J.B. Hunt Transport Services(JBHT) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter 2025 net earnings were $117.7 million, or diluted earnings per share of$ 1.17, down 4% from $127.5 million, or$ 1.22 per diluted share in Q1 2024[2][6]. - Total operating revenue for Q1 2025 was $2.92 billion, a decrease of 1% from$ 2.94 billion in Q1 2024, primarily due to a 5% decrease in average truck count in Dedicated Contract Services (DCS) and a 15% decline in Final Mile Services[3][6]. - Operating income decreased 8% to $178.7 million in Q1 2025 compared to$ 194.4 million in Q1 2024, attributed to lower DCS revenue and increased expenses[4][6]. Revenue Breakdown - Intermodal (JBI) revenue grew by 5% in Q1 2025, driven by an 8% increase in load volume, marking the highest first quarter volume in the company's history[7]. - DCS revenue decreased 4% in Q1 2025, with a 5% decline in average trucks, but productivity increased by 2%[9][13]. - Integrated Capacity Solutions (ICS) reported a revenue decline of 6% in Q1 2025, with an operating loss of $(2.7) million, an improvement from$ (17.5) million in Q1 2024[11][15]. - Final Mile Services (FMS) revenue decreased 12% in Q1 2025, primarily due to weak demand across end markets[16][22]. - Truckload (JBT) revenue decreased 7% in Q1 2025, with a 6% decline in revenue per load, although load volume increased by 2%[18][23]. Debt and Share Repurchase - As of March 31, 2025, total outstanding debt was $1.58 billion, up from$ 1.48 billion at the end of 2024, with net capital expenditures of approximately $225 million in Q1 2025[20][21]. - The company repurchased approximately 1.4 million shares for about$ 234 million in Q1 2025, with $650 million remaining under its share repurchase authorization[21]. Load and Marketplace Performance - For the three months ended March 31, 2025, J.B. Hunt reported 521,821 intermodal loads, an increase from 485,166 in the same period of 2024, representing a growth of 7.5%[34]. - Revenue per load in the intermodal segment decreased to$ 2,816 from $2,876, reflecting a decline of 2.1% year-over-year[34]. - The dedicated segment saw a total of 942,894 loads, down from 1,004,337, indicating a decrease of 6.1%[34]. - Integrated Capacity Solutions reported 137,744 loads, a decrease of 13% from 158,247 in the previous year, while revenue per load increased to$ 1,946 from $1,803, a growth of 7.9%[34]. - The gross profit margin for Integrated Capacity Solutions improved to 15.3%, up from 14.3% year-over-year[34]. - The marketplace for J.B. Hunt 360 generated$ 91.9 million in revenue, down from $105.5 million, a decline of 13%[34]. Cash Flow and Assets - Net cash provided by operating activities for the three months ended March 31, 2025, was$ 404.2 million, compared to $466.5 million in 2024, a decrease of 13.3%[38]. - Current assets totaled$ 1.67 billion as of March 31, 2025, down from $1.77 billion at the end of 2024, a decline of 6.1%[36]. - Total current liabilities increased to$ 1.87 billion from $1.68 billion, reflecting an increase of 11.2%[36]. - The book value per share decreased to$ 38.98 from $39.92, a decline of 2.4% year-over-year[38].