This post was originally published on this site
Investing.com – JB Hunt (NASDAQ:JBHT) reported Monday first quarter results that topped expectations as higher volumes and rates helped ease the impact of rising costs.
JB Hunt shares gained 1.20% in after-hours trade following the report.
JB Hunt announced earnings per share of $2.29 on revenue of $3.49B. Analysts polled by Investing.com anticipated EPS of $1.93 on revenue of $3.27B.
The beat on the bottom line was “primarily due to higher volumes, customer rate and cost recovery efforts, and further scaling of investments in our people and technology,” the company said.
Revenue per load increased 14% compared with the first quarter 2021, driven by higher contractual and spot rates in the company’s truckload business as well as changes in customer freight mix.
An increase in costs, however, partially weighed on growth amid increases in rail and truck purchased transportation costs, professional driver and non-driver wages and benefits, hiring and recruiting expense, and implementation costs for newly awarded business in both DCS and FMS segments.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
