J.B. Hunt Transport Services, Inc. (JBHT)

[MiamiGent]

JBHT J.B. Hunt Q1 profit up
PROVIDED BY Reuters - 4:33 PM 04/12/2012

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U.S. trucker J.B. Hunt Transport Services (JBHT) o n T hursday posted higher quarterly profit, beating expectations, as a rate increase helped drive a 20 percent revenue jump in the intermodal segment, which ships goods in containers that can be moved from one form of transportation to another.

J.B. Hunt's intermodal business, which represents nearly 60 percent of revenue, boosted business through tighter truck capacity, higher volume and fuel surcharges and a 3 percent rate increase, the company said.

Lowell, Arkansas-based J.B. Hunt said net income rose to $67.7 million, or 57 cents a share, from $50 million, or 40 cents per share a year earlier.

A profit of 52 cents per share was expected, according to Thomson Reuters I/B/E/S.

Revenue increased 17 percent to $$1.17 billion, compared with analyst forecasts of $1.15 billion.

Revenue rose in all four of the company's segments and operating income increased by double-digits in three segments -- dedicated contract services; intermodal; and integrated capacity solutions.

But in the truck segment, revenue rose 8 percent while operating income declined 16 percent.

"Lower maintenance costs and improvements in miles per gallon were offset by higher fuel costs, rising driver and independent contractor costs, higher safety expenses and fewer gains on equipment sales compared to the first quarter of 2011," the company said in a statement.

J.B. Hunt said it had $702 million in debt outstanding at the end of March, up from $698 million a year earlier but down from $749 million at the end of 2011. Its net interest expense fell by $1.4 million in the quarter as interest rates declined.

The company said its net capital expenses for the first quarter were about $84 million compared with $112 million a year earlier.

It did not buy back any shares during the quarter.

J.B. Hunt shares closed up 2.5 percent at $55.84 on Nasdaq on Thursday, up almost 24 percent so far this year. The Dow Jones Transportation average is up about 5 percent in that time. (Reporting By Lynn Adler; Editing by David Gregorio)