J.B. Hunt Files Q2 2024 10-Q

Ticker: JBHT · Form: 10-Q · Filed: 2024-07-26T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, transportation, earnings

Related Tickers: JBHT

TL;DR

JBHT Q2 2024 10-Q filed. Financials and segment data released.

AI Summary

J.B. Hunt Transport Services, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational segments for the second quarter of 2024, comparing it to the same period in 2023. Key financial data and segment performance, including JBT and FMS, are presented.

Why It Matters

This filing provides investors and analysts with the official financial results and operational details for J.B. Hunt's second quarter of 2024, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is June 30, 2024.

What is the company's Central Index Key (CIK)?

The company's Central Index Key (CIK) is 0000728535.

When was this 10-Q filed with the SEC?

This 10-Q was filed on July 26, 2024.

Which operating segments are mentioned in the filing?

The filing mentions operating segments such as JBT (JBTMember) and FMS (FMSMember).

What fiscal year end does the company report?

The company's fiscal year ends on December 31.

Filing Stats: 4,479 words · 18 min read · ~15 pages · Grade level 10.5 · Accepted 2024-07-26 12:31:43

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements as of June 30, 2024 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22 Exhibits 23

Signatures

Signatures 24

Financial Information

Part I. Financial Information

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolidated Statements of Earnings (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating revenues, excluding fuel surcharge revenues $ 2,545,023 $ 2,707,560 $ 5,097,508 $ 5,450,070 Fuel surcharge revenues 383,662 425,063 775,177 912,142 Total operating revenues 2,928,685 3,132,623 5,872,685 6,362,212 Operating expenses: Rents and purchased transportation 1,274,011 1,404,586 2,554,998 2,872,384 Salaries, wages and employee benefits 803,047 821,876 1,610,931 1,646,875 Depreciation and amortization 184,658 179,972 367,655 355,784 Fuel and fuel taxes 164,291 171,846 337,817 367,680 Operating supplies and expenses 120,425 128,949 243,416 257,308 General and administrative expenses, net of asset dispositions 74,707 61,472 151,490 121,879 Insurance and claims 73,222 63,893 148,908 134,221 Operating taxes and licenses 17,575 18,951 35,110 37,058 Communication and utilities 11,040 10,366 22,282 20,822 Total operating expenses 2,722,976 2,861,911 5,472,607 5,814,011 Operating income 205,709 270,712 400,078 548,201 Net interest expense 20,198 14,604 35,847 29,393 Earnings before income taxes 185,511 256,108 364,231 518,808 Income taxes 49,638 66,556 100,865 131,488 Net earnings $ 135,873 $ 189,552 $ 263,366 $ 387,320 Weighted average basic shares outstanding 102,386 103,562 102,814 103,643 Basic earnings per share $ 1.33 $ 1.83 $ 2.56 $ 3.74 Weighted average diluted shares outstanding 103,146 104,566 103,626 104,647 Diluted earnings per share $ 1.32 $ 1.81 $ 2.54 $ 3.70 See Notes to Condensed Consolidated Financial Statements. 3 J.B. HUNT TRANSPORT SERVICES, INC. Condensed Consolida

MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should refer to the attached interim Condensed Consolidated Financial Statements and related notes and also to our Annual Report (Form 10-K) for the year ended December 31, 2023, as you read the following discussion. We may make statements in this report that reflect our current expectation regarding future results of operations, performance, and achievements. These are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995 and are based on our belief or interpretation of information currently available. When we use words like "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "goals," "strategy," "future," "predict," "seek," "estimate," "likely," "could," "should," "would," and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements are inherently uncertain, subject to risks, and should be viewed with caution. These statements are based on our belief or interpretation of information currently available. Shareholders and prospective investors are cautioned that actual results and future events may differ materially from these forward-looking statements as a result of many factors. Some of the factors and events that are not within our control and that could have a material impact on future operating results include the following: general economic and business conditions; competition and competitive rate fluctuations; excess capacity in the intermodal or trucking industries; a loss of one or more major customers; cost and availability of diesel fuel; interference with or termination of our relationships with certain railroads; rail service delays; disruptions to U.S. port-of-call activity; ability to attract and retain qualified drivers, delivery personnel, independent contractors, and

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