Revenue Analysis:
Total and Operating Revenue: JBHT’s total and operating revenue observed a slight decrease from $3.32 billion in Q4 2023 to $2.94 billion in Q1 2024. The peak revenue was observed in Q1 2023 at $3.23 billion. Gross Profit Margin remained relatively stable with a slight downtrend from a high of $565.1 million in Q1 2023 to $498.6 million in Q1 2024.
Cost Management:
Cost of Revenue and Total Expenses showed a decrease in the most recent quarter (Q1 2024) to $2.45 billion and $2.75 billion respectively, down from $2.75 billion and $3.10 billion in Q4 2023. Operating Expense also saw a reduction to $304.2 million in Q1 2024 from $353.7 million in Q4 2023, indicating improved cost management.
Profitability Analysis:
EBITDA stood at $377.4 million in Q1 2024, a slight decrease from its peak at $453.3 million in Q1 2023. Operating Income and Pretax Income followed a similar trend, with a recent figure of $194.4 million and $178.7 million respectively in Q1 2024, compared to $277.5 million and $262.7 million in Q1 2023. Net Income also showed a decline from $197.8 million in Q1 2023 to $127.5 million in Q1 2024.
Cash Flow Indicators:
Reconciled Depreciation has remained fairly stable with a modest increase to $183 million in Q1 2024 from $175.8 million in Q1 2023. Interest Expense has been fairly consistent around $15.6 million to $14.6 million over the observed periods.
Taxation:
Tax Rate has experienced variations, with a significant decrease from 26% in Q2 2023 to 17.8% in Q4 2023, then an increase to 28.7% in Q1 2024. Tax Provision correspondingly adjusted from $64.9 million in Q1 2023 to $51.2 million in Q1 2024. There were no unusual tax items affecting these figures.
Shareholder Metrics:
Diluted EPS decreased from $1.89 in Q1 2023 to $1.22 in Q1 2024, and basic EPS similarly declined from $1.91 to $1.24 in the same period. Average shares remained fairly static around 104 million for diluted and 103 million for basic. Net Income available to common stockholders consistently encompassed the full net income value, reflecting solid returns directly to shareholders.
Conclusion:
JBHT has demonstrated robust revenue figures though with a recent decline, possibly indicating market saturation or increased competition. Cost management practices have improved, as seen in reduced operating expenses. Profitability metrics have shown some volatility, which should be closely monitored for future sustainability. Continuing to optimize the cost management and exploring new revenue streams or markets may be beneficial strategies. The business maintains a stable tax approach and shareholders experience consistent returns, though careful observation continues to be essential in light of recent dips in profitability metrics.