J.B. Hunt misses profit, revenue estimates hit by weak freight volumes
FDX
+2.84%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
(Reuters) – U.S. trucking firm J.B. Hunt Transport Services Inc missed Wall Street estimates for quarterly profit on Tuesday, hit by declining freight volumes as high inflation dented consumer spending.
Shares of the company fell about 1% at $187 after the bell.
Trucking and logistic firms, in the last few quarters, have struggled with weak shipping demand, high driver wages and maintenance expenses that have been a drag on their margins.
The e-commerce sector has particularly been hard hit from the pandemic highs as consumers return to their normal shopping patterns.
As a result, major players grapple with excess delivery capacity as demand wanes forcing firms like FedEx (NYSE:FDX) to embark on cost-cutting initiatives to protect profits and remain competitive in an unpredictable economy.
On Tuesday, J.B. Hunt reported a profit of $1.81 per share in the quarter ended June 30, missing analysts’ average estimate of $1.92 per share, as per Refinitiv data.
Its revenues fell 18% to $3.13 billion, compared with estimates of $3.31 billion.
