Arkansas |
0-11757
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71-0335111
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(STATE OR OTHER JURISDICTION OF
|
(COMMISSION FILE NUMBER)
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(IRS EMPLOYER
|
INCORPORATION OR ORGANIZATION)
|
IDENTIFICATION NO.)
|
|
615 J.B. Hunt Corporate Drive
|
|
|
Lowell, Arkansas
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72745
|
(479) 820-0000
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
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(ZIP CODE)
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(REGISTRANT'S TELEPHONE NUMBER)
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{ }
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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{ }
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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{ }
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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{ }
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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J.B. Hunt Transport Services, Inc.
615 J.B. Hunt Corporate Drive
Lowell, Arkansas 72745
(NASDAQ: JBHT)
|
Contact: David G. Mee
Executive Vice President, Finance/Administration
and Chief Financial Officer
(479) 820-8363
|
■ | Second Quarter 2011 Revenue: | $1.15 billion; up 22% |
■ | Second Quarter 2011 Operating Income: | $113 million; up 24% |
■ | Second Quarter 2011 EPS: | 53 cents vs. 40 cents |
J.B. HUNT TRANSPORT SERVICES, INC.
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||||||||||||||||
Condensed Consolidated Statements of Earnings
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Three Months Ended June 30
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
% Of
|
% Of
|
|||||||||||||||
Amount
|
Revenue
|
Amount
|
Revenue
|
|||||||||||||
Operating revenues, excluding fuel surcharge revenues
|
$ | 924,689 | $ | 812,033 | ||||||||||||
Fuel surcharge revenues
|
225,166 | 130,743 | ||||||||||||||
Total operating revenues
|
1,149,855 | 100.0 | % | 942,776 | 100.0 | % | ||||||||||
Operating expenses
|
||||||||||||||||
Rents and purchased transportation
|
536,688 | 46.7 | % | 419,461 | 44.5 | % | ||||||||||
Salaries, wages and employee benefits
|
255,462 | 22.2 | % | 228,204 | 24.2 | % | ||||||||||
Fuel and fuel taxes
|
120,276 | 10.5 | % | 84,542 | 9.0 | % | ||||||||||
Depreciation and amortization
|
52,551 | 4.6 | % | 49,148 | 5.2 | % | ||||||||||
Operating supplies and expenses
|
40,977 | 3.6 | % | 38,565 | 4.1 | % | ||||||||||
Insurance and claims
|
11,642 | 1.0 | % | 11,649 | 1.2 | % | ||||||||||
General and administrative expenses, net of asset dispositions
|
7,515 | 0.5 | % | 8,824 | 0.9 | % | ||||||||||
Operating taxes and licenses
|
6,883 | 0.6 | % | 6,707 | 0.7 | % | ||||||||||
Communication and utilities
|
4,418 | 0.4 | % | 4,329 | 0.5 | % | ||||||||||
Total operating expenses
|
1,036,412 | 90.1 | % | 851,429 | 90.3 | % | ||||||||||
Operating income
|
113,443 | 9.9 | % | 91,347 | 9.7 | % | ||||||||||
Net interest expense
|
6,706 | 0.6 | % | 6,611 | 0.7 | % | ||||||||||
Earnings before income taxes
|
106,737 | 9.3 | % | 84,736 | 9.0 | % | ||||||||||
Income taxes
|
41,041 | 3.6 | % | 32,623 | 3.5 | % | ||||||||||
Net earnings
|
$ | 65,696 | 5.7 | % | $ | 52,113 | 5.5 | % | ||||||||
Average diluted shares outstanding
|
123,285 | 128,920 | ||||||||||||||
Diluted earnings per share
|
$ | 0.53 | $ | 0.40 |
J.B. HUNT TRANSPORT SERVICES, INC.
|
||||||||||||||||
Condensed Consolidated Statements of Earnings
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Six Months Ended June 30
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
% Of
|
% Of
|
|||||||||||||||
Amount
|
Revenue
|
Amount
|
Revenue
|
|||||||||||||
Operating revenues, excluding fuel surcharge revenues
|
$ | 1,756,289 | $ | 1,548,859 | ||||||||||||
Fuel surcharge revenues
|
394,346 | 238,590 | ||||||||||||||
Total operating revenues
|
2,150,635 | 100.0 | % | 1,787,449 | 100.0 | % | ||||||||||
Operating expenses
|
||||||||||||||||
Rents and purchased transportation
|
990,392 | 46.1 | % | 794,230 | 44.4 | % | ||||||||||
Salaries, wages and employee benefits
|
487,489 | 22.7 | % | 436,499 | 24.4 | % | ||||||||||
Fuel and fuel taxes
|
229,251 | 10.7 | % | 164,919 | 9.2 | % | ||||||||||
Depreciation and amortization
|
103,908 | 4.8 | % | 97,160 | 5.4 | % | ||||||||||
Operating supplies and expenses
|
77,625 | 3.6 | % | 74,608 | 4.2 | % | ||||||||||
Insurance and claims
|
21,489 | 1.0 | % | 23,200 | 1.3 | % | ||||||||||
General and administrative expenses, net of asset dispositions
|
14,396 | 0.6 | % | 15,481 | 1.0 | % | ||||||||||
Operating taxes and licenses
|
13,531 | 0.6 | % | 13,241 | 0.7 | % | ||||||||||
Communication and utilities
|
9,288 | 0.4 | % | 9,324 | 0.5 | % | ||||||||||
Total operating expenses
|
1,947,369 | 90.5 | % | 1,628,662 | 91.1 | % | ||||||||||
Operating income
|
203,266 | 9.5 | % | 158,787 | 8.9 | % | ||||||||||
Net interest expense
|
15,141 | 0.8 | % | 13,105 | 0.7 | % | ||||||||||
Earnings before income taxes
|
188,125 | 8.7 | % | 145,682 | 8.2 | % | ||||||||||
Income taxes
|
72,334 | 3.3 | % | 56,088 | 3.2 | % | ||||||||||
Net earnings
|
$ | 115,791 | 5.4 | % | $ | 89,594 | 5.0 | % | ||||||||
Average diluted shares outstanding
|
123,623 | 129,654 | ||||||||||||||
Diluted earnings per share
|
$ | 0.94 | $ | 0.69 |
Financial Information By Segment
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Three Months Ended June 30
|
||||||||||||||||
2011
|
2010
|
|||||||||||||||
% Of
|
% Of
|
|||||||||||||||
Amount
|
Total
|
Amount
|
Total
|
|||||||||||||
Revenue
|
||||||||||||||||
Intermodal
|
$ | 675,974 | 59 | % | $ | 525,508 | 57 | % | ||||||||
Dedicated
|
264,166 | 23 | % | 228,602 | 24 | % | ||||||||||
Truck
|
129,974 | 11 | % | 124,564 | 13 | % | ||||||||||
Integrated Capacity Solutions
|
89,028 | 8 | % | 69,897 | 7 | % | ||||||||||
Subtotal
|
1,159,142 | 101 | % | 948,571 | 101 | % | ||||||||||
Intersegment eliminations
|
(9,287 | ) | (1 | %) | (5,795 | ) | (1 | %) | ||||||||
Consolidated revenue
|
$ | 1,149,855 | 100 | % | $ | 942,776 | 100 | % | ||||||||
Operating income
|
||||||||||||||||
Intermodal
|
$ | 76,531 | 67 | % | $ | 59,532 | 65 | % | ||||||||
Dedicated
|
27,389 | 24 | % | 22,320 | 24 | % | ||||||||||
Truck
|
6,944 | 6 | % | 7,171 | 8 | % | ||||||||||
Integrated Capacity Solutions
|
2,614 | 2 | % | 2,179 | 2 | % | ||||||||||
Other (1)
|
(35 | ) | (0 | %) | 145 | 0 | % | |||||||||
Operating income
|
$ | 113,443 | 100 | % | $ | 91,347 | 100 | % | ||||||||
Six Months Ended June 30
|
||||||||||||||||
2011 | 2010 | |||||||||||||||
% Of
|
% Of
|
|||||||||||||||
Amount
|
Total
|
Amount
|
Total
|
|||||||||||||
Revenue
|
||||||||||||||||
Intermodal
|
$ | 1,252,877 | 58 | % | $ | 994,152 | 57 | % | ||||||||
Dedicated
|
502,622 | 23 | % | 436,510 | 24 | % | ||||||||||
Truck
|
249,072 | 12 | % | 237,378 | 13 | % | ||||||||||
Integrated Capacity Solutions
|
163,773 | 8 | % | 131,062 | 7 | % | ||||||||||
Subtotal
|
2,168,344 | 101 | % | 1,799,102 | 101 | % | ||||||||||
Intersegment eliminations
|
(17,709 | ) | (1 | %) | (11,653 | ) | (1 | %) | ||||||||
Consolidated revenue
|
$ | 2,150,635 | 100 | % | $ | 1,787,449 | 100 | % | ||||||||
Operating income
|
||||||||||||||||
Intermodal
|
$ | 139,169 | 68 | % | $ | 107,000 | 67 | % | ||||||||
Dedicated
|
46,005 | 23 | % | 40,676 | 26 | % | ||||||||||
Truck
|
12,779 | 6 | % | 7,771 | 5 | % | ||||||||||
Integrated Capacity Solutions
|
5,193 | 3 | % | 3,322 | 2 | % | ||||||||||
Other (1)
|
120 | 0 | % | 18 | 0 | % | ||||||||||
Operating income
|
$ | 203,266 | 100 | % | $ | 158,787 | 100 | % | ||||||||
(1) Includes corporate support activity
|
Operating Statistics by Segment
|
||||||||
(unaudited)
|
||||||||
Three Months Ended June 30
|
||||||||
2011
|
2010
|
|||||||
Intermodal
|
||||||||
Loads
|
315,067 | 266,540 | ||||||
Average length of haul
|
1,714 | 1,761 | ||||||
Revenue per load
|
$ | 2,145 | $ | 1,972 | ||||
Average tractors during the period *
|
2,830 | 2,476 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
2,759 | 2,483 | ||||||
Independent contractor
|
137 | 40 | ||||||
Total tractors
|
2,896 | 2,523 | ||||||
Net change in trailing equipment during the period
|
1,923 | 1,717 | ||||||
Trailing equipment (end of period)
|
50,189 | 41,367 | ||||||
Average effective trailing equipment usage
|
49,148 | 40,424 | ||||||
Dedicated
|
||||||||
Loads
|
368,488 | 351,443 | ||||||
Average length of haul
|
203 | 196 | ||||||
Revenue per truck per week**
|
$ | 4,306 | $ | 4,010 | ||||
Average trucks during the period***
|
4,761 | 4,436 | ||||||
Trucks (end of period)
|
||||||||
Company-owned
|
4,504 | 4,109 | ||||||
Independent contractor
|
16 | 24 | ||||||
Customer-owned (Dedicated operated)
|
316 | 350 | ||||||
Total trucks
|
4,836 | 4,483 | ||||||
Trailing equipment (end of period)
|
11,375 | 10,428 | ||||||
Average effective trailing equipment usage
|
12,797 | 12,374 | ||||||
Truck
|
||||||||
Loads
|
113,170 | 121,286 | ||||||
Average length of haul
|
507 | 516 | ||||||
Loaded miles (000)
|
56,644 | 61,849 | ||||||
Total miles (000)
|
65,098 | 70,652 | ||||||
Average nonpaid empty miles per load
|
73.0 | 63.3 | ||||||
Revenue per tractor per week**
|
$ | 4,022 | $ | 3,483 | ||||
Average tractors during the period *
|
2,513 | 2,790 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
1,621 | 1,751 | ||||||
Independent contractor
|
887 | 1,018 | ||||||
Total tractors
|
2,508 | 2,769 | ||||||
Trailers (end of period)
|
9,173 | 11,577 | ||||||
Average effective trailing equipment usage
|
8,089 | 9,663 | ||||||
Integrated Capacity Solutions
|
||||||||
Loads
|
64,199 | 57,817 | ||||||
Revenue per load
|
$ | 1,387 | $ | 1,209 | ||||
Gross profit margin
|
12.3 | % | 13.9 | % | ||||
Employee count (end of period)
|
379 | 328 | ||||||
Approximate number of third-party carriers (end of period)
|
26,910 | 23,670 | ||||||
* Includes company-owned and independent contractor tractors
|
||||||||
** Using weighted workdays
|
||||||||
*** Includes company-owned, independent contractor, and customer-owned trucks
|
Operating Statistics by Segment
|
||||||||
(unaudited)
|
||||||||
Six Months Ended June 30
|
||||||||
2011
|
2010
|
|||||||
Intermodal
|
||||||||
Loads
|
594,413 | 509,660 | ||||||
Average length of haul
|
1,728 | 1,775 | ||||||
Revenue per load
|
$ | 2,108 | $ | 1,951 | ||||
Average tractors during the period *
|
2,766 | 2,424 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
2,759 | 2,483 | ||||||
Independent contractor
|
137 | 40 | ||||||
Total tractors
|
2,896 | 2,523 | ||||||
Net change in trailing equipment during the period
|
4,523 | 1,197 | ||||||
Trailing equipment (end of period)
|
50,189 | 41,367 | ||||||
Average effective trailing equipment usage
|
47,497 | 39,802 | ||||||
Dedicated
|
||||||||
Loads
|
714,141 | 674,880 | ||||||
Average length of haul
|
202 | 197 | ||||||
Revenue per truck per week**
|
$ | 4,157 | $ | 3,885 | ||||
Average trucks during the period***
|
4,707 | 4,400 | ||||||
Trucks (end of period)
|
||||||||
Company-owned
|
4,504 | 4,109 | ||||||
Independent contractor
|
16 | 24 | ||||||
Customer-owned (Dedicated operated)
|
316 | 350 | ||||||
Total trucks
|
4,836 | 4,483 | ||||||
Trailing equipment (end of period)
|
11,375 | 10,428 | ||||||
Average effective trailing equipment usage
|
12,762 | 12,197 | ||||||
Truck
|
||||||||
Loads
|
219,433 | 240,248 | ||||||
Average length of haul
|
520 | 515 | ||||||
Loaded miles (000)
|
112,851 | 122,190 | ||||||
Total miles (000)
|
129,084 | 139,371 | ||||||
Average nonpaid empty miles per load
|
71.6 | 65.7 | ||||||
Revenue per tractor per week**
|
$ | 3,846 | $ | 3,299 | ||||
Average tractors during the period*
|
2,531 | 2,824 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
1,621 | 1,751 | ||||||
Independent contractor
|
887 | 1,018 | ||||||
Total tractors
|
2,508 | 2,769 | ||||||
Trailers (end of period)
|
9,173 | 11,577 | ||||||
Average effective trailing equipment usage
|
8,128 | 9,800 | ||||||
Integrated Capacity Solutions
|
||||||||
Loads
|
124,309 | 112,172 | ||||||
Revenue per load
|
$ | 1,317 | $ | 1,168 | ||||
Gross profit margin
|
13.4 | % | 14.3 | % | ||||
Employee count (end of period)
|
379 | 328 | ||||||
Approximate number of third-party carriers (end of period)
|
26,910 | 23,670 | ||||||
* 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)
|
||||||||
ASSETS
|
June 30,
2011
|
December 31,
2010
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 11,149 | $ | 7,651 | ||||
Accounts Receivable
|
440,755 | 351,187 | ||||||
Prepaid expenses and other
|
56,247 | 103,807 | ||||||
Total current assets
|
508,151 | 462,645 | ||||||
Property and equipment
|
2,479,869 | 2,338,336 | ||||||
Less accumulated depreciation
|
886,619 | 858,852 | ||||||
Net property and equipment
|
1,593,250 | 1,479,484 | ||||||
Other assets
|
19,460 | 19,531 | ||||||
$ | 2,120,861 | $ | 1,961,660 | |||||
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current debt
|
$ | 15,000 | $ | 200,000 | ||||
Trade accounts payable
|
270,961 | 192,103 | ||||||
Claims accruals
|
36,847 | 32,641 | ||||||
Accrued payroll
|
66,100 | 57,149 | ||||||
Other accrued expenses
|
34,864 | 19,191 | ||||||
Deferred income taxes
|
22,362 | 8,865 | ||||||
Total current liabilities
|
446,134 | 509,949 | ||||||
Long-term debt
|
649,292 | 454,207 | ||||||
Other long-term liabilities
|
42,542 | 39,480 | ||||||
Deferred income taxes
|
384,554 | 385,003 | ||||||
Stockholders' equity
|
598,339 | 573,021 | ||||||
$ | 2,120,861 | $ | 1,961,660 | |||||
Supplemental Data
|
||||||||
(unaudited)
|
||||||||
|
|
|||||||
June 30,
2011
|
December 31,
2010
|
|||||||
Actual shares outstanding at end of period (000)
|
120,203 | 121,490 | ||||||
Book value per actual share outstanding at end of period
|
$ | 4.98 | $ | 4.72 | ||||
Six Months Ended June 30
|
||||||||
2011 | 2010 | |||||||
Net cash provided by operating activities (000)
|
$ | 307,673 | $ | 208,830 | ||||
Net capital expenditures (000)
|
$ | 210,963 | $ | 103,945 |