Truckload carrier J.B. Hunt said its revenues and profits both increased in the first quarter compared to the same period last year as higher fuel surcharges helped bolster its bottom line.
J. B. Hunt posted net earnings of earnings of $11.2 million on revenue of $571 million in the first quarter, compared to net earnings of $4.9 million on revenues of $510 million in the first quarter of 2002. Higher fuel surcharges due to record-high diesel prices in the first quarter brought in an extra $21.5 million compared to fuel surcharge monies gained in the same period last year.
Excluding increases in fuel surcharge revenue, Lowell, AR-based J.B. Hunt said its total revenues increased 8% in the first quarter. Each of its divisions posted higher revenue as well, compared to the same period last year. Truckload revenue went up 2%, intermodal rose 12%, and dedicated contract carriage revenues increased 9%.