JB Hunt shares fall after Q2 EPS, revenue miss street estimates

Landstar System

17/07/2024 15:16

** Shares in JB Hunt Transport Services  JBHT.O  down 5.7% on
Wednesday after co missed Q2 EPS, revenue expectations  
    ** JBHT reports Q2 adj EPS of $1.32 vs. consensus view of
$1.52; $2.92 bln revenue missed $3.04 bln consensus, as per LSEG
   ** Since 2022, U.S. truckers have faced high capacity, lower
rates, and no substantial increase in volumes, raising worries
weakness could continue beyond 2024
    ** Still, analyst reactions were mixed: JPMorgan raises
price target to $201 from $184, Stephens raises $10 to $200, BMO
raises to $195 from $188 while Evercore Isi cut by $6 to $185,
Cowen cut $20 to $161, Barclays cut $10 to $160, and BofA cut $1
to $189  
    ** Shares last at $165.96 vs. median PT of $185, as per
LSEG, which shows 23 ratings: 6 'strong buy,' 9 'buy,' 7 'hold,'
1 'sell'
    ** YTD JBHT down 17.5% vs 1.8% gain for Dow Jones Transport
average index  .DJT 
    ** Before results, JBHT had 5-day winning streak - longest
since 7-day rally through May 7
    ** DJT last down ~0.8% on Weds after a 5-day rally, Tues
close its highest since August 
    ** Rivals down >1% in sympathy were Fedex  FDX.N , Landstar
 LSTR.O , Old Dominion  ODFL.O  and Ryder System  R.N 

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))