Why Is J.B. Hunt Stock Surging Premarket On Wednesday?

J.B. Hunt Transport Services, Inc. JBHT shares are trading higher after the company reported third-quarter results.

Operating revenue fell 3% Y/Y to $3.07 billion, beating the consensus of $3.02 billion. Revenue declined mainly due to a 5% Y/Y drop in gross revenue per load in Intermodal (JBI) and a 6% Y/Y decrease in Truckload (JBT).

Additionally, load volumes fell by 10% in Integrated Capacity Solutions (ICS) and 6% in Dedicated Contract Services (DCS), along with 6% fewer stops in Final Mile Services (FMS).

Total operating revenue, excluding fuel surcharge revenue, decreased by less than 1% Y/Y in the quarter.

Operating income dipped 7% Y/Y to $224.1 million due to decreased revenue across all segments except JBI, along with rising expenses related to personnel, insurance, claims, and equipment.

EPS of $1.49 surpassed the consensus of $1.47.

As of September 30, the company had cash and cash equivalents of about $120 million.

In the third quarter of 2024, the company repurchased shares worth around $200 million. As of September 30, J.B. Hunt had around $967 million remaining under its share repurchase authorization.

Investors can gain exposure to the stock via IShares Trust IShares U.S. Transportation ETF IYT and ETF Opportunities Trust Tuttle Capital Shareholders First Index ETF ESGX.

Price Action: JBHT shares are up 7.12% at $187.09 premarket at the last check Wednesday.

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