“Tepid customer demand” and the lower freight rates that often accompany such demand pushed third quarter earnings for J.B. Hunt Transport Services below the same period in 2015 and below the consensus of analyst estimates.
For the quarter ended Sept. 30, the Lowell-based transportation company posted net income of $109.425 million, below the $115.139 million in the third quarter of 2015. Per share net income of 97 cents was off the consensus estimate of $1.03 per share.
Total revenue in the quarter was $1.69 billion, ahead of the consensus estimate of $1.68 billion and better than the $1.586 billion in the third quarter of 2015.
The company noted in the earnings statement posted early Monday (Oct. 17) that headwinds during the quarter were “increased rail purchase transportation... [ MORE ]