J.B. Hunt Transport Services(JBHT) - 2024 Q4 - Annual Results

Financial Performance - Fourth Quarter 2024 total operating revenue was $3.15 billion, a decrease of 5% compared to $3.30 billion in Q4 2023[4] - Fourth Quarter 2024 net income was $155.5 million, or diluted earnings per share of $1.53, up 4% from $153.5 million and $1.47 in Q4 2023[3][7] - Full Year 2024 revenue totaled $12.09 billion, down 6% from the previous year, with operating income decreasing 16% to $831 million[7] - Total operating revenues for 2024 were $12,087,204, a decrease of 5.8% from $12,829,665 in 2023[31] - Operating income for 2024 was $831,225, down 16.3% from $993,196 in 2023, representing 6.9% of total revenues[31] Segment Performance - Intermodal (JBI) segment revenue decreased 2% year-over-year, despite a 5% increase in volume, primarily due to a 6% decrease in revenue per load[8] - Integrated Capacity Solutions (ICS) segment revenue fell 15% to $308 million, with a 22% decline in overall segment volume[12] - Dedicated Contract Services (DCS) revenue decreased 5%, with a 4% decline in average trucks and a 1% decline in productivity[10] - Truckload (JBT) revenue decreased 7%, with a 2% decrease in revenue per load and flat load volume year-over-year[18] - Intermodal revenue for 2024 was $5,956,092, accounting for 49% of total revenue, compared to $6,207,461 (48%) in 2023[34] - Integrated Capacity Solutions segment reported a revenue decrease to $1,141,475 (9% of total) from $1,390,141 (11% of total) in 2023[34] Operational Metrics - Average revenue per load in the Intermodal segment decreased to $2,849 in 2024 from $3,035 in 2023[38] - The number of loads in the Dedicated segment decreased to 3,985,221 in 2024 from 4,274,677 in 2023[38] - The average effective trailing equipment usage in the Intermodal segment increased to 104,103 in 2024 from 99,374 in 2023[38] - The marketplace for J.B. Hunt 360 revenue decreased significantly to $395.8 million in 2024 from $765.6 million in 2023[38] Expenses and Liabilities - Operating expenses for 2024 totaled $11,255,979, representing 93.1% of total revenues, compared to 92.3% in 2023[31] - Total debt outstanding as of December 31, 2024, was $1.48 billion, down from $1.58 billion a year earlier[20] - Current liabilities decreased from $1,678,040,000 in 2023 to $1,452,501,000 in 2024, a reduction of 13.5%[41] - Long-term debt decreased from $1,326,107,000 in 2023 to $977,702,000 in 2024, a decrease of 26.3%[41] Shareholder Actions - The company repurchased approximately 489,000 shares for about $86 million in Q4 2024, with $882 million remaining under its share repurchase authorization[21] - The actual shares outstanding decreased from 103,220,000 in 2023 to 100,555,000 in 2024, a reduction of 2.6%[43] Asset Management - Total current assets increased from $1,733,724,000 in 2023 to $1,911,303,000 in 2024, representing an increase of 10.3%[41] - Net cash provided by operating activities decreased from $1,744,618,000 in 2023 to $1,483,156,000 in 2024, a decline of 15.0%[43] - Book value per share increased from $39.76 in 2023 to $39.92 in 2024, reflecting a growth of 0.4%[43] - Net capital expenditures significantly decreased from $1,600,215,000 in 2023 to $674,406,000 in 2024, a decline of 57.9%[43] - Total stockholders' equity increased from $4,014,505,000 in 2023 to $4,103,758,000 in 2024, an increase of 2.2%[41] - Accounts receivable increased from $1,224,166,000 in 2023 to $1,334,912,000 in 2024, a rise of 9.0%[41] - Cash and cash equivalents increased from $46,983,000 in 2023 to $53,344,000 in 2024, an increase of 13.0%[41]