by Priyamvada C (Reuters) U.S. trucking firm J.B. Hunt Transport Services ($JBHT) quarterly results missed market expectations on Wednesday, hit by lower intermodal volumes and high driver wages.
Supply chain disruptions and port logjams have put pressure on intermodal volumes at trucking companies and railroad firms, depressing results in 2022. Intermodal transportation means moving of freight by two or more modes of transportation, usually from a train to a tractor or ship, or vice versa.
A shortage of drivers has also piled pressure on truck operators who have had to shell out more pay to attract and retain drivers.
J.B. Hunt on Wednesday also said its unit would award nearly $9 million in appreciation bonuses to full-time company drivers and full-time hourly maintenance and office employees.
Related Book: Outside the Box: How Globalization Changed by Marc Levinson
The group’s total operating expenses rose by 6% to $3.37 billion in the fourth quarter, whereas volumes at its intermodal business, its biggest segment, fell by 1%.
The company reported a profit of $1.92 per share for the quarter through December, compared with analysts’ average estimate of $2.46 per share, as per Refinitiv data.
Its revenue increased by 4% to $3.65 billion but missed expectations of $3.82 billion.
(Reporting by Priyamvada C in Bengaluru; Editing by Milla Nissi, Reuters)
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