J.B. Hunt Transport Services, Inc. Announces Earnings Expectations for the Fourth Quarter Ended December 31, 2017
December 28 2017 - 7:00AM
Business Wire
- Fourth Quarter 2017 Revenue
Range: $1.9 – 2.0 billion
- Fourth Quarter 2017 Operating Income
Range: $145 – 155 million
- Fourth Quarter 2017 EPS Range:
$0.77 – $0.82
J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced
expectations for the fourth quarter 2017 net earnings in the range
of $85.0 million to $90.0 million, or diluted earnings per share in
the range of $0.77 to $0.82 vs. fourth quarter 2016 net earnings of
$117.6 million, or $1.05 per diluted share. Fourth quarter 2017
results are expected to include charges for a reserve on a cash
advance for the purchase of new trailing equipment from a
manufacturer that will not meet delivery for $20.3 million pretax,
or $0.11 per diluted share, and an increase in reserves for certain
insurance and claims for $18.6 million pretax, or $0.10 per diluted
share.
Enacted on December 22, 2017, the Tax Cuts and Jobs Act (the
“Act”) changes existing United States tax law and includes numerous
provisions that may affect our business. The Act introduces changes
that impact our corporate tax rate, business-related exclusions,
deductions and credits. We are in the process of understanding the
widespread applicability of the Act to our financial statements but
believe it will primarily affect our balance sheet accounts
creating an additional one-time benefit for 2017. Accordingly, the
above net earnings and per diluted share estimates were computed
using an effective tax rate of 37.6% for the fourth quarter as the
impacts of the tax legislation will likely have a minimal effect on
operating income for the quarter.
Total operating revenue for the current quarter is expected to
be in the range of $1.9 billion to $2.0 billion, compared with
$1.72 billion for the fourth quarter 2016.
Operating income for the current quarter is expected to be in
the range of $145 million to $155 million, which reflects the
charges for the cash advance reserve and insurance reserves
previously mentioned. Operating income in the fourth quarter 2016,
totaled $194 million.
We expect to release actual fourth quarter and full year 2017
earnings on January 18, 2018.
This press release may contain forward-looking statements, which
are based on information currently available. Actual results may
differ materially from those currently anticipated due to a number
of factors, including, but not limited to, those discussed in Item
1A of our Annual Report filed on Form 10-K for the year ended
December 31, 2016. We assume no obligation to update any
forward-looking statement to the extent we become aware that it
will not be achieved for any reason. This press release and
additional information will be available immediately to interested
parties on our web site, www.jbhunt.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171228005047/en/
J.B. Hunt Transport Services, Inc.David G. Mee,
479-820-8363Executive Vice President, Finance/Administration and
Chief Financial Officer
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