J.B. Hunt Transport Services (JBHT) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 18, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to the J.B. Hunt Transport, Inc. 2Q '23 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I will now turn the conference over to Brad Delco, Senior Vice President of Finance. Please go ahead.

Brad Delco

Good afternoon. Before I introduce the speakers, I would like to provide some disclosures regarding forward-looking statements. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements. These statements are based on J.B. Hunt's current plans and expectations and involve risks and uncertainties that could cause future activities and results to be materially different from those set forth in the forward-looking statements. For more information regarding risk factors, please refer to J.B. Hunt's annual report on Form 10-K and other reports and filings with the Securities and Exchange Commission.

Now, I'd like to introduce the speakers on today's call. This afternoon I'm joined by our CEO, John Roberts; our President, Shelley Simpson; our CFO, John Kuhlow; Nick Hobbs, COO and President of Contract Services; Darren Field, President of Intermodal; and Brad Hicks, EVP of People and President of Highway Services.

I'd now like to turn the call over to our CEO, Mr. John Roberts, for some opening comments. John?

John Roberts

Thank you, Brad, and good afternoon.

Similar to last quarter, I'll touch on a few items and reemphasize some key aspects about how we approach and manage the business. As usual, we have key members of our leadership team here to discuss specific areas of each segment.

We've noted for several quarters now the shifting dynamics in the industry, and we see, in part, the product for that shift in our results for the second quarter. That said, we remain pleased with the collective and complementary nature of our business mix, some of which is revealed in our current results.

For example, we see expected resiliency in certain areas of the business like DCS, areas with meaningful and unique growth opportunities to capitalize on in our Intermodal business, areas with notable improvement in performance in Final Mile, and areas of investment with a large addressable market and growing demand in our brokerage and power-only 360box offering in Highway Services. We maintain our perspective that all segments present meaningful growth opportunities looking forward.