Trucking and transportation services provider J.B. Hunt Transport Services Inc. posted higher earnings in the third quarter as revenue and operating income at its intermodal segment rose from a year earlier.
The company reported net earnings of $131.1 million, or $1.19 per share, for the third quarter of 2018, up from $100.4 million, or 91 cents per share, in the same quarter of 2017.
Operating income in the period rose 6% year over year to $174.7 million from $165 million on the back of customer rate increases that were partially offset by increases in wages and recruiting costs, increased rail purchase transportation and third-party dray rates and increased spending on new operating systems.
Operating income at the company's intermodal segment increased 10% to $120.3 million while the segment's revenue rose 16% to $1.22 billion.
Total operating revenue for the current quarter was $2.21 billion from $1.84 billion in the prior-year period.
Net earnings for the nine months ended Sept. 30 came in at $400.9 million, or $3.63 per share, compared to $301.0 million, or $2.71 per share, in the previous same period.
The trucking company said Oct. 10 that it expects to take a hit of about $28.9 million, or 26 cents per share, to its third-quarter and full-year 2018 after-tax earnings due to legal issues.