Arkansas | 0-11757 | 71-0335111 | ||
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) | (Commission File Number) | (IRS EMPLOYER 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) |
{ }
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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. | 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 |
§ | Third Quarter 2012 Revenue: | $ | 1.3 billion; up 11% | |
§ | Third Quarter 2012 Operating Income: | $ | 133 million; up 12% | |
§ | Third Quarter 2012 EPS: | 65 cents vs. 57 cents |
§
|
Third Quarter 2012 Segment Revenue:
|
$794 million; up 15%
|
§
|
Third Quarter 2012 Operating Income:
|
$97.9 million; up 25%
|
§
|
Third Quarter 2012 Segment Revenue:
|
$273 million; up 1%
|
§
|
Third Quarter 2012 Operating Income:
|
$25.6 million; down 14%
|
·
|
Third Quarter 2012 Segment Revenue:
|
$121 million; up 30%
|
·
|
Third Quarter 2012 Operating Income:
|
$5.5 million; up 43%
|
§
|
Third Quarter 2012 Segment Revenue:
|
$117 million; down 8%
|
§
|
Third Quarter 2012 Operating Income:
|
$4 million; down 41%
|
Three Months Ended September 30
|
||||||||||||||||||
2012
|
2011
|
|||||||||||||||||
% Of
|
% Of
|
|||||||||||||||||
Amount
|
Revenue
|
Amount
|
Revenue
|
|||||||||||||||
Operating revenues, excluding fuel surcharge revenues
|
$ | 1,046,769 | $ | 947,381 | ||||||||||||||
Fuel surcharge revenues
|
249,023 | 223,889 | ||||||||||||||||
Total operating revenues
|
1,295,792 | 100.0 | % | 1,171,270 | 100.0 | % | ||||||||||||
Operating expenses
|
||||||||||||||||||
Rents and purchased transportation
|
646,049 | 49.9 | % | 552,509 | 47.2 | % | ||||||||||||
Salaries, wages and employee benefits
|
260,911 | 20.1 | % | 255,982 | 21.9 | % | ||||||||||||
Fuel and fuel taxes
|
114,694 | 8.9 | % | 117,779 | 10.1 | % | ||||||||||||
Depreciation and amortization
|
57,773 | 4.5 | % | 54,404 | 4.6 | % | ||||||||||||
Operating supplies and expenses
|
48,281 | 3.7 | % | 43,164 | 3.7 | % | ||||||||||||
Insurance and claims
|
13,745 | 1.1 | % | 11,042 | 0.9 | % | ||||||||||||
General and administrative expenses, net of asset dispositions
|
9,369 | 0.6 | % | 6,114 | 0.5 | % | ||||||||||||
Operating taxes and licenses
|
7,451 | 0.6 | % | 7,095 | 0.6 | % | ||||||||||||
Communication and utilities
|
4,467 | 0.3 | % | 4,501 | 0.4 | % | ||||||||||||
Total operating expenses
|
1,162,740 | 89.7 | % | 1,052,590 | 89.9 | % | ||||||||||||
Operating income
|
133,052 | 10.3 | % | 118,680 | 10.1 | % | ||||||||||||
Net interest expense
|
6,346 | 0.5 | % | 7,145 | 0.6 | % | ||||||||||||
Earnings before income taxes
|
126,706 | 9.8 | % | 111,535 | 9.5 | % | ||||||||||||
Income taxes
|
48,465 | 3.8 | % | 42,885 | 3.6 | % | ||||||||||||
Net earnings
|
$ | 78,241 | 6.0 | % | $ | 68,650 | 5.9 | % | ||||||||||
Average diluted shares outstanding
|
120,281 | 121,126 | ||||||||||||||||
Diluted earnings per share
|
$ | 0.65 | $ | 0.57 |
Nine Months Ended September 30
|
||||||||||||||||||
2012
|
2011
|
|||||||||||||||||
% Of
|
% Of
|
|||||||||||||||||
Amount
|
Revenue
|
Amount
|
Revenue
|
|||||||||||||||
Operating revenues, excluding fuel surcharge revenues
|
$ | 2,990,971 | $ | 2,703,670 | ||||||||||||||
Fuel surcharge revenues
|
725,873 | 618,235 | ||||||||||||||||
Total operating revenues
|
3,716,844 | 100.0 | % | 3,321,905 | 100.0 | % | ||||||||||||
Operating expenses
|
||||||||||||||||||
Rents and purchased transportation
|
1,818,890 | 48.9 | % | 1,542,901 | 46.4 | % | ||||||||||||
Salaries, wages and employee benefits
|
766,820 | 20.6 | % | 743,470 | 22.4 | % | ||||||||||||
Fuel and fuel taxes
|
348,332 | 9.4 | % | 347,030 | 10.4 | % | ||||||||||||
Depreciation and amortization
|
170,120 | 4.6 | % | 158,312 | 4.8 | % | ||||||||||||
Operating supplies and expenses
|
133,632 | 3.6 | % | 120,789 | 3.6 | % | ||||||||||||
Insurance and claims
|
37,385 | 1.0 | % | 32,531 | 1.0 | % | ||||||||||||
General and administrative expenses, net of asset dispositions
|
19,718 | 0.5 | % | 20,511 | 0.7 | % | ||||||||||||
Operating taxes and licenses
|
21,916 | 0.6 | % | 20,626 | 0.6 | % | ||||||||||||
Communication and utilities
|
13,166 | 0.4 | % | 13,789 | 0.4 | % | ||||||||||||
Total operating expenses
|
3,329,979 | 89.6 | % | 2,999,959 | 90.3 | % | ||||||||||||
Operating income
|
386,865 | 10.4 | % | 321,946 | 9.7 | % | ||||||||||||
Net interest expense
|
20,263 | 0.5 | % | 22,286 | 0.7 | % | ||||||||||||
Earnings before income taxes
|
366,602 | 9.9 | % | 299,660 | 9.0 | % | ||||||||||||
Income taxes
|
140,225 | 3.8 | % | 115,219 | 3.4 | % | ||||||||||||
Net earnings
|
$ | 226,377 | 6.1 | % | $ | 184,441 | 5.6 | % | ||||||||||
Average diluted shares outstanding
|
120,022 | 122,784 | ||||||||||||||||
Diluted earnings per share
|
$ | 1.89 | $ | 1.50 |
Three Months Ended September 30
|
||||||||||||||||||
2012
|
2011
|
|||||||||||||||||
% Of
|
% Of
|
|||||||||||||||||
Amount
|
Total
|
Amount
|
Total
|
|||||||||||||||
Revenue
|
||||||||||||||||||
Intermodal
|
$ | 793,759 | 62 | % | $ | 691,283 | 59 | % | ||||||||||
Dedicated
|
272,624 | 21 | % | 268,752 | 23 | % | ||||||||||||
Truck
|
116,699 | 9 | % | 127,133 | 11 | % | ||||||||||||
Integrated Capacity Solutions
|
121,268 | 9 | % | 93,163 | 8 | % | ||||||||||||
Subtotal
|
1,304,350 | 101 | % | 1,180,331 | 101 | % | ||||||||||||
Intersegment eliminations
|
(8,558 | ) | (1 | %) | (9,061 | ) | (1 | %) | ||||||||||
Consolidated revenue
|
$ | 1,295,792 | 100 | % | $ | 1,171,270 | 100 | % | ||||||||||
Operating income
|
||||||||||||||||||
Intermodal
|
$ | 97,943 | 74 | % | $ | 78,388 | 66 | % | ||||||||||
Dedicated
|
25,592 | 19 | % | 29,726 | 25 | % | ||||||||||||
Truck
|
4,006 | 3 | % | 6,816 | 6 | % | ||||||||||||
Integrated Capacity Solutions
|
5,496 | 4 | % | 3,844 | 3 | % | ||||||||||||
Other (1)
|
15 | 0 | % | (94 | ) | (0 | %) | |||||||||||
Operating income
|
$ | 133,052 | 100 | % | $ | 118,680 | 100 | % |
Nine Months Ended September 30
|
||||||||||||||||||
2012
|
2011
|
|||||||||||||||||
% Of
|
% Of
|
|||||||||||||||||
Amount
|
Total
|
Amount
|
Total
|
|||||||||||||||
Revenue
|
||||||||||||||||||
Intermodal
|
$ | 2,249,918 | 61 | % | $ | 1,944,160 | 59 | % | ||||||||||
Dedicated
|
795,786 | 21 | % | 771,374 | 23 | % | ||||||||||||
Truck
|
371,035 | 10 | % | 376,204 | 11 | % | ||||||||||||
Integrated Capacity Solutions
|
327,814 | 9 | % | 256,936 | 8 | % | ||||||||||||
Subtotal
|
3,744,553 | 101 | % | 3,348,674 | 101 | % | ||||||||||||
Intersegment eliminations
|
(27,709 | ) | (1 | %) | (26,769 | ) | (1 | %) | ||||||||||
Consolidated revenue
|
$ | 3,716,844 | 100 | % | $ | 3,321,905 | 100 | % | ||||||||||
Operating income
|
||||||||||||||||||
Intermodal
|
$ | 270,742 | 70 | % | $ | 217,557 | 68 | % | ||||||||||
Dedicated
|
86,939 | 22 | % | 75,731 | 23 | % | ||||||||||||
Truck
|
17,731 | 5 | % | 19,595 | 6 | % | ||||||||||||
Integrated Capacity Solutions
|
11,516 | 3 | % | 9,037 | 3 | % | ||||||||||||
Other (1)
|
(63 | ) | (0 | %) | 26 | 0 | % | |||||||||||
Operating income
|
$ | 386,865 | 100 | % | $ | 321,946 | 100 | % |
(1)
|
Includes corporate support activity
|
Three Months Ended September 30
|
||||||||
2012
|
2011
|
|||||||
Intermodal
|
||||||||
Loads
|
368,709 | 320,889 | ||||||
Average length of haul
|
1,697 | 1,723 | ||||||
Revenue per load
|
$ | 2,153 | $ | 2,154 | ||||
Average tractors during the period *
|
3,522 | 3,057 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
3,134 | 2,896 | ||||||
Independent contractor
|
413 | 202 | ||||||
Total tractors
|
3,547 | 3,098 | ||||||
Net change in trailing equipment during the period
|
1,901 | 1,733 | ||||||
Trailing equipment (end of period)
|
57,913 | 51,922 | ||||||
Average effective trailing equipment usage
|
56,088 | 50,394 | ||||||
Dedicated
|
||||||||
Loads
|
395,912 | 375,666 | ||||||
Average length of haul
|
198 | 206 | ||||||
Revenue per truck per week**
|
$ | 4,146 | $ | 4,212 | ||||
Average trucks during the period***
|
5,153 | 4,917 | ||||||
Trucks (end of period)
|
||||||||
Company-owned
|
4,819 | 4,559 | ||||||
Independent contractor
|
15 | 16 | ||||||
Customer-owned (Dedicated operated)
|
410 | 331 | ||||||
Total trucks
|
5,244 | 4,906 | ||||||
Trailing equipment (end of period)
|
13,176 | 11,206 | ||||||
Average effective trailing equipment usage
|
14,555 | 12,849 | ||||||
Truck
|
||||||||
Loads
|
109,268 | 111,525 | ||||||
Average length of haul
|
462 | 508 | ||||||
Loaded miles (000)
|
49,885 | 56,448 | ||||||
Total miles (000)
|
58,313 | 64,772 | ||||||
Average nonpaid empty miles per load
|
77.4 | 73.8 | ||||||
Revenue per tractor per week**
|
$ | 3,783 | $ | 3,825 | ||||
Average tractors during the period *
|
2,406 | 2,569 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
1,425 | 1,640 | ||||||
Independent contractor
|
956 | 965 | ||||||
Total tractors
|
2,381 | 2,605 | ||||||
Trailers (end of period)
|
9,095 | 9,141 | ||||||
Average effective trailing equipment usage
|
7,982 | 7,975 | ||||||
Integrated Capacity Solutions
|
||||||||
Loads
|
90,009 | 65,377 | ||||||
Revenue per load
|
$ | 1,347 | $ | 1,425 | ||||
Gross profit margin
|
12.8 | % | 13.5 | % | ||||
Employee count (end of period)
|
428 | 369 | ||||||
Approximate number of third-party carriers (end of period)
|
31,400 | 28,100 |
Nine Months Ended September 30
|
||||||||
2012
|
2011
|
|||||||
Intermodal
|
||||||||
Loads
|
1,047,641 | 915,302 | ||||||
Average length of haul
|
1,696 | 1,726 | ||||||
Revenue per load
|
$ | 2,148 | $ | 2,124 | ||||
Average tractors during the period *
|
3,362 | 2,863 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
3,134 | 2,896 | ||||||
Independent contractor
|
413 | 202 | ||||||
Total tractors
|
3,547 | 3,098 | ||||||
Net change in trailing equipment during the period
|
3,407 | 6,256 | ||||||
Trailing equipment (end of period)
|
57,913 | 51,922 | ||||||
Average effective trailing equipment usage
|
53,578 | 48,463 | ||||||
Dedicated
|
||||||||
Loads
|
1,114,939 | 1,089,807 | ||||||
Average length of haul
|
203 | 203 | ||||||
Revenue per truck per week**
|
$ | 4,145 | $ | 4,177 | ||||
Average trucks during the period***
|
4,978 | 4,777 | ||||||
Trucks (end of period)
|
||||||||
Company-owned
|
4,819 | 4,559 | ||||||
Independent contractor
|
15 | 16 | ||||||
Customer-owned (Dedicated operated)
|
410 | 331 | ||||||
Total trucks
|
5,244 | 4,906 | ||||||
Trailing equipment (end of period)
|
13,176 | 11,206 | ||||||
Average effective trailing equipment usage
|
13,615 | 12,791 | ||||||
Truck
|
||||||||
Loads
|
344,672 | 330,958 | ||||||
Average length of haul
|
472 | 516 | ||||||
Loaded miles (000)
|
160,987 | 169,298 | ||||||
Total miles (000)
|
187,024 | 193,857 | ||||||
Average nonpaid empty miles per load
|
75.8 | 72.3 | ||||||
Revenue per tractor per week**
|
$ | 3,866 | $ | 3,839 | ||||
Average tractors during the period*
|
2,494 | 2,544 | ||||||
Tractors (end of period)
|
||||||||
Company-owned
|
1,425 | 1,640 | ||||||
Independent contractor
|
956 | 965 | ||||||
Total tractors
|
2,381 | 2,605 | ||||||
Trailers (end of period)
|
9,095 | 9,141 | ||||||
Average effective trailing equipment usage
|
8,072 | 8,077 | ||||||
Integrated Capacity Solutions
|
||||||||
Loads
|
232,259 | 189,077 | ||||||
Revenue per load
|
$ | 1,411 | $ | 1,359 | ||||
Gross profit margin
|
12.5 | % | 13.4 | % | ||||
Employee count (end of period)
|
428 | 369 | ||||||
Approximate number of third-party carriers (end of period)
|
31,400 | 28,100 |
September 30, 2012
|
December 31, 2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 5,659 | $ | 5,450 | ||||
Accounts Receivable
|
504,252 | 411,479 | ||||||
Prepaid expenses and other
|
53,346 | 96,613 | ||||||
Total current assets
|
563,257 | 513,542 | ||||||
Property and equipment
|
2,862,385 | 2,658,143 | ||||||
Less accumulated depreciation
|
1,013,932 | 931,273 | ||||||
Net property and equipment
|
1,848,453 | 1,726,870 | ||||||
Other assets
|
26,632 | 26,920 | ||||||
$ | 2,438,342 | $ | 2,267,332 | |||||
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current debt
|
$ | 100,000 | $ | 50,000 | ||||
Trade accounts payable
|
328,757 | 251,625 | ||||||
Claims accruals
|
48,194 | 42,364 | ||||||
Accrued payroll
|
58,315 | 77,107 | ||||||
Other accrued expenses
|
13,409 | 17,419 | ||||||
Total current liabilities
|
548,675 | 438,515 | ||||||
Long-term debt
|
544,904 | 699,177 | ||||||
Other long-term liabilities
|
46,849 | 45,382 | ||||||
Deferred income taxes
|
516,724 | 516,715 | ||||||
Stockholders' equity
|
781,190 | 567,543 | ||||||
$ | 2,438,342 | $ | 2,267,332 |
September 30, 2012
|
December 31, 2011
|
|||||||
Actual shares outstanding at end of period (000)
|
118,258 | 116,932 | ||||||
Book value per actual share outstanding at end of period
|
$ | 6.61 | $ | 4.85 |
Nine Months Ended September 30
|
||||||||
2012
|
2011
|
|||||||
Net cash provided by operating activities (000)
|
$ | 417,339 | $ | 488,209 | ||||
Net capital expenditures (000)
|
$ | 279,037 | $ | 324,266 |