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J.B. Hunt Transport Services, Inc.$101.89($1.91)(1.84%)

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 J.B. Hunt Transport Services, Inc. Reports Revenues, Net Earnings and Earnings Per Share for Both the Fourth Quarter and Year Ended December 31, 2017
   Thursday, January 18, 2018 7:38:00 AM ET

--Fourth quarter 2017 Operating Income: $146 million; down 25%

--Fourth quarter 2017 EPS: $3.48 vs. $1.05; up 232%

--Full Year 2017 Revenue: $7.2 billion; up 10%

--Full Year 2017 Operating Income: $624 million; down 13%

--Full Year 2017 EPS: $6.18 vs. $3.81; up 62%

J.B. Hunt Transport Services, Inc., (JBHT ) announced fourth quarter 2017 net earnings of $385.3 million, or diluted earnings per share of $3.48 vs. fourth quarter 2016 net earnings of $117.6 million, or $1.05 per diluted share. Fourth quarter 2017 net earnings included pre-announced pretax charges of $20.3 million for a reserve on a cash advance for the purchase of new trailing equipment from a manufacturer that will not meet delivery and $18.6 million for an increase in reserves for certain insurance and claims. Additionally, quarter results include a $309.2 million decrease in income taxes from our reasonable estimate of the change in future tax rates on deferred tax balances at December 31, 2017, as a result of the Tax Cuts and Jobs Act enacted in the quarter. Fourth quarter 2016 net earnings included a pretax benefit of $15.2 million for a change in the company’s paid time off policy.

Total operating revenue for the current quarter was $1.99 billion, compared with $1.72 billion for the fourth quarter 2016. Load growth of 5% and an increase in revenue per load in Intermodal (JBI) yielded a 10% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 20%, primarily from the addition of new customer accounts and improved asset utilization. Integrated Capacity Solutions (ICS) segment revenue increased by 40% primarily from a 19% increase in revenue per load and a 17% increase in load growth. Truck (JBT) segment revenue increased 1% primarily from customer rate per mile increases offset by a decrease in load count. Current quarter total operating revenue, excluding fuel surcharges, increased 13% vs. the comparable quarter 2016.

Operating income for the current quarter decreased to $145.8 million vs. $194.4 million for the fourth quarter 2016. The preannounced pretax charges of $38.9 million in fourth quarter 2017 and the $15.2 pretax benefit in fourth quarter 2016 were allocated to the business segments as described below. After consideration of these specific charges, the benefit from increased revenues was partly offset with cost increases to attract and retain drivers and independent contractors, higher insurance and claims costs, inefficiencies from rail network congestion and maintenance schedules, higher salary and wage expenses and lower asset utilization due to the time trucks remain unseated.

Net earnings increased to $385.3 million in the current quarter from $117.6 million in 2016, primarily due to the $309.2 million benefit from estimating the effect of the change in future tax rates on deferred tax balances at December 31, 2017. The fourth quarter effective tax rates for 2017 and 2016 were (175.65)% and 37.63%, respectively. The annual effective tax rates for 2017 and 2016 were (15.29)% and 37.90%, respectively.

Segment Information:

Intermodal (JBI)

-- Fourth quarter 2017 Segment Revenue: $1.1 billion; up 10%

-- Fourth quarter 2017 Operating Income: $93.3 million; down 25%

JBI total volumes grew 5% over the same period in 2016. Eastern network loads grew at 7% and transcontinental loads increased 4% compared to the fourth quarter 2016. Revenue increased 10%, reflecting volume growth of 5% and a 5% increase in revenue per load which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges increased approximately 2% compared to a year ago.

Operating income decreased 25% from the prior year. Benefits from increased volume and revenue per load were offset by increased costs to attract and retain drivers, higher third-party dray costs, increased insurance and claims costs and inefficiencies in the rail networks due to congestion and track and yard maintenance. JBI recorded $28.7 million of the preannounced charges during the fourth quarter 2017. In fourth quarter 2016, JBI recorded approximately $5.7 million from the change in paid time off policy. The current period ended with approximately 89,000 units of trailing capacity and approximately 5,500 power units in the dray fleet.

Dedicated Contract Services (DCS)

-- Fourth quarter 2017 Segment Revenue: $477 million; up 20%

-- Fourth quarter 2017 Operating Income: $34.9 million; down 39%

DCS revenue increased 20% during the current quarter over the same period 2016. Productivity (revenue per truck per week) increased approximately 4% vs. 2016. Productivity excluding fuel surcharge revenue increased approximately 2% from a year ago primarily from improved integration of assets between customer accounts and customer rate increases partially offset by lower productivity at new contracts implemented during the quarter. A year over year net additional 1,326 revenue producing trucks, 331 net additions compared to third quarter 2017, were in the fleet by the end of the quarter. Approximately 53% of these additions represent private fleet conversions versus traditional dedicated capacity fleets and primarily reflect new contract implementations in this and prior periods. Customer retention rates remain above 98%.

Operating income decreased by 39% from a year ago. The increase in revenue and improved asset utilization was offset with higher driver wages including the timing between wage increases and recovery through customer contracts, higher driver recruiting costs including the length of time to fill open positions, increased insurance and claims costs, higher equipment ownership costs and $1.9 million in intangible asset amortization compared to the same period in 2016. DCS recorded $7.6 million of the preannounced charges during the fourth quarter 2017 and recognized a $7.3 million benefit in the fourth quarter 2016 from the change in paid time off policy.

Integrated Capacity Solutions (ICS)

-- Fourth Quarter 2017 Segment Revenue: $323 million; up 40%

-- Fourth Quarter 2017 Operating Income: $11.3 million; up 86%

ICS revenue increased 40% in the current quarter vs. the fourth quarter 2016. Revenue per load increased 19% and volume increased 17% mostly due to increased spot market activity. While continuing to meet customer commitments, the increased spot market activity created a better balance between contractual and spot market revenues. Contractual volumes represent approximately 66% of the total load volume but only 46% of the total revenue in the current quarter compared to 75% and 62%, respectively, in fourth quarter 2016.

Operating income increased 86% over the same period in 2016. Gross profit margin increased to 14.1% in the current period from 12.9% last year primarily from the increased spot market activity which more than offset the margin compression realized in the contractual volumes. The increase in gross margin was partially offset with higher technology spending as JBHunt360 continues to be rolled out to more customers. ICS recorded $1.8 million of the preannounced charges in the fourth quarter 2017 and recognized a $1.0 million benefit in the fourth quarter 2016 for the change in paid time off policy. Total branches at the end of the period grew to 44 from 42 at the end of the same period in 2016. ICS’s carrier base increased 11% and the employee count increased 16% from a year ago.

Truck (JBT)

-- Fourth quarter 2017 Segment Revenue: $ 97 million; up 1%

-- Fourth quarter 2017 Operating Income: $ 6.4 million; down 5%

JBT revenue for the current quarter increased 1% from the same period in 2016. Revenue excluding fuel surcharges was flat compared to a year ago. Revenue per load increased 13% primarily from a 12% increase in rates per loaded mile on an equivalent length of haul compared to fourth quarter 2016 but was offset with an 10% decreased in load count. At the end of the period, JBT operated 2,032 tractors compared to 2,128 a year ago.

Operating income decreased 5% from fourth quarter 2016 levels. Favorable changes from higher revenue per load were offset by higher driver wages and independent contractor costs per mile, lower tractor utilization from an increase in unseated trucks and higher insurance and claims costs compared to fourth quarter 2016. JBT recorded approximately $0.7 million of the preannounced charges in the fourth quarter 2017 and recorded a $1.2 million benefit in the fourth quarter 2016 from the change in paid time off policy.

Cash Flow and Capitalization:

At December 31, 2017, we had total debt outstanding of $1.09 billion on various debt instruments compared to $986 million at December 31, 2016 and $1.08 billion at September 30, 2017.

Our net capital expenditures for 2017 approximated $511 million vs. $485 million in 2016. At December 31, 2017, we had cash and cash equivalents of $14.6 million.

In the fourth quarter 2017, we had no purchases of our common stock. At December 31, 2017, we had approximately $521 million remaining under our share repurchase authorizations. Actual shares outstanding at December 31, 2017 approximated 109.8 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 web site, www.jbhunt.com.

 
                                                                                        J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                   Condensed Consolidated Statements of Earnings
                                                                                       (in thousands, except per share data)
                                                                                                    (unaudited)
                                                                                                                 
                                                                                                                                         Three Months Ended December 31
                                                                                              ---------------------------------------------------------------------------------------------------------------------
                                                                                                               2017                                                                    2016
                                                                                              ---------------------------------------                          ----------------------------------------------------
                                                                                                                               % Of                                                                   % Of
                                                                                                Amount     Revenue                            Amount           Revenue
                                                                                              --------- -------------------- -------                           --------- -------------------- --------------------
                                                                                                                                                                                               
Operating revenues, excluding fuel surcharge revenues                                       $ 1,765,658                                                      $ 1,558,638
Fuel surcharge revenues                                                                         224,502                                                          162,424
                                                                                              ---------                                                        ---------
     Total operating revenues                                                                 1,990,160                       100.0%                           1,721,062                             100.0%
                                                                                                                                                                                               
Operating expenses
     Rents and purchased transportation                                                       1,026,100                        51.6%                             874,144                              50.8%
     Salaries, wages and employee benefits                                                      429,853                        21.6%                             360,190                              20.9%
     Depreciation and amortization                                                              102,320                        5.1%                               91,794                              5.3%
     Fuel and fuel taxes                                                                        100,848                        5.1%                               78,355                              4.6%
     Operating supplies and expenses                                                             67,154                        3.4%                               60,001                              3.5%
     General and administrative expenses, net of asset dispositions                              51,279                        2.6%                               25,483                              1.4%
     Insurance and claims                                                                        46,649                        2.3%                               20,026                              1.2%
     Operating taxes and licenses                                                                12,496                        0.6%                               11,798                              0.7%
     Communication and utilities                                                                  7,647                        0.4%                                4,910                              0.3%
                                                                                              ---------                      -------                           ---------                      --------------------
        Total operating expenses                                                              1,844,346                        92.7%                           1,526,701                              88.7%
                                                                                              ---------                      -------                           ---------                      --------------------
        Operating income                                                                        145,814                        7.3%                              194,361                              11.3%
Net interest expense                                                                              6,030                        0.3%                                5,876                              0.3%
                                                                                              ---------                      -------                           ---------                      --------------------
        Earnings before income taxes                                                            139,784                        7.0%                              188,485                              11.0%
Income taxes                                                                                  (245,524)                       (12.4%)                             70,929                              4.2%
                                                                                              ---------                      -------                           ---------                      --------------------
        Net earnings                                                                        $   385,308                        19.4%                         $   117,556                              6.8%
                                                                                              =========                      =======                           =========                      ====================
Average diluted shares outstanding                                                              110,737                                                          112,327
                                                                                              =========                                                        =========
        Diluted earnings per share                                                          $      3.48                                                      $      1.05
                                                                                              =========                                                        =========
                                                                                                                                                                                               
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                          J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                                                     Condensed Consolidated Statements of Earnings
                                                                                                                         (in thousands, except per share data)
                                                                                                                                      (unaudited)
                                                                                                                                                                                    
                                                                                                                                                                                   Twelve Months Ended December 31
                                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                           2017                                                                                                     2016
                                                                                                              ---------------------------------------------------------------                                          ---------------------------------------------------------------
                                                                                                                                                                % Of                                                                                                     % Of
                                                                                                                     Amount                 Revenue                                                        Amount                 Revenue
                                                                                                              -------------------- -------------------- --------------------                                           -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                  
Operating revenues, excluding fuel surcharge revenues                                                       $            6,435,858                                                                                   $            6,007,347
Fuel surcharge revenues                                                                                                    753,710                                                                                                  548,112
                                                                                                              --------------------                                                                                     --------------------
     Total operating revenues                                                                                            7,189,568                             100.0%                                                             6,555,459                             100.0%
                                                                                                                                                                                                                                                                  
Operating expenses
     Rents and purchased transportation                                                                                  3,650,806                              50.8%                                                             3,255,692                              49.7%
     Salaries, wages and employee benefits                                                                               1,608,378                              22.4%                                                             1,469,187                              22.4%
     Depreciation and amortization                                                                                         383,518                              5.3%                                                                361,510                              5.5%
     Fuel and fuel taxes                                                                                                   347,573                              4.8%                                                                283,437                              4.3%
     Operating supplies and expenses                                                                                       257,239                              3.6%                                                                233,223                              3.6%
     General and administrative expenses, net of asset dispositions                                                        125,878                              1.8%                                                                 87,053                              1.3%
     Insurance and claims                                                                                                  123,579                              1.7%                                                                 78,410                              1.2%
     Operating taxes and licenses                                                                                           44,825                              0.6%                                                                 45,954                              0.7%
     Communication and utilities                                                                                            23,983                              0.3%                                                                 19,973                              0.3%
                                                                                                              --------------------                      --------------------                                           --------------------                      --------------------
        Total operating expenses                                                                                         6,565,779                              91.3%                                                             5,834,439                              89.0%
                                                                                                              --------------------                      --------------------                                           --------------------                      --------------------
        Operating income                                                                                                   623,789                              8.7%                                                                721,020                              11.0%
Net interest expense                                                                                                        28,550                              0.4%                                                                 25,223                              0.4%
                                                                                                              --------------------                      --------------------                                           --------------------                      --------------------
        Earnings before income taxes                                                                                       595,239                              8.3%                                                                695,797                              10.6%
Income taxes                                                                                                              (91,024)                             (1.2%)                                                               263,707                              4.0%
                                                                                                              --------------------                      --------------------                                           --------------------                      --------------------
        Net earnings                                                                                        $              686,263                              9.5%                                                 $              432,090                              6.6%
                                                                                                              ====================                      ====================                                           ====================                      ====================
Average diluted shares outstanding                                                                                         111,049                                                                                                  113,361
                                                                                                              ====================                                                                                     ====================
        Diluted earnings per share                                                                          $                 6.18                                                                                   $                 3.81
                                                                                                              ====================                                                                                     ====================
                                                                    
------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
 
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                            Financial Information By Segment
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                     (in thousands)
                                                                                       (unaudited)
                                                                                      
                                                                                                                                                                    
                                                                                                                Three Months Ended December 31
                                                                      ------------------------------------------------------------------------------------------------------------------
                                                                                      2017                                                                  2016
                                                                      -------------------------------------                         ----------------------------------------------------
                                                                                                      % Of                                                                 % Of
                                                                        Amount     Total                           Amount            Total
                                                                      --------- -------------------- -----                          --------- -------------------- --------------------
                                                                                                                                                                    
Revenue
---------------------------------------------
                                                                                                                                                                    
     Intermodal                                                     $ 1,097,671                        55%                        $   997,967                               58%
     Dedicated                                                          476,660                        24%                            398,325                               23%
     Integrated Capacity Solutions                                      323,241                        16%                            231,594                               13%
     Truck                                                               97,466                        5%                              96,296                               6%
                                                                      ---------                      -----                          ---------                      --------------------
          Subtotal                                                    1,995,038                       100%                          1,724,182                              100%
          Intersegment eliminations                                     (4,878)                       (0%)                            (3,120)                              (0%)
                                                                      ---------                      -----                          ---------                      --------------------
               Consolidated revenue                                 $ 1,990,160                       100%                        $ 1,721,062                              100%
                                                                      =========                      =====                          =========                      ====================
                                                                                                                                                                    
                                                                                                                                                                    
Operating income
---------------------------------------------
                                                                                                                                                                    
     Intermodal                                                     $    93,271                        64%                        $   124,143                               64%
     Dedicated                                                           34,918                        24%                             57,539                               30%
     Integrated Capacity Solutions                                       11,277                        8%                               6,074                               3%
     Truck                                                                6,380                        4%                               6,750                               3%
     Other (1)                                                             (32)                       (0%)                              (145)                              (0%)
                                                                      ---------                      -----                          ---------                      --------------------
          Operating income                                          $   145,814                       100%                        $   194,361                              100%
                                                                      =========                      =====                          =========                      ====================
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                                                                                                    
                                                                                                                Twelve Months Ended December 31
                                                                      ------------------------------------------------------------------------------------------------------------------
                                                                                      2017                                                                  2016
                                                                      -------------------------------------                         ----------------------------------------------------
                                                                                                      % Of                                                                 % Of
                                                                        Amount     Total                           Amount            Total
                                                                      --------- -------------------- -----                          --------- -------------------- --------------------
Revenue
---------------------------------------------
                                                                                                                                                                    
     Intermodal                                                     $ 4,084,418                        57%                        $ 3,796,251                               58%
     Dedicated                                                        1,718,559                        24%                          1,533,186                               23%
     Integrated Capacity Solutions                                    1,024,576                        14%                            851,550                               13%
     Truck                                                              378,361                        5%                             387,764                               6%
                                                                      ---------                      -----                          ---------                      --------------------
          Subtotal                                                    7,205,914                       100%                          6,568,751                              100%
          Intersegment eliminations                                    (16,346)                       (0%)                           (13,292)                              (0%)
                                                                      ---------                      -----                          ---------                      --------------------
               Consolidated revenue                                 $ 7,189,568                       100%                        $ 6,555,459                              100%
                                                                      =========                      =====                          =========                      ====================
                                                                                                                                                                    
                                                                                                                                                                    
Operating income
---------------------------------------------
                                                                                                                                                                    
     Intermodal                                                     $   407,376                        65%                        $   449,768                               62%
     Dedicated                                                          171,113                        27%                            205,240                               29%
     Integrated Capacity Solutions                                       22,797                        4%                              36,260                               5%
     Truck                                                               22,597                        4%                              29,862                               4%
     Other (1)                                                             (94)                       (0%)                              (110)                              (0%)
                                                                      ---------                      -----                          ---------                      --------------------
          Operating income                                          $   623,789                       100%                        $   721,020                              100%
                                                                      =========                      =====                          =========                      ====================
                                                                                                                                                                    
      (1) Includes corporate support activity
                                                                                                                                                                    
                                                          
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                          Operating Statistics by Segment
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    (unaudited)
                                                                                                               
                                                                                                                                               Three Months Ended December 31
                                                                                                          ---------------------------------------------------------------------------------------------------------
                                                                                                                  2017                                                                                2016
                                                                                                          --------------------                                                                --------------------
                                                                                                                                                                                               
Intermodal
---------------------------------------------------------------
                                                                                                                                                                                               
     Loads                                                                                                             515,669                                                                             491,570
     Average length of haul                                                                                              1,684                                                                               1,685
     Revenue per load                                                                                   $                2,129                                                              $                2,030
     Average tractors during the period *                                                                                5,547                                                                               5,274
                                                                                                                                                                                               
     Tractors (end of period)
          Company-owned                                                                                                  4,776                                                                               4,581
          Independent contractor                                                                                           764                                                                                 695
                                                                                                          --------------------                                                                --------------------
               Total tractors                                                                                            5,540                                                                               5,276
                                                                                                                                                                                               
     Net change in trailing equipment during the period                                                                  1,305                                                                               1,773
     Trailing equipment (end of period)                                                                                 88,610                                                                              84,594
     Average effective trailing equipment usage                                                                         87,522                                                                              81,654
                                                                                                                                                                                               
                                                                                                                                                                                               
Dedicated
---------------------------------------------------------------
                                                                                                                                                                                               
     Loads                                                                                                             686,475                                                                             606,900
     Average length of haul                                                                                                178                                                                                 181
     Revenue per truck per week**                                                                       $                4,426                                                              $                4,247
     Average trucks during the period***                                                                                 8,571                                                                               7,390
                                                                                                                                                                                               
     Trucks (end of period)
          Company-owned                                                                                                  8,124                                                                               6,976
          Independent contractor                                                                                            59                                                                                  15
          Customer-owned (Dedicated operated)                                                                              544                                                                                 410
                                                                                                          --------------------                                                                --------------------
               Total trucks                                                                                              8,727                                                                               7,401
                                                                                                                                                                                               
     Trailing equipment (end of period)                                                                                 25,811                                                                              22,688
     Average effective trailing equipment usage                                                                         25,823                                                                              23,334
                                                                                                                                                                                               
                                                                                                                                                                                               
Integrated Capacity Solutions
---------------------------------------------------------------
                                                                                                                                                                                               
     Loads                                                                                                             277,911                                                                             237,845
     Revenue per load                                                                                   $                1,163                                                              $                  974
     Gross profit margin                                                                                                 14.1%                                                                               12.9%
     Employee count (end of period)                                                                                        954                                                                                 824
     Approximate number of third-party carriers (end of period)                                                         56,700                                                                              50,900
                                                                                                                                                                                               
                                                                                                                                                                                               
Truck
---------------------------------------------------------------
                                                                                                                                                                                               
     Loads                                                                                                              87,538                                                                              96,906
     Average length of haul                                                                                                432                                                                                 439
     Loaded miles (000)                                                                                                 37,852                                                                              42,476
     Total miles (000)                                                                                                  45,206                                                                              50,472
     Average nonpaid empty miles per load                                                                                 84.0                                                                                82.6
     Revenue per tractor per week**                                                                     $                3,782                                                              $                3,540
     Average tractors during the period *                                                                                2,085                                                                               2,158
                                                                                                                                                                                               
     Tractors (end of period)
          Company-owned                                                                                                  1,291                                                                               1,376
          Independent contractor                                                                                           741                                                                                 752
                                                                                                          --------------------                                                                --------------------
               Total tractors                                                                                            2,032                                                                               2,128
                                                                                                                                                                                               
     Trailers (end of period)                                                                                            7,120                                                                               7,642
     Average effective trailing equipment usage                                                                          6,771                                                                               7,287
                                                                                                                                                                                               
                                                                                                                                                                                               
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and
customer-owned trucks
                                                                                                                                                                                               
                                                
--------------------------------------------------------------- -------------------- -------------------------------------------------------------------------------
                                                                   Operating Statistics by Segment
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                             (unaudited)
                                                                                   
                                                                                                               Twelve Months Ended December 31
                                                                                         ---------------------------------------------------------------------------
                                                                                            2017                                                       2016
                                                                                         ---------                                             --------------------
                                                                                                                                                
Intermodal
---------------------------------------------------------------
                                                                                                                                                
     Loads                                                                               1,999,807                                                        1,916,303
     Average length of haul                                                                  1,681                                                            1,657
     Revenue per load                                                                  $     2,042                                           $                1,981
     Average tractors during the period *                                                    5,362                                                            5,222
                                                                                                                                                
     Tractors (end of period)
          Company-owned                                                                      4,776                                                            4,581
          Independent contractor                                                               764                                                              695
                                                                                         ---------                                             --------------------
               Total tractors                                                                5,540                                                            5,276
                                                                                                                                                
     Net change in trailing equipment during the period                                      4,016                                                            5,637
     Trailing equipment (end of period)                                                     88,610                                                           84,594
     Average effective trailing equipment usage                                             82,969                                                           77,179
                                                                                                                                                
                                                                                                                                                
Dedicated
---------------------------------------------------------------
                                                                                                                                                
     Loads                                                                               2,575,245                                                        2,401,332
     Average length of haul                                                                    178                                                              177
     Revenue per truck per week**                                                      $     4,226                                           $                4,077
     Average trucks during the period***                                                     7,946                                                            7,307
                                                                                                                                                
     Trucks (end of period)
          Company-owned                                                                      8,124                                                            6,976
          Independent contractor                                                                59                                                               15
          Customer-owned (Dedicated operated)                                                  544                                                              410
                                                                                         ---------                                             --------------------
               Total trucks                                                                  8,727                                                            7,401
                                                                                                                                                
     Trailing equipment (end of period)                                                     25,811                                                           22,688
     Average effective trailing equipment usage                                             24,550                                                           22,827
                                                                                                                                                
                                                                                                                                                
Integrated Capacity Solutions
---------------------------------------------------------------
                                                                                                                                                
     Loads                                                                                 992,834                                                          852,179
     Revenue per load                                                                  $     1,032                                           $                  999
     Gross profit margin                                                                     13.3%                                                            14.3%
     Employee count (end of period)                                                            954                                                              824
     Approximate number of third-party carriers (end of period)                             56,700                                                           50,900
                                                                                                                                                
                                                                                                                                                
Truck
---------------------------------------------------------------
                                                                                                                                                
     Loads                                                                                 370,591                                                          385,298
     Average length of haul                                                                    435                                                              455
     Loaded miles (000)                                                                    160,932                                                          175,038
     Total miles (000)                                                                     192,433                                                          207,998
     Average nonpaid empty miles per load                                                     85.1                                                             85.6
     Revenue per tractor per week**                                                    $     3,556                                           $                3,458
     Average tractors during the period*                                                     2,098                                                            2,191
                                                                                                                                                
     Tractors (end of period)
          Company-owned                                                                      1,291                                                            1,376
          Independent contractor                                                               741                                                              752
                                                                                         ---------                                             --------------------
               Total tractors                                                                2,032                                                            2,128
                                                                                                                                                
     Trailers (end of period)                                                                7,120                                                            7,642
     Average effective trailing equipment usage                                              7,066                                                            6,956
                                                                                                                                                
                                                                                                                                                
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and
customer-owned trucks
                                                                                                                                                
                                                                                                                           
                                                                                     J.B. HUNT TRANSPORT SERVICES, INC.
                                                                                    Condensed Consolidated Balance Sheets
                                                                                               (in thousands)
                                                                                                 (unaudited)
                                                                                                                                                                                        
                                                               December 31, 2017                                      December 31, 2016
-------------------------------------------------------- -------------------- ----------------------------------------------------------------------------------- ------------------------------------------
ASSETS
     Current assets:
          Cash and cash equivalents                                                              $               14,612                                                              $                6,377
          Accounts Receivable                                                                                   920,767                                                                             745,288
          Prepaid expenses and other                                      286,135                    194,016
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Total current assets                                     1,221,514                    945,681
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Property and equipment                                                                                   4,670,464                                                                           4,258,915
          Less accumulated depreciation                                 1,687,133                  1,440,124
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Net property and equipment                               2,983,331                  2,818,791
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
     Other assets                                                         143,290                     64,516
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                           $            4,348,135                        $            3,828,988
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                        
                                                                                                                                                                                        
LIABILITIES & STOCKHOLDERS’ EQUITY
     Current liabilities:
          Trade accounts payable                                                                 $              598,594                                                              $              384,308
          Claims accruals                                                                                       134,766                                                                             109,745
          Accrued payroll                                                                                        42,382                                                                              51,929
          Other accrued expenses                                           28,888                     27,152
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
               Total current liabilities                                  804,630                    573,134
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                        
     Long-term debt                                                                                           1,085,649                                                                             986,278
     Other long-term liabilities                                                                                 76,661                                                                              64,881
     Deferred income taxes                                                                                      541,870                                                                             790,634
     Stockholders’ equity                                               1,839,325                  1,414,061
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                           $            4,348,135                        $            3,828,988
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                        
                                                                                                                                                                                        
                                                                                                                                                                                        
                                                                                              Supplemental Data
                                                                                                 (unaudited)
                                                   
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                               December 31, 2017                                      December 31, 2016
-------------------------------------------------------- -------------------- ----------------------------------------------------------------------------------- ------------------------------------------
                                                                                                                                                                                        
Actual shares outstanding at end of period (000)                          109,753                    111,305
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                   
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
Book value per actual share outstanding at end of period                      $                16.76                        $                12.70
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                        
                                                                                                                                                                                        
                                                   
-------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                        Twelve Months Ended December 31
                                                                                                   ---------------------------------------------------------------------------------------------------------
                                                                                                                      2017                                                           2016
                                                                                                   ------------------------------------------                     ------------------------------------------
                                                                                                                                                                                        
Net cash provided by operating activities (000)                               $              834,913                        $              854,143
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                        
Net capital expenditures (000)                                                $              510,515                        $              485,256
======================================================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                        

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180118005247r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180118005247/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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