J.B. Hunt Transport Services Inc posted better-than-expected quarterly results on strong performance at its intermodal segment, which moves freight across multiple transportation platforms.
Revenue at intermodal, its biggest segment, jumped 20 percent to $469 million in the quarter, while volumes rose 21 percent.
Intermodal shipping, by which standardized containers can be shifted from truck to ship to train, has been taking market share away from truckers recently due to cost and fuel efficiencies.
JB Hunt, one of the biggest freight transporters in the United States, also said it saw moderate volume increases in the current quarter.
“This is partly attributable to increases in our customers’ supply chain activities and partly due to a continued shrinkage of viable capacity,” the company said.
First-quarter net income rose 22 percent to $37.5 million, or 29 cents a share, from $30.8 million, or 24 cents a share, a year ago.
Total operating revenue was $844.7 million, up 17 percent. (Reuters)