Shares of J.B. Hunt Transport Services, Inc. (JBHT) gained 1.1% in Monday’s extended trading session and a further 2.4% at the time of writing after the logistic solution provider delivered better-than-expected first-quarter results.
The company reported earnings of $2.29 per share, up 67.2% year-over-year, beating analysts’ expectations of $1.94 per share.
Revenue for the quarter grew 33% year-over-year to $3.49 billion. Further, the figure surpassed estimates of $3.28 billion.
Despite the challenging capacity-constrained freight environment, JBHT reported robust revenue growth on the back of higher revenue per truckload, an increase in fleet productivity, and its ability to secure capacity for customers.
Net capital expenditures incurred during the quarter stood at $289 million, compared to $86 million in the same quarter last year. As of March 31, 2022, J.B. Hunt had cash and cash equivalents of $145 million.
Stock Rating
Following the release, Raymond James analyst Patrick Brown maintained a Buy rating on J.B. Hunt with a price target of $205 (19.6% upside potential from current level).
Overall, the stock has a Moderate Buy consensus rating based on 11 Buys and six Holds. J.B. Hunt’s average price forecast of $214.35 implies 25% upside potential to current levels. Shares have gained 3.4% over the past year.
Investors’ Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on J.B. Hunt, as 12.9% of investors on TipRanks increased their exposure to JBHT stock over the past 30 days.
Takeaway
J.B. Hunt has been able to improve its financial performance in comparison to the prior-year quarter. Further, it has continuously been making efforts to grow its business, which is favorable for its stock.
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