Truckload giant J.B. Hunt Transport Services is offering over 5-million shares of common stock for sale after posting rosy returns in the first quarter.
The Lowell, AR-based carrier said it is issuing and selling 2-million shares itself, with 3.1-million shares to be offered by a variety of investment firms. J.B. Hunt said it plans to use the proceeds of this stock offering to reduce debt and fund capital expenditures.
In the first quarter of this year, J.B. Hunt's net earnings topped $4.9 million on revenues of $510 million, compared to earnings of $1.6 million on revenue of $495 million in the first quarter of 2001.
