JB Hunt decreases its capital spending 44.2% in 1H20
JB Hunt decreased its capital spending by 44.2% in the first half of 2020, compared to the same period in 2019, reflecting caution given the uncertainty of the prospects.
The company‘s net capital expenditures for the six months ended June 30, 2020 approached $ 265 million compared to $ 475 million for the same period in 2019.
As of June 30, 2020, JB Hunt had cash and cash equivalents of approximately $ 275 million.
Also at the close of the first half of the current year, HB Hunt had about $ 1.3 billion outstanding on various debt instruments, compared to $ 1.4 billion as of June 30, 2019.
The company is one of the largest surface transportation, delivery, and logistics companies in North America, providing transportation services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico.
JB Hunt: financial results
The company announced second-quarter 2020 net profit of $ 121.7 million, or diluted earnings per share of 1.14 versus second-quarter 2019 net profit of 133.6 million, or 1.23 per diluted share.
Total operating income for the current quarter was $ 2.15 billion, compared to $ 2.26 billion for the second quarter of 2019, a decrease of 5 percent.
Total operating income for the current quarter, excluding fuel surcharge revenue, decreased 0.5% from the comparable quarter of 2019.
Revenue performance, excluding fuel surcharge revenue, was primarily driven by a 2% volume decrease in Intermodal (JBI), an 11% volume decrease in Integrated Capacity Solutions (ICS), and 5% less of stops at Final Miles Services (FMS), partially offset by a 17% increase in loads at Truckload (JBT), compared to the prior year period.
