Apparently, 2011 got off to a better start than anyone at J.B. Hunt Transport Services expected, as the company posted record net earnings of $50.1 million for the first quarter this year on revenues of $1 billion. That compares to net earnings of $37.5 million on revenues of $845 million in the same period during 2010, J.B. Hunt stated in its quarterly fiscal report.
“Our blend of complementary and diversified services resulted in a 34% increase in earnings over the same period last year and a record high for any first quarter,” said John Roberts, J.B. Hunt president& CEO, in a statement.
“With the effects of winter weather and rapidly rising fuel costs, it was a tough quarter to get through as well as we did,” he added.
Roberts noted that all four segments of the company’s transportation business contributed to J.B. Hunt’s overall increase in operating revenue.
Load growth of 15% in intermodal helped drive a 23% increase in segment revenue, while the company’s Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS) segments increased operating revenue by 22% and 15%, respectively. Finally, TL revenues jumped 6%, the company said.