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JB Hunt shares rose 3.6% in after-hours trade following the report.
The company announced earnings per share of $1.14 on revenue of $2.15 billion. Analysts polled by Investing.com anticipated EPS of $0.84 on revenue of $2.01 billion.
The fall in revenue was driven by a 2% volume decline in intermodal, an 11% volume decline in integrated capacity solutions, and 5% fewer stops in final miles services, partially offset by a 17% increase in loads in truckload, compared with a year earlier, the company said.
“Lower revenue and higher purchased transportation costs, continued investment in technology across all segments, and employee and operating supplies costs related to COVID-19, were partially offset by benefits of lower driver turnover, decreased insurance and claims costs and significantly reduced travel and entertainment costs compared to the prior year,” it added.
JB Hunt shares are up 13.5% from the beginning of the year, still down 0.21% from its 52-week high of $132.83 set on July 16. They are outperforming the S&P 500 which is down 0.47% from the start of the year.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
