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JB Hunt Transport Services Inc JBHT

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Demand Robust in J.B. Hunt’s Q2, Though Rail Congestion and Soaring Driver Costs a Margin Headwind

Matthew Young, CFA Equity Analyst

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.

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Company Profile

Business Description

J.B. Hunt Transport Services ranks among the top surface transportation companies in North America by revenue. Its primary operating segments are intermodal delivery, which uses the Class I rail carriers for the underlying line-haul movement (49% of sales in 2020); dedicated trucking services that provide customer-specific fleet needs (23%); for-hire truckload (5%); heavy goods final-mile delivery (7%), and asset-light truck brokerage (17%).

615 J.B. Hunt Corporate Drive, P.O. Box 130
Lowell, AR, 72745-0130
T +1 479 820-0000
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 30,309


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