J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for Both the Fourth Quarter and Year Ended December 31, 2023
J.B. Hunt Transport Services, Inc. (JBHT) reported a decrease in revenue, operating income, and diluted EPS for the fourth quarter and full year of 2023. The company experienced declines in volume, revenue per load, and operating income across its segments, with the exception of a few positive offsets. The PR also details the impact of pre-tax charges, changes in segment operations, and the company's cash flow and capitalization.
Negative
Revenue, operating income, and diluted EPS decreased for the fourth quarter and full year of 2023
Volume, revenue per load, and operating income decreased across multiple segments
Negative impact of pre-tax charges and changes in segment operations
The reported decline in revenues and operating income for J.B. Hunt Transport Services indicates a contraction in business performance. A 9% drop in quarterly revenue and a 28% reduction in operating income reflect challenges in the logistics sector, potentially due to macroeconomic factors such as decreased demand or increased competition. The 23% decrease in diluted EPS is particularly noteworthy for investors, as it suggests a significant impact on profitability.
From a financial perspective, the increased net interest expense, due to higher interest rates and a larger average debt balance, raises concerns about the company's debt servicing costs amidst a challenging operating environment. The effective tax rate also presents a mixed picture, with a lower rate in the current quarter potentially providing some relief to net income, although the expected increase in the annual tax rate for 2024 could exert additional pressure on future earnings.
It's crucial to consider the company's segment recast , which realigns operations between segments. Such reorganizations can affect comparability with prior periods, thus complicating the analysis for trend identification. However, it might also suggest strategic shifts aimed at optimizing performance.
The capital expenditure increase and share repurchase activity reflect ongoing investments in the business and a commitment to shareholder returns, respectively. However, the increase in total debt and the decrease in cash and cash equivalents could indicate liquidity constraints.
The logistics industry is highly sensitive to economic cycles and J.B. Hunt's performance is indicative of broader market trends. The decline in volume across several segments, including Integrated Capacity Solutions and Truckload, suggests a downturn in freight activity, which could be attributed to a cooling of consumer demand or a shift in supply chain dynamics.
The Intermodal segment shows a complex picture, with increased volume but decreased revenue per load. This dichotomy may point to competitive pricing pressures or a shift in service mix that affects profitability. The Final Mile Services segment's revenue decline, despite new contracts, highlights the challenges in the high-touch, last-mile delivery market, often characterized by high costs and customer expectations.
The increase in operating income for the Dedicated Contract Services segment is a positive note, suggesting that long-term contracts and efficient operations can be a stabilizing factor for logistics companies. The maturation of new business and improvements in productivity here are encouraging signs that could potentially be replicated in other segments.
The financial results of J.B. Hunt can be seen as a microcosm for the transportation sector and, by extension, the broader economy. The reported declines are symptomatic of economic headwinds such as inflationary pressures, interest rate hikes and possibly a softening demand environment. The increase in driver wages and benefits as a percentage of gross revenue is a clear indicator of inflation's impact on operational costs.
Furthermore, the decline in volume and revenue in specific segments could be reflective of a shift in consumer spending patterns or a broader economic slowdown. The company's agility in managing costs and optimizing operations will be crucial in weathering these macroeconomic challenges.
Additionally, the lower tax rate for the current year could have provided some cushion against declining profits, but the anticipated increase in the tax rate for the next year could further challenge profitability. This tax rate forecast aligns with broader fiscal policy trends where rates are adjusted in response to economic conditions.
01/18/2024 - 04:05 PM
Fourth Quarter 2023 Revenue: $3.30 billion ; down 9%
Fourth Quarter 2023 Operating Income: $203.3 million ; down 28%
Fourth Quarter 2023 Diluted EPS: $1.47 vs. $1.92 ; down 23%
Full Year 2023 Revenue: $12.83 billion ; down 13%
Full Year 2023 Operating Income: $993 million ; down 25%
Full Year 2023 Diluted EPS: $6.97 vs. $9.21 ; down 24%
LOWELL, Ark. --(BUSINESS WIRE)--
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced fourth quarter 2023 U.S. GAAP (United States Generally Accepted Accounting Principles) net income of $153.5 million , or diluted earnings per share of $1.47 versus fourth quarter 2022 net earnings of $201.3 million , or diluted earnings per share of $1.92 .
Total operating revenue for the current quarter was $3.30 billion , compared with $3.65 billion for the fourth quarter 2022, a decrease of 9% . Current quarter total operating revenue, excluding fuel surcharge revenue, decreased approximately 6% versus the comparable quarter 2022. This decrease was primarily driven by a 12% and 7% decline in volume in Integrated Capacity Solutions (ICS) and Truckload (JBT) respectively, a 10% and 13% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and JBT, respectively, and a 12% decline in stops in Final Mile Services® (FMS). Revenue, excluding fuel surcharge revenue, performance was positively offset by a 6% increase in volume in JBI, a 3% increase in productivity (revenue per truck per week excluding fuel surcharge revenue) in Dedicated Contract Services® (DCS® ), and the revenue contribution from the acquisition of the brokerage assets of BNSF Logistics.
Operating income for the current quarter decreased 28% to $203.3 million versus $281.9 million for the fourth quarter 2022. Current and prior quarter operating income was negatively impacted by pre-tax charges of $53.4 million and $64.0 million for insurance-related items, respectively. Excluding these charges, operating income declined from the prior year period primarily due to yield pressure in JBI, ICS and JBT, higher equipment-related costs, and increased insurance and claims expense. In addition, fourth quarter 2023 included a $15.0 million net increase in loss on sale of equipment compared to the prior-year period. On a consolidated basis, operating income as a percentage of consolidated gross revenue decreased year-over-year as a result of higher equipment-related cost and professional driver and non-driver wages and benefits as a percentage of gross revenue. These items were partially offset by lower rail and truck purchased transportation costs as a percentage of gross revenue.
Net interest expense in the current quarter increased primarily from higher interest rates and a higher average outstanding debt balance compared to fourth quarter 2022. The fourth quarter effective tax rates for 2023 and 2022 were 17.9% and 25.7% , respectively. The annual effective tax rates for 2023 and 2022 were 22.1% and 24.4% , respectively. We expect our 2024 annual tax rate to be between 24.0% and 25.0% .
Segment Recast:
On January 1, 2023, the Company transferred the majority of JBT's company-owned trucking operations to DCS and transferred its less-than-truckload brokerage operations from ICS to FMS. The segment information discussed below adjusts the prior-year periods for these operational transfers between segments.
Segment Information:
Intermodal (JBI)
Fourth Quarter 2023 Segment Revenue: $1.62 billion ; down 7%
Fourth Quarter 2023 Operating Income: $129.9 million ; down 28%
Intermodal volume increased 6% over the same period in 2022. Transcontinental network loads increased 13% , while eastern network loads decreased 2% compared to the fourth quarter 2022. Year-over-year demand trends for our intermodal service improved throughout the quarter largely driven by seasonal activity, that was absent in the prior-year period, and strong performance by our rail providers during the quarter. Revenue decreased 7% for the quarter versus the prior year primarily driven by a 13% decrease in revenue per load resulting from changes in mix of freight, customer rates and fuel surcharge revenue, partially offset by the 6% increase in volume. Revenue per load excluding fuel surcharge revenue was down 10% year-over-year.
Operating income decreased 28% in the fourth quarter. Fourth quarter 2023 and 2022 included $16.0 million and $21.8 million in pre-tax charges for insurance-related items, respectively. Excluding these charges, operating income decreased primarily from lower yields, partially offset by higher volume. JBI segment operating income as a percentage of segment gross revenue declined versus the prior-year period as a result of increases in professional driver and non-driver wages and benefits and higher equipment-related and maintenance expenses as a percentage of gross revenue. During the period we onboarded approximately 800 new units of container capacity. The current period ended with 118,171 units of trailing capacity and approximately 6,400 power units in the dray fleet.
Dedicated Contract Services (DCS)
Fourth Quarter 2023 Segment Revenue: $884 million ; down 3%
Fourth Quarter 2023 Operating Income: $86.1 million ; up 8%
DCS revenue decreased 3% during the current quarter over the same period 2022, driven by a 2% decline in average trucks combined with a modest decline in productivity (revenue per truck per week). Productivity, excluding fuel surcharge revenue, increased 3% from a year ago driven by increases in contracted indexed-based price escalators but partially offset by an increase in idled equipment. On a net basis, there were 122 fewer revenue producing trucks in the fleet by the end of the quarter compared to the prior-year period, and 7 fewer versus the end of the third quarter 2023. Customer retention rates are approximately 93% , largely reflecting the downsizing of fleets and to a lesser extent account losses.
Operating income increased 8% from the prior year quarter. Fourth quarter 2023 and 2022 included $20.0 million and $18.7 million in pre-tax charges for insurance-related items, respectively. Excluding these charges, operating income increased primarily from the maturing of new business onboarded over the trailing twelve months, lower maintenance cost, and greater productivity and utilization of equipment. These items were partially offset by higher equipment-related cost, a net $8.1 million increase in loss on sale of equipment, and increased bad debt expense.
Integrated Capacity Solutions (ICS)
Fourth Quarter 2023 Segment Revenue: $364 million ; down 25%
Fourth Quarter 2023 Operating Loss: $(24.9) million ; compared to $(3.2) million in 4Q’22
ICS revenue decreased 25% in the current quarter versus the fourth quarter 2022. Overall segment volume decreased 12% versus the prior-year period. Revenue per load decreased 15% compared to the fourth quarter 2022 due to lower contractual and transactional rates and changes in customer freight mix. Contractual volume represented approximately 59% of the total load volume and 59% of the total revenue in the current quarter compared to 56% and 60% , respectively, in fourth quarter 2022.
Operating loss was $24.9 million compared to an operating loss of $3.2 million in the fourth quarter 2022. Fourth quarter 2023 and 2022 included $9.9 million and $15.1 million in pre-tax charges for insurance-related items, respectively. Excluding these charges, operating performance declined largely due to a $24.3 million decrease in gross profit, higher leased equipment-related costs, and integration and transaction costs related to the purchase of the brokerage assets of BNSF Logistics. These items were partially offset by lower personnel and technology costs. Gross profit declined 32% as a result of lower volume, revenue, and gross profit margins compared to the prior-year period. Gross profit margins decreased to 14.0% in the current period versus 15.6% in the prior period. ICS carrier base decreased 22% year-over-year, largely driven by changes to carrier qualification requirements.
Final Mile Services (FMS)
Fourth Quarter 2023 Segment Revenue: $243 million ; down 9%
Fourth Quarter 2023 Operating Income: $12.3 million ; down 5%
FMS revenue declined 9% compared to the same period 2022. The decline was primarily driven by general weakness in demand across many of the end markets served, in addition to efforts to improve the overall business portfolio. The decline in revenue was partially offset by improved revenue quality at underperforming accounts and multiple new customer contracts implemented over the past year.
Operating income decreased 5% compared to the prior-year period. Both fourth quarter 2023 and 2022 included $3.3 million in pre-tax charges for insurance-related items. Excluding these charges, operating income decreased primarily from lower revenue, increased equipment-related cost, and higher insurance and claims expense. These items were partially offset by lower personnel expense, maintenance cost, and bad debt expense.
Truckload (JBT)
Fourth Quarter 2023 Segment Revenue: $195 million ; down 19%
Fourth Quarter 2023 Operating (Loss)/Income: $(39) thousand ; compared to $12.9 million in 4Q’22
JBT revenue decreased 19% compared to the same period in the previous year. Revenue excluding fuel surcharge revenue decreased 19% primarily due to a 13% decline in revenue per load excluding fuel surcharge revenue and a 7% decline in load volume, partially offset by a 13% increase in average length of haul. Total average effective trailer count increased by approximately 500 units, or 4% versus the prior-year period. Trailer turns in the quarter were down 10% from the prior period primarily due to changes in freight mix indicative of an increase in average length of haul and weaker overall freight demand as compared to the fourth quarter 2022.
JBT operating income decreased $12.9 million to a modest operating loss compared to the fourth quarter 2022. Fourth quarter 2023 and 2022 included $4.2 million and $5.1 million in pre-tax charges for insurance-related items, respectively. Excluding these charges, operating income decreased primarily as a result of lower revenue combined with higher insurance and claims expense and loss on sale of equipment. JBT segment operating income as a percentage of segment gross revenue declined year-over-year due to higher purchased transportation expense, equipment-related expense, and insurance costs.
Cash Flow and Capitalization:
At December 31, 2023, we had total debt outstanding of $1.58 billion on various debt instruments compared to $1.26 billion at December 31, 2022, and $1.45 billion at September 30, 2023.
Our net capital expenditures for 2023 approximated $1.60 billion vs. $1.43 billion in 2022. At December 31, 2023, we had cash and cash equivalents of $53 million .
In the fourth quarter 2023, we purchased approximately 137,000 shares of our common stock for approximately $25 million . At December 31, 2023, we had approximately $392 million remaining under our share repurchase authorization. Actual shares outstanding on December 31, 2023, approximated 103.2 million.
Conference Call Information:
The company will hold a conference call today from 4:00-5:00 p.m. CST to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.
Forward-Looking Statements:
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, 2022. 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 to interested parties on our website, www.jbhunt.com .
About J.B. Hunt
J.B. Hunt Transport Services Inc. is on a mission to create the most efficient transportation network in North America . The company's industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country with more than 163,000 pieces of trailing equipment and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment inbetween. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.
J.B. Hunt Transport Services Inc. is a Fortune 500 company, an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company's services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit 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
2023
2022
% Of
% Of
Amount
Revenue
Amount
Revenue
Operating revenues, excluding fuel surcharge revenues
$
2,837,428
$
3,017,278
Fuel surcharge revenues
466,273
632,344
Total operating revenues
3,303,701
100.0%
3,649,622
100.0%
Operating expenses
Rents and purchased transportation
1,557,010
47.1%
1,742,167
47.7%
Salaries, wages and employee benefits
807,422
24.4%
879,924
24.1%
Fuel and fuel taxes
187,855
5.7%
234,229
6.4%
Depreciation and amortization
194,456
5.9%
171,606
4.7%
Operating supplies and expenses
121,141
3.7%
130,885
3.6%
Insurance and claims
118,782
3.6%
124,546
3.4%
General and administrative expenses, net of asset dispositions
83,272
2.5%
55,336
1.6%
Operating taxes and licenses
19,199
0.6%
19,076
0.5%
Communication and utilities
11,285
0.3%
9,905
0.3%
Total operating expenses
3,100,422
93.8%
3,367,674
92.3%
Operating income
203,279
6.2%
281,948
7.7%
Net interest expense
16,330
0.5%
11,189
0.3%
Earnings before income taxes
186,949
5.7%
270,759
7.4%
Income taxes
33,414
1.1%
69,456
1.9%
Net earnings
$
153,535
4.6%
$
201,303
5.5%
Average diluted shares outstanding
104,122
104,737
Diluted earnings per share
$
1.47
$
1.92
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
Twelve Months Ended December 31
2023
2022
% Of
% Of
Amount
Revenue
Amount
Revenue
Operating revenues, excluding fuel surcharge revenues
$
10,978,387
$
12,381,359
Fuel surcharge revenues
1,851,278
2,432,640
Total operating revenues
12,829,665
100.0%
14,813,999
100.0%
Operating expenses
Rents and purchased transportation
5,872,591
45.8%
7,392,179
49.9%
Salaries, wages and employee benefits
3,257,484
25.4%
3,373,063
22.8%
Fuel and fuel taxes
751,497
5.9%
931,710
6.3%
Depreciation and amortization
737,954
5.8%
644,520
4.4%
Operating supplies and expenses
509,354
4.0%
502,553
3.4%
Insurance and claims
315,678
2.5%
318,123
2.1%
General and administrative expenses, net of asset dispositions
274,564
2.0%
215,361
1.4%
Operating taxes and licenses
74,996
0.6%
68,230
0.5%
Communication and utilities
42,351
0.3%
36,707
0.2%
Total operating expenses
11,836,469
92.3%
13,482,446
91.0%
Operating income
993,196
7.7%
1,331,553
9.0%
Net interest expense
58,309
0.4%
50,180
0.4%
Earnings before income taxes
934,887
7.3%
1,281,373
8.6%
Income taxes
206,600
1.6%
312,022
2.1%
Net earnings
$
728,287
5.7%
$
969,351
6.5%
Average diluted shares outstanding
104,451
105,276
Diluted earnings per share
$
6.97
$
9.21
Financial Information By Segment
(in thousands)
(unaudited)
Three Months Ended December 31
2023
2022
% Of
% Of
Amount
Total
Amount
Total
Revenue
Intermodal
$
1,623,372
49%
$
1,748,798
48%
Dedicated
883,876
27%
913,084
25%
Integrated Capacity Solutions
363,661
11%
483,590
13%
Final Mile Services
243,164
7%
267,416
7%
Truckload
195,436
6%
242,677
7%
Subtotal
3,309,509
100%
3,655,565
100%
Intersegment eliminations
(5,808
)
(0% )
(5,943
)
(0% )
Consolidated revenue
$
3,303,701
100%
$
3,649,622
100%
Operating income
Intermodal
$
129,893
64%
$
179,520
64%
Dedicated
86,149
42%
79,826
28%
Integrated Capacity Solutions
(24,949
)
(12% )
(3,215
)
(1% )
Final Mile Services
12,295
6%
12,973
5%
Truckload
(39
)
(0% )
12,874
4%
Other (1)
(70
)
(0% )
(30
)
(0% )
Operating income
$
203,279
100%
$
281,948
100%
Twelve Months Ended December 31
2023
2022
% Of
% Of
Amount
Total
Amount
Total
Revenue
Intermodal
$
6,207,461
48%
$
7,021,565
47%
Dedicated
3,542,869
28%
3,524,076
24%
Integrated Capacity Solutions
1,390,141
11%
2,323,356
16%
Final Mile Services
918,109
7%
1,042,432
7%
Truckload
789,439
6%
936,735
6%
Subtotal
12,848,019
100%
14,848,164
100%
Intersegment eliminations
(18,354
)
(0% )
(34,165
)
(0% )
Consolidated revenue
$
12,829,665
100%
$
14,813,999
100%
Operating income
Intermodal
$
569,383
57%
$
800,013
60%
Dedicated
404,759
41%
360,844
27%
Integrated Capacity Solutions
(44,115
)
(4% )
57,553
4%
Final Mile Services
46,714
5%
36,584
3%
Truckload
16,464
1%
76,725
6%
Other (1)
(9
)
(0% )
(166
)
(0% )
Operating income
$
993,196
100%
$
1,331,553
100%
(1) Includes corporate support activity
Operating Statistics by Segment
(unaudited)
Three Months Ended December 31
2023
2022
Intermodal
Loads
535,987
503,340
Average length of haul
1,703
1,663
Revenue per load
$
3,029
$
3,474
Average tractors during the period *
6,388
6,748
Tractors (end of period) *
6,380
6,696
Trailing equipment (end of period)
118,171
115,150
Average effective trailing equipment usage
104,781
105,314
Dedicated
Loads
1,021,783
1,123,441
Average length of haul
180
170
Revenue per truck per week**
$
5,284
$
5,302
Average trucks during the period***
13,214
13,533
Trucks (end of period) ***
13,252
13,374
Trailing equipment (end of period)
31,090
28,322
Average effective trailing equipment usage
33,091
30,543
Integrated Capacity Solutions
Loads
203,928
230,685
Revenue per load
$
1,783
$
2,096
Gross profit margin
14.0%
15.6%
Employee count (end of period)
861
958
Approximate number of third-party carriers (end of period)
122,100
156,400
Marketplace for J.B. Hunt 360 revenue (millions)
$
121.5
$
307.6
Final Mile Services
Stops
1,169,727
1,328,160
Average trucks during the period***
1,470
1,864
Truckload
Loads
102,755
110,509
Revenue per load
$
1,902
$
2,196
Average length of haul
663
585
Tractors (end of period)
Company-owned
27
147
Independent contractor
1,931
2,095
Total tractors
1,958
2,242
Trailers (end of period)
15,071
14,718
Average effective trailing equipment usage
12,897
12,420
* 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
2023
2022
Intermodal
Loads
2,044,980
2,068,278
Average length of haul
1,673
1,665
Revenue per load
$
3,035
$
3,395
Average tractors during the period *
6,488
6,601
Tractors (end of period) *
6,380
6,696
Trailing equipment (end of period)
118,171
115,150
Average effective trailing equipment usage
99,374
107,319
Dedicated
Loads
4,274,677
4,508,864
Average length of haul
175
168
Revenue per truck per week**
$
5,184
$
5,214
Average trucks during the period***
13,290
13,131
Trucks (end of period) ***
13,252
13,374
Trailing equipment (end of period)
31,090
28,322
Average effective trailing equipment usage
32,408
31,350
Integrated Capacity Solutions
Loads
764,839
1,027,529
Revenue per load
$
1,818
$
2,261
Gross profit margin
13.4%
14.6%
Employee count (end of period)
861
958
Approximate number of third-party carriers (end of period)
122,100
156,400
Marketplace for J.B. Hunt 360 revenue (millions)
$
765.6
$
1,521.1
Final Mile Services
Stops
4,596,715
5,636,432
Average trucks during the period***
1,540
1,814
Truckload
Loads
410,091
398,070
Revenue per load
$
1,925
$
2,353
Average length of haul
652
570
Tractors (end of period)
Company-owned
27
147
Independent contractor
1,931
2,095
Total tractors
1,958
2,242
Trailers (end of period)
15,071
14,718
Average effective trailing equipment usage
13,000
10,611
* 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, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
53,344
$
51,927
Accounts Receivable, net
1,334,912
1,528,075
Prepaid expenses and other
711,327
631,776
Total current assets
2,099,583
2,211,778
Property and equipment
8,769,392
7,999,480
Less accumulated depreciation
2,993,959
3,019,663
Net property and equipment
5,775,433
4,979,817
Other assets, net
677,585
594,987
$
8,552,601
$
7,786,582
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt
$
249,961
$
-
Trade accounts payable
737,364
798,776
Claims accruals
547,277
452,149
Accrued payroll
94,563
188,252
Other accrued expenses
150,256
129,054
Total current liabilities
1,779,421
1,568,231
Long-term debt
1,326,107
1,261,738
Other long-term liabilities
392,766
369,314
Deferred income taxes
950,549
920,531
Stockholders' equity
4,103,758
3,666,768
$
8,552,601
$
7,786,582
Supplemental Data
(unaudited)
December 31, 2023
December 31, 2022
Actual shares outstanding at end of period (000)
103,220
103,743
Book value per actual share outstanding at end of period
$
39.76
$
35.34
Twelve Months Ended December 31
2023
2022
Net cash provided by operating activities (000)
$
1,744,618
$
1,776,882
Net capital expenditures (000)
$
1,600,215
$
1,431,895
View source version on businesswire.com: https://www.businesswire.com/news/home/20240118780738/en/
Brad Delco
Senior Vice President – Finance
(479) 820-2723
Source: J.B. Hunt Transport Services, Inc.
What is the ticker symbol for J.B. Hunt Transport Services, Inc.?
The ticker symbol for J.B. Hunt Transport Services, Inc. is JBHT.
What was the revenue for the fourth quarter of 2023?
The revenue for the fourth quarter of 2023 was $3.30 billion, down 9% from the same period in 2022.
What was the operating income for the fourth quarter of 2023?
The operating income for the fourth quarter of 2023 was $203.3 million, down 28% from the same period in 2022.
What was the diluted EPS for the fourth quarter of 2023?
The diluted EPS for the fourth quarter of 2023 was $1.47, down 23% from the same period in 2022.
What were the revenue and operating income figures for the Intermodal (JBI) segment in the fourth quarter of 2023?
The segment revenue was $1.62 billion, down 7%, and the operating income was $129.9 million, down 28%.
What were the revenue and operating income figures for the Dedicated Contract Services (DCS) segment in the fourth quarter of 2023?
The segment revenue was $884 million, down 3%, and the operating income was $86.1 million, up 8%.
What were the revenue and operating income figures for the Integrated Capacity Solutions (ICS) segment in the fourth quarter of 2023?
The segment revenue was $364 million, down 25%, and the operating loss was $(24.9) million.
What were the revenue and operating income figures for the Final Mile Services (FMS) segment in the fourth quarter of 2023?
The segment revenue was $243 million, down 9%, and the operating income was $12.3 million, down 5%.
What were the revenue and operating income figures for the Truckload (JBT) segment in the fourth quarter of 2023?
The segment revenue was $195 million, down 19%, and the operating (loss)/income was $(39) thousand.