Lowell, AR-based truckload operator J.B. Hunt Transport Services reported net profits of $47.9 million on revenues of $719 million in the third quarter. This marks a year-over-year increase from earnings of $32.7 million on revenues of $622 million.
Kirk Thompson, president & CEO, noted that demand for a wide variety of trucking services increased across the board in the third quarter, as revenues from its truckload operations rose 8%, intermodal increased 14%, and dedicated contract carriage grew 15%.
Thompson added that the company’s revenue and earnings growth came at a time of increased cost pressures as well.
“The achievement of these results occurred despite historically high fuel prices that continued to rise during the quarter, a tight driver market that prompted driver pay increases in all three of our business segments during the quarter, and a couple of bankruptcy proceedings by our customers,” he said. “Yet we still significantly exceeded our internal expectations and plan for a quarter.”