Analyst Note
| Matthew Young, CFA |Trucking and logistics giant J.B. Hunt’s second-quarter top line rose a solid 36%, ahead of our expectations, especially for truck brokerage (ICS) and the for-hire truckload (JBT) division, both of which are benefiting from broad capacity access and Hunt’s expanding “360 box” trailer capacity offering. All segments are seeing robust underlying freight demand (heavy retailer restocking) and excellent pricing conditions (tight trucking market capacity), though intermodal continues to grapple with rail congestion. Intermodal secured strong contract rate gains and volume was up 5.5% year over year, but network fluidity and terminal throughput faced significant pressure as the railroads are struggling with labor shortages and equipment imbalances—factors that are restricting Hunt’s container-volume growth.