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- J B Hunt Transport Services on Tuesday missed profit estimates for the third quarter, as the logistics provider grapples with a drop in e-commerce volumes and elevated costs.The global shipping downturn has dragged down margins for most operators in the sector as the pandemic-driven boom subsided after customers returned to stores, resumed eating at restaurants and started traveling again.
Profits at logistic firms such as CH Robinson Worldwide, Old Dominion and XPO have fallen in the last few quarters. High maintenance expenses and driver wages in a tight labor market have also impacted margins at operators, leading firms to implement a slew of cost-control measures to sail through an unpredictable economy.
J.B. Hunt's biggest segment, Intermodal, which involves shipping goods via two or more modes of transportation, saw a 41% decline in operating income in the reported quarter.The company's net profit dropped 30% to $1.80 per share for the quarter ended Sept. 30, from a year ago. Analysts on average had estimated earnings per share of $1.83, as per LSEG data.
J.B. Hunt's revenue fell 18% to $3.16 billion, nearly in line with analysts' estimate of $3.18 billion.
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