Hunt container was only off slightly y/y during the quarter at 5x, a slight improvement from the 4.8x recorded in the first quarter.
ABRIDGE CRUNCHBASE FULL
Compared with the May average, the wait time was a full two-day increase for inbound containers awaiting rail service. However, dwell times were up 20% and 12%, respectively.Ĭontainer dwell times at the Ports of Los Angeles and Long Beach, California, reached a fresh high at 13.3 days in June, according to the Pacific Merchant Shipping Association. Train speeds were down 11% with rail partner Norfolk Southern ( NYSE: NSC) but flat at BNSF ( NYSE: BRK.B). Volumes accelerated throughout the period: up 4% y/y in April, up 9% in May and 10% higher in June. Intermodal loads were 8% higher y/y compared to a 5% decline in intermodal traffic on the Class I railroads. Rail service issues remained a headwind to intermodal volumes but J.B. Hunt’s key performance indicators – Consolidated Intermodal takes share amid network congestion Operating income jumped 46% to $353 million. That was partially offset by an $11.6 million workers’ compensation benefit.Ĭonsolidated revenue of $3.84 billion was 32% higher y/y and 21% higher excluding fuel surcharges. Included in the number was $30 million in pretax casualty claims expense stemming from a couple of prior claims that settled above coverage limits. The result was 81 cents higher year over year and beat analysts’ forecasts by 11 cents. Hunt ( NASDAQ: JBHT) reported earnings per share of $2.42 for the second quarter.
I haven’t had a lot of feedback on a significant downturn,” Simpson continued. “I think our customers are prepared to have a good second half. She said there was some dislocation in the inventories that customers are holding but it appears to be a short-term issue tied to out-of-season items. She noted that the company is still navigating supply chain bottlenecks, mostly at the ports and on the rails, and that labor availability remains a headwind. We feel confident in the different areas of our businesses and how we’re having conversations with our customers.” “We do think that there will be a peak, to what extent we’re still not sure. “We’re having a seasonally normal July,” Chief Commercial Officer Shelley Simpson said on the call. Hunt Transport Services acknowledged an inflection point in freight fundamentals on its second-quarter call with analysts Tuesday night, but said that most of its customers are still expecting a good finish to 2022.
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