J.B. Hunt Transport Services (NASDAQ:JBHT) surged after it announced higher quarterly revenue that beat Wall Street expectations.
The company announced on Thursday that it earned $78.2 million during the third quarter, up 14% from $68.7 million in the same period last year. EPS came in at 65 cents, which narrowly missed the 66 cents that analysts had forecast, The Associated Press noted.
The trucking service provider posted revenue of $1.3 billion, an increase of 11% from $1.17 billion in 2011. That topped the $1.28 billion analysts had anticipated.
Investors liked the news, sending company shares up more than 8% in Friday morning trading.
J.B. Hunt operated 2,381 trucks at the end of the third quarter. That was 9% fewer trucks compared to last year.
Revenue from trucking declined to $117 million, down 8% compared to last year. Intermodal transport — which includes containers sent by sea, train and road — generated revenue of $794 million, up 15% from 2011.
Operating revenue from intermodal transport rose 25% to $97.9 million, while operating income at the company’s trucking unit declined 41% to just $4 million.