J.B. Hunt falls after CFO warns on Q3 profit; US trucking stocks slide
JBHT•Other trucking stocks slide
Shares of other U.S. trucking companies also fell, with Knight-Swift Transportation down about 2.8%, Old Dominion dropping 2.3%, and XPO sliding 1.5%.
Shares of FedEx slipped 3% and United Parcel Service dropped 2.2%.
Including the session's move, J.B. Hunt was up 23.9% year to date.
J.B. Hunt shares fall after CFO warns on third-quarter profit
Shares of U.S. trucking firm J.B. Hunt fell 12% to $240.8 after CFO Brad Delco warned third-quarter earnings would drop by 5%-10% compared with the second quarter amid a spike in fuel and labor costs.
“You saw our JBT business actually lost a little bit of money. ICS broker margins got squeezed,” Delco said.
He pointed to a timing mismatch where intermodal prices are slow to adjust, while costs are rising fast.
