,884                                                                   13 %                            386,934                                                                        12 %
     Truck                                                                 188,263                                                 5 %         194,315                                                      6 %
                                                                       -------------------- --------- --------------------                                           ----- ---   -------------------- --------- --------------------                                           ---------- ---------
          Subtotal                                                                          3,363,084                                                                  100 %                          3,150,970                                                                       100 %
          Intersegment eliminations                                         (7,011 )                                                                 (0 %)         (7,232 )                                                                      (0 %)
                                                                       -------------------- --------- --------------------                                           ----- ---   -------------------- --------- --------------------                                           ---------- ---------
               Consolidated revenue                                                       $ 3,356,073                                               100 %                        $ 3,143,738                                                    100 %
                                                                       ==================== ========= ====================                                           ===== ===   ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                
Operating income
-------------------------------------------------------------------
                                                                                                                                                                                                                                                                                
     Intermodal                                                                           $   204,975                                                                   66 %                        $   208,740                                                                        61 %
     Dedicated                                                                                 93,328                                                                   30 %                             95,237                                                                        28 %
     Integrated Capacity Solutions                                                              4,230                                                                    1 %                             21,670                                                                         6 %
     Truck                                                                                     10,504                                                                    3 %                             18,032                                                                         5 %
     Other (1)                                                                 (33 )                                                                 (0 %)              3                                                      0 %
                                                                       -------------------- --------- --------------------                                           ----- ---   -------------------- --------- --------------------                                           ---------- ---------
          Operating income                                                                $   313,004                                               100 %                        $   343,682                                                    100 %
                                                                       ==================== ========= ====================                                           ===== ===   ==================== ========= ====================                                           ========== =========
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                
      (1) Includes corporate support activity
 
 
 
 
 
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              Operating Statistics by Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        (unaudited)
                                                                                                               
                                                                                                                                                                                                  Three Months Ended June 30
                                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                2017                                                                                                                    2016
                                                                                                                                    -----------------------------                                                                                         --------------------------------
                                                                                                                                                                                                                                                           
Intermodal
---------------------------------------------------------------
                                                                                                                                                                                                                                                           
     Loads                                                                                                                          501,038                                                                                                                  476,098
     Average length of haul                                                                                                           1,677                                                                                                                    1,640
     Revenue per load                                                                                                             $   1,999                                                                                                             $      1,961
     Average tractors during the period *                                                                                             5,220                                                                                                                    5,232
                                                                                                                                                                                                                                                           
     Tractors (end of period)
          Company-owned                                                                                                               4,621                                                                                                                    4,519
          Independent contractor                                                                                                        680                                                                                                   725  
                                                                                                                                    ------- --------------------                                                                                          ---------- --------------------
               Total tractors                                                                                                         5,301                                                                                                                    5,244
                                                                                                                                                                                                                                                           
     Net change in trailing equipment during the period                                                                                 363                                                                                                                    1,377
     Trailing equipment (end of period)                                                                                              85,581                                                                                                                   81,243
     Average effective trailing equipment usage                                                                                      81,073                                                                                                                   74,751
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           
Dedicated
---------------------------------------------------------------
                                                                                                                                                                                                                                                           
     Loads                                                                                                                          636,149                                                                                                                  607,078
     Average length of haul                                                                                                             178                                                                                                                      174
     Revenue per truck per week**                                                                                                 $   4,156                                                                                                             $      4,062
     Average trucks during the period***                                                                                              7,669                                                                                                                    7,286
                                                                                                                                                                                                                                                           
     Trucks (end of period)
          Company-owned                                                                                                               7,207                                                                                                                    6,833
          Independent contractor                                                                                                          9                                                                                                                       17
          Customer-owned (Dedicated operated)                                                                                           592                                                                                                   472  
                                                                                                                                    ------- --------------------                                                                                          ---------- --------------------
               Total trucks                                                                                                           7,808                                                                                                                    7,322
                                                                                                                                                                                                                                                           
     Trailing equipment (end of period)                                                                                              23,387                                                                                                                   21,914
     Average effective trailing equipment usage                                                                                      23,899                                                                                                                   22,597
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           
Integrated Capacity Solutions
---------------------------------------------------------------
                                                                                                                                                                                                                                                           
     Loads                                                                                                                          240,069                                                                                                                  199,312
     Revenue per load                                                                                                             $     927                                                                                                             $      1,022
     Gross profit margin                                                                                                               11.6 %                                                                                                                   15.0 %
     Employee count (end of period)                                                                                                     876                                                                                                                      721
     Approximate number of third-party carriers (end of period)                                                                      53,400                                                                                                                   48,900
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           
Truck
---------------------------------------------------------------
                                                                                                                                                                                                                                                           
     Loads                                                                                                                           96,897                                                                                                                   96,929
     Average length of haul                                                                                                             431                                                                                                                      460
     Loaded miles (000)                                                                                                              41,678                                                                                                                   44,614
     Total miles (000)                                                                                                               49,917                                                                                                                   53,063
     Average nonpaid empty miles per load                                                                                              85.1                                                                                                                     87.2
     Revenue per tractor per week**                                                                                               $   3,518                                                                                                             $      3,419
     Average tractors during the period *                                                                                             2,102                                                                                                                    2,234
                                                                                                                                                                                                                                                           
     Tractors (end of period)
          Company-owned                                                                                                               1,337                                                                                                                    1,401
          Independent contractor                                                                                                        735                                                                                                   785  
                                                                                                                                    ------- --------------------                                                                                          ---------- --------------------
               Total tractors                                                                                                         2,072                                                                                                                    2,186
                                                                                                                                                                                                                                                           
     Trailers (end of period)                                                                                                         7,604                                                                                                                    7,249
     Average effective trailing equipment usage                                                                                       7,232                                                                                                                    6,784
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and
customer-owned trucks
 
 
 
 
 
 
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              Operating Statistics by Segment
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        (unaudited)
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                   Six Months Ended June 30
                                                                                                                                    ------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                2017                                                                                                                    2016
                                                                                                                                    -----------------------------                                                                                         --------------------------------
                                                                                                                                                                                                                                                           
Intermodal
---------------------------------------------------------------
                                                                                                                                                                                                                                                           
     Loads                                                                                                                          967,878                                                                                                                  935,624
     Average length of haul                                                                                                           1,678                                                                                                                    1,641
     Revenue per load                                                                                                             $   2,003                                                                                                             $      1,954
     Average tractors during the period *                                                                                             5,221                                                                                                                    5,169
                                                                                                                                                                                                                                                           
     Tractors (end of period)
          Company-owned                                                                                                               4,621                                                                                                                    4,519
          Independent contractor                                              680                   725  
                                                                        --------- --------------------          ---------- --------------------
               Total tractors                                               5,301                                    5,244
                                                                                                                 
     Net change in trailing equipment during the period                       987                                    2,286
     Trailing equipment (end of period)                                    85,581                                   81,243
     Average effective trailing equipment usage                            79,221                                   73,998
                                                                                                                 
                                                                                                                 
Dedicated
---------------------------------------------------------------
                                                                                                                 
     Loads                                                              1,232,889                                1,186,556
     Average length of haul                                                   179                                      174
     Revenue per truck per week**                                     $     4,135                             $      3,969
     Average trucks during the period***                                    7,553                                    7,241
                                                                                                                 
     Trucks (end of period)
          Company-owned                                                     7,207                                    6,833
          Independent contractor                                                9                                       17
          Customer-owned (Dedicated operated)                                 592                   472  
                                                                        --------- --------------------          ---------- --------------------
               Total trucks                                                 7,808                                    7,322
                                                                                                                 
     Trailing equipment (end of period)                                    23,387                                   21,914
     Average effective trailing equipment usage                            23,732                                   22,517
                                                                                                                 
                                                                                                                 
Integrated Capacity Solutions
---------------------------------------------------------------
                                                                                                                 
     Loads                                                                478,127                                  374,935
     Revenue per load                                                 $       903                             $      1,032
     Gross profit margin                                                     12.9 %                                   16.1 %
     Employee count (end of period)                                           876                                      721
     Approximate number of third-party carriers (end of period)            53,400                                   48,900
                                                                                                                 
                                                                                                                 
Truck
---------------------------------------------------------------
                                                                                                                 
     Loads                                                                192,533                                  191,339
     Average length of haul                                                   434                                      464
     Loaded miles (000)                                                    83,564                                   88,697
     Total miles (000)                                                     99,935                                  105,209
     Average nonpaid empty miles per load                                    85.1                                     86.3
     Revenue per tractor per week**                                   $     3,464                             $      3,415
     Average tractors during the period*                                    2,126                                    2,222
                                                                                                                 
     Tractors (end of period)
          Company-owned                                                     1,337                                    1,401
          Independent contractor                                              735                   785  
                                                                        --------- --------------------          ---------- --------------------
               Total tractors                                               2,072                                    2,186
                                                                                                                 
     Trailers (end of period)                                               7,604                                    7,249
     Average effective trailing equipment usage                             7,198                                    6,727
                                                                                                                 
                                                                                                                 
* 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)
 
                                               June 30, 2017            December 31, 2016
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
ASSETS                                                                                                   
     Current assets:
          Cash and cash equivalents                                                                                                        $         7,274                                                                                                        $                6,377
          Accounts Receivable                                                                                                                      749,042                                                                                                                       745,288
          Prepaid expenses and other                                   152,035                        194,016
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Total current assets                                    908,351                        945,681
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Property and equipment                                                                                                                      4,384,981                                                                                                                     4,258,915
          Less accumulated depreciation                              1,564,951                      1,440,124
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Net property and equipment                            2,820,030                      2,818,791
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Other assets                                                       50,001                         64,516
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                               $     3,778,382                            $            3,828,988
======================================================== ==================== ==================== ==================== ==================== ============= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                     
LIABILITIES & STOCKHOLDERS’ EQUITY
     Current liabilities:
          Trade accounts payable                                                                                                           $       419,306                                                                                                        $              384,308
          Claims accruals                                                                                                                          114,073                                                                                                                       109,745
          Accrued payroll                                                                                                                           46,288                                                                                                                        51,929
          Other accrued expenses                                        28,425                         27,152
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Total current liabilities                               608,092                        573,134
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                     
     Long-term debt                                                                                                                                943,174                                                                                                                       986,278
     Other long-term liabilities                                                                                                                    66,118                                                                                                                        64,881
     Deferred income taxes                                                                                                                         753,277                                                                                                                       790,634
     Stockholders’ equity                                            1,407,721                      1,414,061
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                               $     3,778,382                            $            3,828,988
======================================================== ==================== ==================== ==================== ==================== ============= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                     
                                                                                                                                    Supplemental Data
                                                                                                                                       (unaudited)
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               June 30, 2017            December 31, 2016
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                     
Actual shares outstanding at end of period (000)                       109,435                        111,305
======================================================== ==================== ==================== ==================== ==================== ============= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                     
Book value per actual share outstanding at end of period                          $         12.86                            $                12.70
======================================================== ==================== ==================== ==================== ==================== ============= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                     
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                       Six Months Ended June 30
                                                                                                                                             --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                  2017                                                                                                                      2016
                                                                                                                                             -------------                                                                                                          --------------------
                                                                                                                                                                                                                                                                     
Net cash provided by operating activities (000)                                   $       443,447                            $              474,138
======================================================== ==================== ==================== ==================== ==================== ============= ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                                                                                     
Net capital expenditures (000)                                                    $       165,092                            $              257,958
======================================================== ==================== ==================== ==================== ==================== ============= ==================== ==================== ==================== ==================== ==================== ====================
 
 
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170717005199r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170717005199/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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