These Analysts Cut Their Forecasts On J.B. Hunt Following Downbeat Earnings

J.B. Hunt Transport Services, Inc. JBHT reported downbeat first-quarter 2024 results on Tuesday.

Operating revenue fell 9% Y/Y to $2.94 billion, missing the consensus of $3.12 billion. EPS of $1.22 missed the consensus of $1.52, according to data from Benzinga Pro.

The decline in revenue was due to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solutions (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS).

In the first quarter of 2024, the company repurchased shares worth $25 million. As of March 31, 2024, J.B. Hunt had around $366 million remaining under its share repurchase authorization.

As of March 31, 2024, the company had cash and cash equivalents of $64 million.

J.B. Hunt Transport shares fell 1.1% to close at $182.99 on Tuesday.

These analysts made changes to their price targets on J.B. Hunt Transport following earnings announcement.

• B of A Securities cut the price target on J.B. Hunt Transport from $215 to $199. B of A Securities analyst Ken Hoexter maintained a Buy rating.
• Stephens & Co. slashed the price target on J.B. Hunt Transport from $210 to $192. Stephens & Co. analyst Justin Long maintained an Overweight rating.

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