Attached files
| file | filename |
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| 8-K - FORM 8-K - HUNT J B TRANSPORT SERVICES INC | jbht20160718_8k.htm |
Exhibit 99.1
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J.B. Hunt Transport Services, Inc. |
Contact: David G. Mee | |
|
615 J.B. Hunt Corporate Drive Lowell, Arkansas 72745 |
Executive Vice President, Finance/Administration and Chief Financial Officer | |
| (NASDAQ: JBHT) | (479) 820-8363 | |
FOR IMMEDIATE RELEASE
J.B. HUNT TRANSPORT SERVICES, INC. REPORTS EARNINGS FOR THE SECOND
QUARTER 2016 AND UPDATES FULL YEAR 2016 EXPECTATIONS
|
■ Second Quarter 2016 Revenue: |
$1.62 billion; up 5% | |
|
■ Second Quarter 2016 Operating Income: |
$176 million; up 1% | |
|
■ Second Quarter 2016 EPS: |
92 cents vs. 88 cents |
LOWELL, ARKANSAS, July 18, 2016 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced second quarter 2016 net earnings of $105 million, or diluted earnings per share of 92 cents vs. second quarter 2015 net earnings of $103 million, or 88 cents per diluted share.
Total operating revenue for the current quarter was $1.62 billion, compared with $1.54 billion for the second quarter 2015, an increase of 5%. Current quarter total operating revenue, excluding fuel surcharges, increased 9% vs. the comparable quarter 2015. Load growth of 9% in Intermodal (JBI) and 62% in Integrated Capacity Solutions (ICS), a 5% increase in revenue producing trucks in Dedicated Contract Services (DCS) and an 11% increase in average fleet count in our Truck (JBT) business segment, contributed to the increase in consolidated revenue compared to prior year.
Operating income for the current quarter totaled $176 million versus $174 million for the second quarter 2015. The benefits of volume growth, increases in revenue producing truck counts and higher equipment utilization, were substantially offset by increases in rail purchased transportation costs, higher driver wages and recruiting costs and increased equipment ownership costs. In the second quarter of 2015, we recorded a charge of approximately $14.1 million for corporate wide streamlining and technology redevelopment costs.
Interest expense in the current quarter decreased due to lower overall debt levels from the same period last year. The effective income tax rate for the quarter was 38.0% versus 38.1% for the second quarter 2015. The 2016 annual tax rate is expected to be approximately 38.0%.
The Company posted revised full year 2016 Financial Expectations on its website under the Investors tab at www.jbhunt.com.
Segment Information:
Intermodal (JBI)
■ Second Quarter 2016 Segment Revenue: $933 million; up 3%
■ Second Quarter 2016 Operating Income: $105.6 million; down 11%
JBI load volumes grew 9% over the same period in 2015. Eastern network realized load growth of 10% and Transcontinental loads grew 8% as west coast port volumes continued a more normal velocity and rail service continued a year over year improvement trend. Revenue increased 3% reflecting the 9% volume growth, offset by a 5% decrease 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 2015.
Operating income decreased 11% from prior year. Benefits from volume growth, improved box utilization, lower outsourced carrier costs and reduced maintenance costs were not enough to overcome the cost increases in rail purchased transportation, equipment ownership, insurance and claims, and driver recruiting and retention. Second quarter of 2015 included approximately $6.4 million in corporate wide streamlining and technology redevelopment costs. The current period ended with 81,243 units of trailing capacity and 5,244 power units assigned to the dray fleet.
Dedicated Contract Services (DCS)
■ Second Quarter 2016 Segment Revenue: $383 million; up 4%
■ Second Quarter 2016 Operating Income: $50.5 million; up 24%
DCS revenue increased 4% during the current quarter over the same period in 2015. Productivity, defined as revenue per truck per week, decreased approximately 1% vs. 2015 primarily from lower fuel surcharges. Productivity excluding fuel surcharges increased 1% over a year ago primarily from better integration of assets between customer accounts, fewer unseated trucks, increased customer supply chain fluidity and customer rate increases. A net additional 350 revenue producing trucks, 132 net additions compared to first quarter 2016, were in the fleet by the end of the quarter compared to prior year. Approximately 87% of these additions represent private fleet conversions versus traditional dedicated capacity fleets. Customer retention rates remain above 98%.
The operating income increase of 24% over the prior year quarter is primarily due to increased revenue, improved asset utilization, and a reduction in overall safety costs, partially offset by higher driver wage and recruiting costs, increased salaries and benefits costs as well as higher equipment ownership costs. Approximately $2.6 million of corporate wide streamlining and technology redevelopment costs was incurred in the second quarter 2015.
Integrated Capacity Solutions (ICS)
■ Second Quarter 2016 Segment Revenue: $204 million; up 17%
■ Second Quarter 2016 Operating Income: $10.9 million; up 122%
ICS revenue was up 17% compared to the second quarter 2015. Volumes increased 62% while revenue per load decreased 28%, primarily due to freight mix changes driven by customer demand and lower fuel prices compared to second quarter 2015. Contractual volumes represented approximately 73% of total load volume and 65% of total revenue compared to 70% and 62%, respectively, in second quarter 2015.
Operating income increased 122% over the same period 2015 primarily from increased volume and related revenue. Gross profit margins decreased to 15.0% in the current quarter versus 15.2% in the same period last year. The decrease in gross margin percentage is primarily the result of new customer rates implemented on contractual business and lower customer spot rates compared to the second quarter 2015. The increase in operating income was partly offset by higher personnel costs as the total branch count increased to 35 from 31 at second quarter 2015. Second quarter 2015 included $4.4 million of corporate wide streamlining and technology redevelopment costs. The carrier base increased 16% and the employee count increased 13% vs. second quarter 2015.
Truck (JBT)
■ Second Quarter 2016 Segment Revenue: $98 million; up 1%
■ Second Quarter 2016 Operating Income: $8.9 million; down 9%
JBT revenue for the current quarter was up 1% compared to the same period in 2015. Revenue excluding fuel surcharges increased 6%, primarily from an 11% increase in average fleet count. Rate per loaded mile excluding fuel surcharges was down approximately 5% primarily from customer driven freight mix changes, including a 5.8% increase in length of haul. Core customer rate increases were up 0.9% compared to the same period in 2015. At the end of the period, JBT operated 2,186 tractors compared to 2,073 a year ago.
Operating income decreased 9% compared to the same quarter 2015. Benefits of the larger fleet were more than offset by lower rates per loaded mile, increased driver hiring costs, higher independent contractor cost and increased tractor maintenance costs compared to the second quarter 2015. Approximately $700,000 of streamlining and technology redevelopment costs were recorded in second quarter 2015.
Cash Flow and Capitalization:
At June 30, 2016, we had a total of $958 million outstanding on various debt instruments compared to $890 million at June 30, 2015 and $998 million at December 31, 2015.
Our net capital expenditures for the six months ended June 30, 2016 approximated $258 million compared to $299 million for the same period 2015. At June 30, 2016, we had cash and cash equivalents of $11.3 million.
We had no purchases of our common stock during the second quarter 2016. At June 30, 2016 we had approximately $351 million remaining under our share repurchase authorization. Actual shares outstanding at June 30, 2016 approximated 112.7 million.
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2015. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.
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J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolidated Statements of Earnings (in thousands, except per share data) (unaudited) |
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Three Months Ended June 30 |
||||||||||||||||
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2016 |
2015 |
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% Of |
% Of |
|||||||||||||||
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Amount |
Revenue |
Amount |
Revenue |
|||||||||||||
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Operating revenues, excluding fuel surcharge revenues |
$ | 1,483,354 | $ | 1,360,631 | ||||||||||||
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Fuel surcharge revenues |
131,672 | 179,326 | ||||||||||||||
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Total operating revenues |
1,615,026 | 100.0 | % | 1,539,957 | 100.0 | % | ||||||||||
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Operating expenses |
||||||||||||||||
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Rents and purchased transportation |
794,907 | 49.2 | % | 730,851 | 47.5 | % | ||||||||||
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Salaries, wages and employee benefits |
371,969 | 23.0 | % | 348,277 | 22.6 | % | ||||||||||
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Depreciation and amortization |
90,364 | 5.6 | % | 83,661 | 5.4 | % | ||||||||||
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Fuel and fuel taxes |
71,489 | 4.4 | % | 84,891 | 5.5 | % | ||||||||||
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Operating supplies and expenses |
56,495 | 3.5 | % | 56,718 | 3.7 | % | ||||||||||
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General and administrative expenses, net of asset dispositions |
18,711 | 1.2 | % | 27,670 | 1.8 | % | ||||||||||
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Insurance and claims |
19,094 | 1.2 | % | 18,207 | 1.2 | % | ||||||||||
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Operating taxes and licenses |
11,365 | 0.7 | % | 10,734 | 0.7 | % | ||||||||||
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Communication and utilities |
4,840 | 0.3 | % | 5,213 | 0.3 | % | ||||||||||
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Total operating expenses |
1,439,234 | 89.1 | % | 1,366,222 | 88.7 | % | ||||||||||
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Operating income |
175,792 | 10.9 | % | 173,735 | 11.3 | % | ||||||||||
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Net interest expense |
6,420 | 0.4 | % | 6,661 | 0.5 | % | ||||||||||
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Earnings before income taxes |
169,372 | 10.5 | % | 167,074 | 10.8 | % | ||||||||||
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Income taxes |
64,361 | 4.0 | % | 63,655 | 4.1 | % | ||||||||||
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Net earnings |
$ | 105,011 | 6.5 | % | $ | 103,419 | 6.7 | % | ||||||||
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Average diluted shares outstanding |
113,761 | 117,811 | ||||||||||||||
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Diluted earnings per share |
$ | 0.92 | $ | 0.88 | ||||||||||||
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J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
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Six Months Ended June 30 |
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2016 |
2015 |
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% Of |
% Of |
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Amount |
Revenue |
Amount |
Revenue |
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Operating revenues, excluding fuel surcharge revenues |
$ | 2,910,008 | $ | 2,624,541 | ||||||||||||
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Fuel surcharge revenues |
233,730 | 355,596 | ||||||||||||||
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Total operating revenues |
3,143,738 | 100.0 | % | 2,980,137 | 100.0 | % | ||||||||||
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Operating expenses |
||||||||||||||||
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Rents and purchased transportation |
1,535,310 | 48.8 | % | 1,424,535 | 47.8 | % | ||||||||||
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Salaries, wages and employee benefits |
734,480 | 23.4 | % | 678,786 | 22.8 | % | ||||||||||
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Depreciation and amortization |
178,716 | 5.7 | % | 165,038 | 5.5 | % | ||||||||||
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Fuel and fuel taxes |
130,903 | 4.2 | % | 166,704 | 5.6 | % | ||||||||||
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Operating supplies and expenses |
111,031 | 3.5 | % | 107,199 | 3.6 | % | ||||||||||
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General and administrative expenses, net of asset dispositions |
40,545 | 1.3 | % | 41,606 | 1.4 | % | ||||||||||
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Insurance and claims |
36,522 | 1.2 | % | 35,635 | 1.2 | % | ||||||||||
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Operating taxes and licenses |
22,491 | 0.7 | % | 20,822 | 0.7 | % | ||||||||||
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Communication and utilities |
10,058 | 0.3 | % | 10,857 | 0.4 | % | ||||||||||
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Total operating expenses |
2,800,056 | 89.1 | % | 2,651,182 | 89.0 | % | ||||||||||
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Operating income |
343,682 | 10.9 | % | 328,955 | 11.0 | % | ||||||||||
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Net interest expense |
12,862 | 0.4 | % | 13,364 | 0.4 | % | ||||||||||
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Earnings before income taxes |
330,820 | 10.5 | % | 315,591 | 10.6 | % | ||||||||||
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Income taxes |
125,711 | 4.0 | % | 120,240 | 4.0 | % | ||||||||||
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Net earnings |
$ | 205,109 | 6.5 | % | $ | 195,351 | 6.6 | % | ||||||||
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Average diluted shares outstanding |
113,882 | 117,805 | ||||||||||||||
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Diluted earnings per share |
$ | 1.80 | $ | 1.66 | ||||||||||||
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Financial Information By Segment |
(in thousands)
(unaudited)
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Three Months Ended June 30 |
||||||||||||||||
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2016 |
2015 |
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% Of |
% Of |
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Amount |
Total |
Amount |
Total |
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Revenue |
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Intermodal |
$ | 933,430 | 58 | % | $ | 904,868 | 59 | % | ||||||||
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Dedicated |
382,721 | 24 | % | 366,716 | 24 | % | ||||||||||
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Integrated Capacity Solutions |
203,767 | 12 | % | 173,879 | 11 | % | ||||||||||
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Truck |
98,264 | 6 | % | 97,509 | 6 | % | ||||||||||
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Subtotal |
1,618,182 | 100 | % | 1,542,972 | 100 | % | ||||||||||
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Intersegment eliminations |
(3,156 | ) | (0 | %) | (3,015 | ) | (0 | %) | ||||||||
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Consolidated revenue |
$ | 1,615,026 | 100 | % | $ | 1,539,957 | 100 | % | ||||||||
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Operating income |
||||||||||||||||
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Intermodal |
$ | 105,614 | 60 | % | $ | 118,617 | 68 | % | ||||||||
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Dedicated |
50,467 | 29 | % | 40,573 | 23 | % | ||||||||||
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Integrated Capacity Solutions |
10,875 | 6 | % | 4,893 | 3 | % | ||||||||||
|
Truck |
8,853 | 5 | % | 9,675 | 6 | % | ||||||||||
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Other (1) |
(17 | ) | (0 | %) | (23 | ) | (0 | %) | ||||||||
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Operating income |
$ | 175,792 | 100 | % | $ | 173,735 | 100 | % | ||||||||
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Six Months Ended June 30 |
||||||||||||||||
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2016 |
2015 |
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% Of |
% Of |
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Amount |
Total |
Amount |
Total |
|||||||||||||
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Revenue |
||||||||||||||||
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Intermodal |
$ | 1,828,630 | 58 | % | $ | 1,748,757 | 59 | % | ||||||||
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Dedicated |
741,091 | 24 | % | 711,905 | 24 | % | ||||||||||
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Integrated Capacity Solutions |
386,934 | 12 | % | 337,090 | 11 | % | ||||||||||
|
Truck |
194,315 | 6 | % | 188,697 | 6 | % | ||||||||||
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Subtotal |
3,150,970 | 100 | % | 2,986,449 | 100 | % | ||||||||||
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Intersegment eliminations |
(7,232 | ) | (0 | %) | (6,312 | ) | (0 | %) | ||||||||
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Consolidated revenue |
$ | 3,143,738 | 100 | % | $ | 2,980,137 | 100 | % | ||||||||
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Operating income |
||||||||||||||||
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Intermodal |
$ | 208,740 | 61 | % | $ | 222,879 | 68 | % | ||||||||
|
Dedicated |
95,237 | 28 | % | 76,388 | 23 | % | ||||||||||
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Integrated Capacity Solutions |
21,670 | 6 | % | 11,522 | 4 | % | ||||||||||
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Truck |
18,032 | 5 | % | 18,204 | 5 | % | ||||||||||
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Other (1) |
3 | 0 | % | (38 | ) | (0 | %) | |||||||||
|
Operating income |
$ | 343,682 | 100 | % | $ | 328,955 | 100 | % | ||||||||
(1) Includes corporate support activity
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Operating Statistics by Segment | ||||
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(unaudited) |
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Three Months Ended June 30 |
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2016 |
2015 |
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Intermodal |
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Loads |
476,098 | 436,466 | ||||||
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Average length of haul |
1,640 | 1,642 | ||||||
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Revenue per load |
$ | 1,961 | $ | 2,073 | ||||
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Average tractors during the period * |
5,232 | 4,915 | ||||||
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Tractors (end of period) |
||||||||
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Company-owned |
4,519 | 4,186 | ||||||
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Independent contractor |
725 | 701 | ||||||
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Total tractors |
5,244 | 4,887 | ||||||
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Net change in trailing equipment during the period |
1,377 | 2,086 | ||||||
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Trailing equipment (end of period) |
81,243 | 76,279 | ||||||
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Average effective trailing equipment usage |
74,751 | 70,823 | ||||||
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Dedicated |
||||||||
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Loads |
607,078 | 562,017 | ||||||
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Average length of haul |
174 | 176 | ||||||
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Revenue per truck per week** |
$ | 4,062 | $ | 4,096 | ||||
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Average trucks during the period*** |
7,286 | 6,921 | ||||||
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Trucks (end of period) |
||||||||
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Company-owned |
6,833 | 6,543 | ||||||
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Independent contractor |
17 | 7 | ||||||
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Customer-owned (Dedicated operated) |
472 | 422 | ||||||
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Total trucks |
7,322 | 6,972 | ||||||
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Trailing equipment (end of period) |
21,914 | 20,989 | ||||||
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Average effective trailing equipment usage |
22,597 | 22,275 | ||||||
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Integrated Capacity Solutions |
||||||||
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Loads |
199,312 | 123,082 | ||||||
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Revenue per load |
$ | 1,022 | $ | 1,413 | ||||
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Gross profit margin |
15.0 | % | 15.2 | % | ||||
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Employee count (end of period) |
721 | 636 | ||||||
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Approximate number of third-party carriers (end of period) |
48,900 | 42,300 | ||||||
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Truck |
||||||||
|
Loads |
96,929 | 93,225 | ||||||
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Average length of haul |
460 | 435 | ||||||
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Loaded miles (000) |
44,614 | 40,355 | ||||||
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Total miles (000) |
53,063 | 47,752 | ||||||
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Average nonpaid empty miles per load |
87.2 | 79.3 | ||||||
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Revenue per tractor per week** |
$ | 3,419 | $ | 3,802 | ||||
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Average tractors during the period * |
2,234 | 2,021 | ||||||
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Tractors (end of period) |
||||||||
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Company-owned |
1,401 | 1,510 | ||||||
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Independent contractor |
785 | 563 | ||||||
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Total tractors |
2,186 | 2,073 | ||||||
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Trailers (end of period) |
7,249 | 7,479 | ||||||
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Average effective trailing equipment usage |
6,784 | 6,392 | ||||||
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
|
Operating Statistics by Segment | ||||
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(unaudited) |
|
Six Months Ended June 30 |
||||||||
|
2016 |
2015 |
|||||||
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Intermodal |
||||||||
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Loads |
935,624 | 846,763 | ||||||
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Average length of haul |
1,641 | 1,643 | ||||||
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Revenue per load |
$ | 1,954 | $ | 2,065 | ||||
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Average tractors during the period * |
5,169 | 4,866 | ||||||
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Tractors (end of period) |
||||||||
|
Company-owned |
4,519 | 4,186 | ||||||
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Independent contractor |
725 | 701 | ||||||
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Total tractors |
5,244 | 4,887 | ||||||
|
Net change in trailing equipment during the period |
2,286 | 2,981 | ||||||
|
Trailing equipment (end of period) |
81,243 | 76,279 | ||||||
|
Average effective trailing equipment usage |
73,998 | 69,758 | ||||||
|
Dedicated |
||||||||
|
Loads |
1,186,556 | 1,092,779 | ||||||
|
Average length of haul |
174 | 176 | ||||||
|
Revenue per truck per week** |
$ | 3,969 | $ | 4,032 | ||||
|
Average trucks during the period*** |
7,241 | 6,887 | ||||||
|
Trucks (end of period) |
||||||||
|
Company-owned |
6,833 | 6,543 | ||||||
|
Independent contractor |
17 | 7 | ||||||
|
Customer-owned (Dedicated operated) |
472 | 422 | ||||||
|
Total trucks |
7,322 | 6,972 | ||||||
|
Trailing equipment (end of period) |
21,914 | 20,989 | ||||||
|
Average effective trailing equipment usage |
22,517 | 22,276 | ||||||
|
Integrated Capacity Solutions |
||||||||
|
Loads |
374,935 | 244,044 | ||||||
|
Revenue per load |
$ | 1,032 | $ | 1,381 | ||||
|
Gross profit margin |
16.1 | % | 14.5 | % | ||||
|
Employee count (end of period) |
721 | 636 | ||||||
|
Approximate number of third-party carriers (end of period) |
48,900 | 42,300 | ||||||
|
Truck |
||||||||
|
Loads |
191,339 | 179,468 | ||||||
|
Average length of haul |
464 | 443 | ||||||
|
Loaded miles (000) |
88,697 | 78,991 | ||||||
|
Total miles (000) |
105,209 | 93,206 | ||||||
|
Average nonpaid empty miles per load |
86.3 | 79.1 | ||||||
|
Revenue per tractor per week** |
$ | 3,415 | $ | 3,754 | ||||
|
Average tractors during the period* |
2,222 | 1,982 | ||||||
|
Tractors (end of period) |
||||||||
|
Company-owned |
1,401 | 1,510 | ||||||
|
Independent contractor |
785 | 563 | ||||||
|
Total tractors |
2,186 | 2,073 | ||||||
|
Trailers (end of period) |
7,249 | 7,479 | ||||||
|
Average effective trailing equipment usage |
6,727 | 6,208 | ||||||
* 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, 2016 |
December 31, 2015 |
|||||||
|
ASSETS |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ | 11,277 | $ | 5,566 | ||||
|
Accounts Receivable |
744,026 | 654,542 | ||||||
|
Prepaid expenses and other |
71,705 | 197,817 | ||||||
|
Total current assets |
827,008 | 857,925 | ||||||
|
Property and equipment |
4,128,542 | 4,019,451 | ||||||
|
Less accumulated depreciation |
1,361,627 | 1,318,122 | ||||||
|
Net property and equipment |
2,766,915 | 2,701,329 | ||||||
|
Other assets |
103,441 | 70,290 | ||||||
| $ | 3,697,364 | $ | 3,629,544 | |||||
|
LIABILITIES & STOCKHOLDERS' EQUITY |
||||||||
|
Current liabilities: |
||||||||
|
Trade accounts payable |
$ | 343,652 | $ | 340,332 | ||||
|
Claims accruals |
115,628 | 104,220 | ||||||
|
Accrued payroll |
66,237 | 59,420 | ||||||
|
Other accrued expenses |
27,199 | 28,445 | ||||||
|
Total current liabilities |
552,716 | 532,417 | ||||||
|
Long-term debt |
957,574 | 998,003 | ||||||
|
Other long-term liabilities |
65,075 | 58,552 | ||||||
|
Deferred income taxes |
742,574 | 740,220 | ||||||
|
Stockholders' equity |
1,379,425 | 1,300,352 | ||||||
| $ | 3,697,364 | $ | 3,629,544 | |||||
Supplemental Data
(unaudited)
|
June 30, 2016 |
December 31, 2015 |
|||||||
|
Actual shares outstanding at end of period (000) |
112,680 | 113,948 | ||||||
|
Book value per actual share outstanding at end of period |
$ | 12.24 | $ | 11.41 | ||||
|
Six Months Ended June 30 |
||||||||
|
2016 |
2015 |
|||||||
|
Net cash provided by operating activities (000) |
$ | 474,138 | $ | 453,537 | ||||
|
Net capital expenditures (000) |
$ | 257,958 | $ | 299,246 | ||||