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J.B. Hunt's stock jumps after earnings beat, while intermodal revenue falls a bit shy

Tomi Kilgore

Shares of J.B. Hunt Transport Services Inc. shot up 7.2% in premarket trading Tuesday, after the trucking company reported a second-quarter profit that beat expectations, while intermodal revenue fell a bit shy. Net income fell to $133.6 million, or $1.23 a share, from $151.7 million, or $1.37 a share, in the year-ago period. The results included a pre-tax charge of 14 cents a share from insurance claim costs. Excluding the charge, adjusted earnings per share of $1.37 beat expectations of $1.34, according to FactSet. Total revenue rose 5.7% to $2.26 billion, in line with the FactSet consensus. Intermodal revenue fell 1% to $1.15 billion to miss the FactSet consensus of $1.18 billion, as a "softer freight market limited the ability to offset rail network rationalization effects" in the Eastern network. The intermodal revenue decline reflected an 8% fall in volume and a 7% increase in revenue per load. The stock has slipped 0.5% year to date through Monday, while the Dow Jones Transportation Average has advanced 15.6% and the Dow Jones Industrial Average has hiked up 17.3%.