J.B. Hunt shares jump as 3Q profit beats expectations

J.B. Hunt attributed the results to growth in its intermodal segment, where revenue leaped 24 percent compared with last year. The company was also helped by higher fuel surcharges and higher sales in its capacity management unit.

The Associated Press

10/14/2008

LOWELL, Ark. — Shares of trucking and logistics company J.B. Hunt Transport Services Inc. leaped Tuesday among a fluctuating broader market, after it reported third-quarter earnings above Wall Street's expectations.

Shares of J.B. Hunt rose $2.80, or 9.7 percent, to $31.55 in afternoon trading. The stock has ranged between $23.28 and $40.25 in the past year.

The company on Tuesday reported third-quarter earnings of 47 cents per share, compared with analysts' prediction of 42 cents per share, according to Thomson Reuters.

J.B. Hunt attributed the results to growth in its intermodal segment, where revenue leaped 24 percent compared with last year. The company was also helped by higher fuel surcharges and higher sales in its capacity management unit.

Longbow Research analyst Lee Klaskow raised his full-year earnings estimate for the company, citing the better-than-expected third-quarter results, as well as lower interest expenses and a reduced tax rate.

He also boosted his earnings forecast for 2009, but maintained his "Neutral" rating on the stock citing economic uncertainty.