J.B. Hunt (JBHT) Misses Q3 Earnings, Beats Sales Estimates
Zacks Investment Research | Oct 16, 2016 10:33PM ET
J.B. Hunt Transport Services Inc. (NASDAQ:JBHT) reported mixed third-quarter 2016 financial results. The company’s bottom line missed the Zacks Consensus Estimate, whereas the top line surpassed expectations.
This transportation company’s earnings of 97 cents per share lagged the Zacks Consensus Estimate of $1.02 per share. The bottom line dipped 2.02% on a year-over-year basis due to higher operating expenses.
Total operating revenues increased 6.3% year over year to $1.69 billion. The top line beat the Zacks Consensus Estimate of $1.59 billion. Excluding fuel surcharges, operating revenues grew 8.4% year over year.
During the quarter, the company repurchased approximately 922,000 shares for $74.8 million. Operating income in the third quarter declined 5.7% to $183 million. Lower customer rates in the Intermodal (JBI), Truck (JBT) and Integrated Capacity Solutions (ICS) segments contributed to the decline in operating income in the quarter. Effective income tax rate for the quarter was 38% compared with 38.1% a year-ago. The company expects tax rate for 2016 to be 38%.
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