Arkansas | 0-11757 | 71-0335111 |
(STATE OR OTHER JURISDICTION OF | (Commission File Number) | (IRS EMPLOYER |
INCORPORATION OR ORGANIZATION) | IDENTIFICATION NO.) | |
615 J.B. Hunt Corporate Drive | ||
Lowell, Arkansas | 72745 | (479) 820-0000 |
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) | (Registrant’s telephone number) |
{ }
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
{ }
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
{ }
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
{ }
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d) | Exhibits. |
99.1 | News release dated July 16, 2012, issued by J.B. Hunt Transport Services, Inc. |
J.B. HUNT TRANSPORT SERVICES, INC.
|
|||
|
BY:
|
/s/ John N. Roberts, III | |
John N. Roberts, III | |||
President and Chief Executive Officer | |||
(Principal Executive Officer) | |||
BY: | /s/ David G. Mee | ||
David G. Mee | |||
Executive Vice President, Finance and | |||
Administration and | |||
Chief Financial Officer | |||
(Principal Accounting Officer) |
J.B. Hunt Transport Services, Inc. | Contact: David G. Mee |
615 J.B. Hunt Corporate Drive | Executive Vice President, Finance/Administration |
Lowell, Arkansas 72745 | and Chief Financial Officer |
(NASDAQ: JBHT) | (479) 820-8363 |
▪ Second Quarter 2012 Revenue: | $1.26 billion; up 9% |
▪ Second Quarter 2012 Operating Income: | $137 million; up 21% |
▪ Second Quarter 2012 EPS: | 67 cents vs. 53 cents |
▪ Second Quarter 2012 Segment Revenue: | $762 million; up 13% |
▪ Second Quarter 2012 Operating Income: | $93.4 million; up 22% |
▪ Second Quarter 2012 Operating Revenue: | $267 million; up 1% |
▪ Second Quarter 2012 Operating Income: | $33.2 million; up 21% |
▪ Second Quarter 2012 Segment Revenue: | $126 million; down 3% |
▪ Second Quarter 2012 Operating Income: | $ 8.8 million; up 27% |
▪ Second Quarter 2012 Segment Revenue: | $109 million; up 23% |
▪ Second Quarter 2012 Operating Income: | $ 2.0 million; down 25% |
Three Months Ended June 30
|
||||||||||||||||
2012
|
2011
|
|||||||||||||||
Amount
|
% Of
Revenue |
Amount
|
% Of
Revenue |
|||||||||||||
Operating revenues, excluding fuel surcharge revenues
|
$ | 1,005,519 | $ | 924,689 | ||||||||||||
Fuel surcharge revenues
|
249,611 | 225,166 | ||||||||||||||
Total operating revenues
|
1,255,130 | 100.0 | % | 1,149,855 | 100.0 | % | ||||||||||
Operating expenses
|
||||||||||||||||
Rents and purchased transportation
|
616,723 | 49.2 | % | 536,688 | 46.7 | % | ||||||||||
Salaries, wages and employee benefits
|
255,864 | 20.4 | % | 255,462 | 22.2 | % | ||||||||||
Fuel and fuel taxes
|
113,085 | 9.0 | % | 120,276 | 10.5 | % | ||||||||||
Depreciation and amortization
|
56,227 | 4.5 | % | 52,551 | 4.6 | % | ||||||||||
Operating supplies and expenses
|
45,540 | 3.6 | % | 40,977 | 3.6 | % | ||||||||||
Insurance and claims
|
12,595 | 1.0 | % | 11,642 | 1.0 | % | ||||||||||
General and administrative expenses, net of asset dispositions
|
6,356 | 0.5 | % | 7,515 | 0.5 | % | ||||||||||
Operating taxes and licenses
|
7,323 | 0.6 | % | 6,883 | 0.6 | % | ||||||||||
Communication and utilities
|
4,202 | 0.3 | % | 4,418 | 0.4 | % | ||||||||||
Total operating expenses
|
1,117,915 | 89.1 | % | 1,036,412 | 90.1 | % | ||||||||||
Operating income
|
137,215 | 10.9 | % | 113,443 | 9.9 | % | ||||||||||
Net interest expense
|
6,929 | 0.5 | % | 6,706 | 0.6 | % | ||||||||||
Earnings before income taxes
|
130,286 | 10.4 | % | 106,737 | 9.3 | % | ||||||||||
Income taxes
|
49,835 | 4.0 | % | 41,041 | 3.6 | % | ||||||||||
Net earnings
|
$ | 80,451 | 6.4 | % | $ | 65,696 | 5.7 | % | ||||||||
Average diluted shares outstanding
|
120,027 | 123,285 | ||||||||||||||
Diluted earnings per share
|
$ | 0.67 | $ | 0.53 |
Six Months Ended June 30
|
||||||||||||||||
2012
|
2011
|
|||||||||||||||
Amount
|
% Of
Revenue |
Amount
|
% Of
Revenue |
|||||||||||||
Operating revenues, excluding fuel surcharge revenues
|
$ | 1,944,202 | $ | 1,756,289 | ||||||||||||
Fuel surcharge revenues
|
476,850 | 394,346 | ||||||||||||||
Total operating revenues
|
2,421,052 | 100.0 | % | 2,150,635 | 100.0 | % | ||||||||||
Operating expenses
|
||||||||||||||||
Rents and purchased transportation
|
1,172,841 | 48.4 | % | 990,392 | 46.1 | % | ||||||||||
Salaries, wages and employee benefits
|
505,909 | 20.9 | % | 487,489 | 22.7 | % | ||||||||||
Fuel and fuel taxes
|
233,638 | 9.7 | % | 229,251 | 10.7 | % | ||||||||||
Depreciation and amortization
|
112,347 | 4.6 | % | 103,908 | 4.8 | % | ||||||||||
Operating supplies and expenses
|
85,351 | 3.5 | % | 77,625 | 3.6 | % | ||||||||||
Insurance and claims
|
23,640 | 1.0 | % | 21,489 | 1.0 | % | ||||||||||
General and administrative expenses, net of asset dispositions
|
10,350 | 0.4 | % | 14,396 | 0.6 | % | ||||||||||
Operating taxes and licenses
|
14,465 | 0.6 | % | 13,531 | 0.6 | % | ||||||||||
Communication and utilities
|
8,699 | 0.4 | % | 9,288 | 0.4 | % | ||||||||||
Total operating expenses
|
2,167,240 | 89.5 | % | 1,947,369 | 90.5 | % | ||||||||||
Operating income
|
253,812 | 10.5 | % | 203,266 | 9.5 | % | ||||||||||
Net interest expense
|
13,916 | 0.6 | % | 15,141 | 0.8 | % | ||||||||||
Earnings before income taxes
|
239,896 | 9.9 | % | 188,125 | 8.7 | % | ||||||||||
Income taxes
|
91,760 | 3.8 | % | 72,334 | 3.3 | % | ||||||||||
Net earnings
|
$ | 148,136 | 6.1 | % | $ | 115,791 | 5.4 | % | ||||||||
Average diluted shares outstanding
|
119,888 | 123,623 | ||||||||||||||
Diluted earnings per share
|
$ | 1.24 | $ | 0.94 |
Financial Information By Segment
|
Three Months Ended June 30
|
||||||||||||||||
2012
|
2011
|
|||||||||||||||
Amount
|
% Of
Total |
Amount
|
% Of
Total |
|||||||||||||
Revenue
|
||||||||||||||||
Intermodal
|
$ | 762,043 | 61 | % | $ | 675,974 | 59 | % | ||||||||
Dedicated
|
267,310 | 21 | % | 264,166 | 23 | % | ||||||||||
Truck
|
126,180 | 10 | % | 129,974 | 11 | % | ||||||||||
Integrated Capacity Solutions
|
109,494 | 9 | % | 89,028 | 8 | % | ||||||||||
Subtotal
|
1,265,027 | 101 | % | 1,159,142 | 101 | % | ||||||||||
Intersegment eliminations
|
(9,897 | ) | (1 | %) | (9,287 | ) | (1 | %) | ||||||||
Consolidated revenue
|
$ | 1,255,130 | 100 | % | $ | 1,149,855 | 100 | % | ||||||||
Operating income
|
||||||||||||||||
Intermodal
|
$ | 93,368 | 68 | % | $ | 76,531 | 68 | % | ||||||||
Dedicated
|
33,198 | 24 | % | 27,389 | 24 | % | ||||||||||
Truck
|
8,840 | 7 | % | 6,944 | 6 | % | ||||||||||
Integrated Capacity Solutions
|
1,956 | 1 | % | 2,614 | 2 | % | ||||||||||
Other (1)
|
(147 | ) | (0 | %) | (35 | ) | (0 | %) | ||||||||
Operating income
|
$ | 137,215 | 100 | % | $ | 113,443 | 100 | % |
Six Months Ended June 30
|
||||||||||||||||
2012
|
2011
|
|||||||||||||||
Amount
|
% Of
Total |
Amount
|
% Of
Total |
|||||||||||||
Revenue
|
||||||||||||||||
Intermodal
|
$ | 1,456,159 | 60 | % | $ | 1,252,877 | 58 | % | ||||||||
Dedicated
|
523,162 | 22 | % | 502,622 | 23 | % | ||||||||||
Truck
|
254,337 | 10 | % | 249,072 | 12 | % | ||||||||||
Integrated Capacity Solutions
|
206,546 | 9 | % | 163,773 | 8 | % | ||||||||||
Subtotal
|
2,440,204 | 101 | % | 2,168,344 | 101 | % | ||||||||||
Intersegment eliminations
|
(19,152 | ) | (1 | %) | (17,709 | ) | (1 | %) | ||||||||
Consolidated revenue
|
$ | 2,421,052 | 100 | % | $ | 2,150,635 | 100 | % | ||||||||
Operating income
|
||||||||||||||||
Intermodal
|
$ | 172,798 | 68 | % | $ | 139,169 | 68 | % | ||||||||
Dedicated
|
61,347 | 24 | % | 46,005 | 23 | % | ||||||||||
Truck
|
13,724 | 6 | % | 12,779 | 6 | % | ||||||||||
Integrated Capacity Solutions
|
6,020 | 2 | % | 5,193 | 3 | % | ||||||||||
Other (1)
|
(77 | ) | (0 | %) | 120 | 0 | % | |||||||||
Operating income
|
$ | 253,812 | 100 | % | $ | 203,266 | 100 | % |
Operating Statistics by Segment
|
Three Months Ended June 30
|
||||||||
2012
|
2011
|
|||||||
Intermodal
|
||||||||
Loads
|
354,790 | 315,067 | ||||||
Average length of haul
|
1,687 | 1,714 | ||||||
Revenue per load
|
$ | 2,148 | $ | 2,145 | ||||
Average tractors during the period *
|
3,379 | 2,830 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
3,057 | 2,759 | ||||||
Independent contractor
|
384 | 137 | ||||||
Total tractors
|
3,441 | 2,896 | ||||||
Net change in trailing equipment during the period
|
1,175 | 1,923 | ||||||
Trailing equipment (end of period)
|
56,012 | 50,189 | ||||||
Average effective trailing equipment usage
|
54,049 | 49,148 | ||||||
Dedicated
|
||||||||
Loads
|
367,840 | 368,488 | ||||||
Average length of haul
|
203 | 203 | ||||||
Revenue per truck per week**
|
$ | 4,222 | $ | 4,306 | ||||
Average trucks during the period***
|
4,900 | 4,761 | ||||||
Trucks (end of period)
|
||||||||
Company-owned
|
4,632 | 4,504 | ||||||
Independent contractor
|
17 | 16 | ||||||
Customer-owned (Dedicated operated)
|
422 | 316 | ||||||
Total trucks
|
5,071 | 4,836 | ||||||
Trailing equipment (end of period)
|
12,990 | 11,375 | ||||||
Average effective trailing equipment usage
|
13,856 | 12,797 | ||||||
Truck
|
||||||||
Loads
|
118,500 | 113,170 | ||||||
Average length of haul
|
455 | 507 | ||||||
Loaded miles (000)
|
53,551 | 56,644 | ||||||
Total miles (000)
|
62,447 | 65,098 | ||||||
Average nonpaid empty miles per load
|
76.3 | 73.0 | ||||||
Revenue per tractor per week**
|
$ | 3,994 | $ | 4,022 | ||||
Average tractors during the period *
|
2,461 | 2,513 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
1,505 | 1,621 | ||||||
Independent contractor
|
891 | 887 | ||||||
Total tractors
|
2,396 | 2,508 | ||||||
Trailers (end of period)
|
9,234 | 9,173 | ||||||
Average effective trailing equipment usage
|
8,081 | 8,089 | ||||||
Integrated Capacity Solutions
|
||||||||
Loads
|
74,112 | 63,887 | ||||||
Revenue per load
|
$ | 1,477 | $ | 1,394 | ||||
Gross profit margin
|
10.6 | % | 12.3 | % | ||||
Employee count (end of period)
|
406 | 379 | ||||||
Approximate number of third-party carriers (end of period)
|
30,500 | 26,900 |
Operating Statistics by Segment
|
Six Months Ended June 30
|
||||||||
2012
|
2011
|
|||||||
Intermodal
|
||||||||
Loads
|
678,932 | 594,413 | ||||||
Average length of haul
|
1,695 | 1,728 | ||||||
Revenue per load
|
$ | 2,145 | $ | 2,108 | ||||
Average tractors during the period *
|
3,282 | 2,766 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
3,057 | 2,759 | ||||||
Independent contractor
|
384 | 137 | ||||||
Total tractors
|
3,441 | 2,896 | ||||||
Net change in trailing equipment during the period
|
1,506 | 4,523 | ||||||
Trailing equipment (end of period)
|
56,012 | 50,189 | ||||||
Average effective trailing equipment usage
|
52,323 | 47,497 | ||||||
Dedicated
|
||||||||
Loads
|
719,027 | 714,141 | ||||||
Average length of haul
|
205 | 202 | ||||||
Revenue per truck per week**
|
$ | 4,146 | $ | 4,157 | ||||
Average trucks during the period***
|
4,891 | 4,707 | ||||||
Trucks (end of period)
|
||||||||
Company-owned
|
4,632 | 4,504 | ||||||
Independent contractor
|
17 | 16 | ||||||
Customer-owned (Dedicated operated)
|
422 | 316 | ||||||
Total trucks
|
5,071 | 4,836 | ||||||
Trailing equipment (end of period)
|
12,990 | 11,375 | ||||||
Average effective trailing equipment usage
|
13,146 | 12,762 | ||||||
Truck
|
||||||||
Loads
|
235,404 | 219,433 | ||||||
Average length of haul
|
477 | 520 | ||||||
Loaded miles (000)
|
111,102 | 112,851 | ||||||
Total miles (000)
|
128,711 | 129,084 | ||||||
Average nonpaid empty miles per load
|
75.1 | 71.6 | ||||||
Revenue per tractor per week**
|
$ | 3,905 | $ | 3,846 | ||||
Average tractors during the period*
|
2,538 | 2,531 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
1,505 | 1,621 | ||||||
Independent contractor
|
891 | 887 | ||||||
Total tractors
|
2,396 | 2,508 | ||||||
Trailers (end of period)
|
9,234 | 9,173 | ||||||
Average effective trailing equipment usage
|
8,117 | 8,128 | ||||||
Integrated Capacity Solutions
|
||||||||
Loads
|
142,250 | 123,700 | ||||||
Revenue per load
|
$ | 1,452 | $ | 1,324 | ||||
Gross profit margin
|
12.4 | % | 13.4 | % | ||||
Employee count (end of period)
|
406 | 379 | ||||||
Approximate number of third-party carriers (end of period)
|
30,500 | 26,900 |
June 30, 2012 | December 31, 2011 | |||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 5,887 | $ | 5,450 | ||||
Accounts Receivable
|
472,077 | 411,479 | ||||||
Prepaid expenses and other
|
62,461 | 96,613 | ||||||
Total current assets
|
540,425 | 513,542 | ||||||
Property and equipment
|
2,777,107 | 2,658,143 | ||||||
Less accumulated depreciation
|
981,317 | 931,273 | ||||||
Net property and equipment
|
1,795,790 | 1,726,870 | ||||||
Other assets
|
29,061 | 26,920 | ||||||
$ | 2,365,276 | $ | 2,267,332 | |||||
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current debt
|
$ | 100,000 | $ | 50,000 | ||||
Trade accounts payable
|
298,587 | 251,625 | ||||||
Claims accruals
|
43,980 | 42,364 | ||||||
Accrued payroll
|
57,683 | 77,107 | ||||||
Other accrued expenses
|
24,111 | 17,419 | ||||||
Total current liabilities
|
524,361 | 438,515 | ||||||
Long-term debt
|
579,462 | 699,177 | ||||||
Other long-term liabilities
|
49,723 | 45,382 | ||||||
Deferred income taxes
|
498,457 | 516,715 | ||||||
Stockholders' equity
|
713,273 | 567,543 | ||||||
$ | 2,365,276 | $ | 2,267,332 |
June 30, 2012
|
December 31, 2011
|
|||||||
Actual shares outstanding at end of period (000)
|
117,550 | 116,932 | ||||||
Book value per actual share outstanding at end of period
|
$ | 6.07 | $ | 4.85 |
Six Months Ended June 30
|
||||||||
2012 | 2011 | |||||||
Net cash provided by operating activities (000)
|
$ | 260,579 | $ | 307,673 | ||||
Net capital expenditures (000)
|
$ | 170,880 | $ | 210,963 | ||||