The Lowell, Ark.-based company transports goods by truck and rail and its operations include last-mile delivery services.
“This year, we have reached all-time highs in the need for company drivers in all segments,” J.B. Hunt Chief Executive John Roberts said on the earnings call. The company sees “persistent irregularities in demand patterns substantially resulting from port, labor and inventory challenges with our customers,” he said.
The carrier reported net profit climbed 59% in the third quarter from a year earlier to nearly $200 million, while revenue rose 27% to $3.14 billion.
Revenue in J.B. Hunt’s truckload business moving full trailers of goods for shippers, where demand has been particularly strong as retailers rush to restock inventories, jumped 85% from a year earlier, excluding fuel surcharges. Operating income in the unit soared nearly 400% thanks to higher prices and a 12% increase in loads compared with the year-earlier quarter.
Shipment volumes slipped in J.B. Hunt’s core intermodal business, which involves moving cargo long distances by truck and rail. Overcrowded rail networks limited the flow of freight, while customers kept containers and other equipment tied up at their facilities longer than usual, the company said.