Transportation Industry
J.B. Hunt Profit Declines 6%, But Intermodal Cushions Fall
Transport Topics, February, 2008 by Keane, Angela Greiling
J.B. Hunt Transport Services, the largest publicly traded truckload carrier, said fourth-quarter profit fell 6% as interest costs rose, and the company wrote down the value of assets to be sold.
Net income from October through December declined to $54.3 million from $57.8 million a year earlier, the Lowell, Ark., company said Jan. 29 in a statement. Per-share earnings rose to 42 cents from 39 cents because of a 13% drop in the amount of stock outstanding.
Quarterly revenue increased 11% to $945 million from $851.6 million during the same time in 2006.
Hunt said the writedown was $8.4 million pretax, or 4 cents a share, and was in its truckload division, where it is scaling back. Interest expense almost doubled to $11.9 million, mainly because of debt the company...
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