Earnings Results: J.B. Hunt says it’s not yet out of the ‘freight recession,’ but that there are signs of a rebound

by | Oct 17, 2023 | Stock Market

Shares of J.B. Hunt Transport Services Inc. fell after hours on Tuesday as the trucking and transportation-services provider reported third-quarter results that missed Wall Street’s expectations, amid continued lower shipping demand. The results follow a roller-coaster for the shipping industry over the past two years, as shipping costs spiked due to supply-chain logjams and then dropped as higher prices for essentials recalibrated consumer demand. Executives at the company, however, signaled they might have reached the bottom.

“To be clear on the overall environment, we are not at a point yet to say we’re out of the freight recession,” President Shelley Simpson said on J.B. Hunt’s
earnings call on Tuesday. “But we do feel like we’re coming out of it. Or, said differently, directionally, we are seeing signs of things moving in a positive direction.” The company reported net income of $187.4 million, or $1.80 a share, compared with $269.4 million, or $2.57 a share, in the same quarter last year. Revenue fell to $3.16 billion, compared with $3.84 billion in the prior-year quarter. Analysts polled by FactSet …

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