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Transportation

First look: J.B. Hunt’s Q3 earnings

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J.B. Hunt Transport Services’ third quarter slightly surpassed analysts’ lowered expectations following the company’s earnings warning issued in September. J.B. Hunt (NASDAQ: JBHT) reported third-quarter revenue of $3.68 billion Thursday after the market closed. The result was ahead of a $3.59 billion consensus estimate. Earnings per share of $1.82 were 1 cent higher than analysts’ revised expectations. (A higher tax rate was a 4-cent EPS headwind in the quarter, partially offset by a 2-cent decline in net interest expense.) The result was slightly better than its September update, calling for a 5% to 10% sequential decline in EPS, implying $1.77 at the midpoint of the range. At the time, the company flagged near-term cost pressures—a sharp runup in diesel prices ($10 million), driver-related costs ($25 million) and elevated cargo claims ($10 million)—as headwinds. The actual impact in the quarter was over $50 million. The third quarter marked a fifth straight quarter of year-over-year improvement to operating income and EPS. The company’s earnings turnaround started in the 2025 third quarter, well ahead of peers. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); Intermodal revenue increased 20% y/y to $1.83 billion as loads were up 8% and revenue per load increased 11%. Higher fuel prices pushed revenue higher in the period. Excluding fuel, revenue per load was up 2% y/y. Volumes increased 18% y/y in the East and 1% on transcontinental lanes. A 3% decline in length of haul, due to a mix shift to the East, was a modest headwind to revenue per load. The unit booked a 91.9% operating ratio (inverse of operating margin), which was 15 basis points worse y/y. Higher costs (driver personnel, equipment and employee benefits) were a drag in the quarter. The dedicated OR deteriorated 360 bps y/y to 91.5%. Revenue was up 11% y/y, almost entirely due to higher revenue per truck per week (inclusive of fuel). Revenue per truck was up just 3% excluding fuel. Average trailers in service increased 11% even though load counts grew just 3%. Higher driver costs, group medical claims, insurance premiums and new account startup costs were among the culprits. The brokerage unit booked a second straight operating profit after 13 quarters in the red. The company’s asset-light truckload unit swung to a $7-million operating profit after a modest second-quarter loss. Shares of JBHT were down 2.4% in after-hours trading on Thursday. The stock fell 14% from its mid-September earnings update to the Thursday close. J.B. Hunt will host a call at 5 p.m. EDT on Thursday to discuss third-quarter results. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767553440-0'); }); Why it matters? J.B. Hunt’s quarterly results serve as a bellwether for the intermodal, trucking and logistics industries. The company’s third quarter was a modest slowdown after four quarters of strong recovery. However, some of the incremental costs that plagued the period were likely transitory in nature. More FreightWaves articles by Todd Maiden: LTL rates hit new high in Q3, moving higher in Q4 Cass: TL linehaul rates up 10% in September, shipment counts remain positive Yellow Corp., Teamsters settle on WARN Act claims The post First look: J.B. Hunt’s Q3 earnings appeared first on FreightWaves.

J.B. Hunt Transport Services’ third quarter slightly surpassed analysts’ lowered expectations following the company’s earnings warning issued in September.

J.B. Hunt (NASDAQ: JBHT) reported third-quarter revenue of $3.68 billion Thursday after the market closed. The result was ahead of a $3.59 billion consensus estimate. Earnings per share of $1.82 were 1 cent higher than analysts’ revised expectations. (A higher tax rate was a 4-cent EPS headwind in the quarter, partially offset by a 2-cent decline in net interest expense.)

The result was slightly better than its September update, calling for a 5% to 10% sequential decline in EPS, implying $1.77 at the midpoint of the range. At the time, the company flagged near-term cost pressures—a sharp runup in diesel prices ($10 million), driver-related costs ($25 million) and elevated cargo claims ($10 million)—as headwinds. The actual impact in the quarter was over $50 million.

The third quarter marked a fifth straight quarter of year-over-year improvement to operating income and EPS. The company’s earnings turnaround started in the 2025 third quarter, well ahead of peers.

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Intermodal revenue increased 20% y/y to $1.83 billion as loads were up 8% and revenue per load increased 11%. Higher fuel prices pushed revenue higher in the period. Excluding fuel, revenue per load was up 2% y/y. Volumes increased 18% y/y in the East and 1% on transcontinental lanes. A 3% decline in length of haul, due to a mix shift to the East, was a modest headwind to revenue per load.

The unit booked a 91.9% operating ratio (inverse of operating margin), which was 15 basis points worse y/y. Higher costs (driver personnel, equipment and employee benefits) were a drag in the quarter.

The dedicated OR deteriorated 360 bps y/y to 91.5%. Revenue was up 11% y/y, almost entirely due to higher revenue per truck per week (inclusive of fuel). Revenue per truck was up just 3% excluding fuel. Average trailers in service increased 11% even though load counts grew just 3%. Higher driver costs, group medical claims, insurance premiums and new account startup costs were among the culprits.

The brokerage unit booked a second straight operating profit after 13 quarters in the red.

The company’s asset-light truckload unit swung to a $7-million operating profit after a modest second-quarter loss.

Shares of JBHT were down 2.4% in after-hours trading on Thursday. The stock fell 14% from its mid-September earnings update to the Thursday close. 

J.B. Hunt will host a call at 5 p.m. EDT on Thursday to discuss third-quarter results.

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Why it matters? J.B. Hunt’s quarterly results serve as a bellwether for the intermodal, trucking and logistics industries. The company’s third quarter was a modest slowdown after four quarters of strong recovery. However, some of the incremental costs that plagued the period were likely transitory in nature.

More FreightWaves articles by Todd Maiden:

  • LTL rates hit new high in Q3, moving higher in Q4
  • Cass: TL linehaul rates up 10% in September, shipment counts remain positive
  • Yellow Corp., Teamsters settle on WARN Act claims

The post First look: J.B. Hunt’s Q3 earnings appeared first on FreightWaves.

Source: FreightWaves

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Here are the best electric bikes you can buy at every price level in October 2026

I’ve spent countless hours here at Electrek doing detailed hands-on testing of hundreds of electric bikes. Through thousands of miles of riding, I’ve been fortunate to learn these e-bikes inside and out, top to bottom and front to back. That long-term experience with real-world e-bike testing has helped me find the best electric bicycles on the market for just about any budget. Below are some of the top e-bikes I’ve hand-tested for every price range, current as of October 2026. Fall weather is upon us, bringing cooler temps and beautiful views, so it’s a great time to hop in the saddle and get out there riding! Check out the awesome e-bikes below, any one of which could become your next electric bike. more…

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South Korea: Tram revival faces a bumpy ride

The Wirye Line tramway in Seoul is set to open this year as the first modern tram line in South Korea, followed by a 38.1 km line in Daejeon. However, the already-tendered Ulsan tramway is being challenged by a newly elected mayor, while Hwaseong is exploring how best to realise its two-line network following six unsuccessful calls for tenders. Benjámin Zelki investigates. Seoul is on course to bring trams back to South Korea. The start of passenger-carrying test operations on the 5.4 km Wirye Line is scheduled by the end of the year. The return of trams to Seoul comes almost 60 years after the last section of the city’s legacy network closed in 1968. Construction work on the Wirye Line started in 2023, and test runs with the first vehicle have been underway at Korea Railroad Research Institute’s Osong test track since September 2025. Seoul city map Click to explore The catenary-free tramway will serve 12 stops, improving access to the centre of the Wirye district which lies in the southeast of the urban area. The route runs south from the Macheon terminus of metro Line 5 before splitting; one branch serves Namwirye on metro Line 8, and the other runs west to Bokjeong on Line 8 and the Suin-Bundang Line, which was created in 2020 through the merger of the Suin and Bundang suburban lines. Daejeon in full swing The city of Daejeon started construction on its first light rail line in December 2024, and works are now underway across all the scheme’s 14 contractual packages. Named Line 2 to follow on from the city’s sole metro line, the 38.1 km route will run in a loop around the city centre, with a one-stop branch in the southwest and a four-stop branch in the northeast. There will be a total of 45 stops, including five interchanges with metro Line 1. Part of the alignment will be in tunnel, and the entire line will be catenary-free. An increased budget of 1.51tr won for the project was announced by Daejeon Mayor Lee Jang-woo in August 2024. The city council confirmed in June this year that the opening of Line 2 was expected in the second half of 2030, two years later than originally planned. Ulsan project review In contrast to the progress in the capital and Daejeon, the delivery of Ulsan’s 10.9 km tram Line 1 has encountered several roadblocks. Preliminary works began in April for the catenary-free tram line with 15 stops, which is intended to link Taehwagang railway station in the city centre with Sinbok to the west. The current timescale envisages that the main civil works would start in February 2027, with the total cost of the scheme originally estimated at 381bn won. However, Kim Sang-wook, who was elected as mayor of Ulsan in local elections at the start of June, initiated a review on June 25, issuing a ‘temporary suspension’ of the project. This was lifted on July 31, allowing the works to resume for now, but the city has reportedly been seeking legal ways to abort the project without incurring a significant loss. The local authority had until August 29 to terminate the main works contracts, citing unforeseen circumstances, although this would have left it facing some liabilities for compensation relating to the construction and rolling stock contracts. After that deadline, termination became more difficult. Local media reported on August 31 that that so far, the council has been unable to find a lawful way to terminate the project. BRT plan, depot relocation According to the mayor, the tram project, as it is being delivered under the existing plans, would result in a significant reduction in road space, causing traffic congestion both during construction and after opening. He is also concerned about the risk of cost overruns and future operating expenses. Kim believes that the development of a bus rapid transit corridor could deliver similar benefits with less expenditure and reduced road traffic disruption. Most recently, local media reported that the tram depot, which was originally planned for a site next to Taehwagang station, needs to be relocated to an as-yet unconfirmed location due to issues around ground stability and utilities. Hwaseong tendering troubles Elsewhere, the municipality of Hwaseong, a satellite town south of Seoul, is working to deliver a two-line tramway. It called tenders no less than six times from April 2025 to March 2026 for the final design and civil works for a 31.6 km network. According to local media, the repeated procurement procedures were unable to attract bids meeting the city council’s terms, as the industry found the construction budget to be too low, contractual risks too high, and the construction period too short. In a bid to address these concerns, Hwaseong municipality has decided to enter into a contract negotiation with a consortium led by local construction and engineering company DL E&C, which was the sole bidder for the last tendering round that concluded in April. As part of the negotiations, the city boosted the funding envelope for civil works by 8.9bn won to 693.2bn won, and extended the delivery timeframes for design and construction. This included better terms for utility relocation works. DL E&C holds a 50% stake in the construction consortium, along with Taeyoung Construction (20%), Shindongah General Construction (10%), C&C General Construction (10%), Jungju Construction (5%) and Daelim (5%). Dohwa Engineering and Seongu Engineering are the design partners. Hwaseong city hall approved the technical proposal submitted by DL E&C on October 9 and expects to sign the contract and start preliminary works by the end of this month. A two-line network The first phase of the Hwaseong network would consist of two routes. The 13.8 km Red Line would run from Mangpo station on the Suin-Bundang Line in Suwon to Banggyo-dong in Hwaseong, while the 17.8 km Blue Line would connect Byeongjeom station on Seoul metro Line 1 with a depot site in the south of Hwaseong. The two lines would meet at the Dongtan terminus of Great Train Express Line A. Seoul & Hwaseong map Click to explore The Red Line was originally intended to run to Osan station on Seoul metro Line 1, but the final 2.8 km section was deferred from the first phase to cut costs. Catenary-free operation is envisaged. The network would be worked by 34 light rail vehicles using either hydrogen or battery power. Services would run at every 9 min during peak hours and every 15 min off-peak. The total cost of the first phase is estimated at 1tr won, which includes rolling stock and railway systems. No wires needed All of the tramways approved or being built in South Korea will be catenary-free. The Daejeon and Ulsan lines will be operated with hydrogen fuel cell trams supplied by Hyundai Rotem, while the Wirye Line is to be worked by battery LRVs developed by Woojin Industrial Systems. Hyundai Rotem is building 34 hydrogen LRVs for Daejeon’s Line 2 under a 293.4bn won contract signed in July 2024. It is also supplying nine five-section trams to Ulsan under a 63.4bn won contract agreed in March 2026. The trams are expected to have a range of 200 km before refuelling. The design was developed as part of a national research and development project which began in 2021 and was undertaken by Hyundai Rotem, Korea Institute for the Advancement of Technology, Korea Railroad Research Institute, Korea Automobile Research Centre and Ulsan Tecno Park. The 10 five-section trams developed by Woojin Industrial Systems to operate the Wirye route are 100% low-floor vehicles, 33.9 m long and and 2 650 mm wide. They have high-capacity roof-mounted ­lithium-ion batteries, and both high and low-level headlights. They are being fitted with a collision warning system that combines radar and camera sensors to warn the driver when an obstacle is detected and activate the emergency brake if there is no response. The lavender livery was selected by residents through a local poll. Meanwhile, Hyundai Rotem announced on July 16 that it had completed the development of an obstacle-detection system for its light rail portfolio. Its Autonomous Driving Assistance System tool is able to detect objects on the track by considering track dimensions and the operating environment, and it alerts the driver if a high-risk situation is detected. The technology uses LiDAR sensors and cameras. This article first appeared in the September 2026 issue of Railway Gazette International Read the issue See also Seoul & Incheon – city map Wirye Line test runs aim to return trams to Seoul after 58 years Hyundai Rotem to supply 34 hydrogen trams to Daejeon Construction starts on hydrogen-powered tram line in Ulsan

via Railway Gazette
Transportation

BREAKING: Texas judge upholds nuclear verdict against C.H. Robinson

The more than $600 million judgment in a Texas court case against C.H. Robinson has been affirmed by the judge that heard the case. Judge Dianne Jones of Dallas County Court on Friday affirmed the July verdict of $604,025,000 handed down in July against C.H. Robinson (NASDAQ: CHRW) as a result of a fatal accident that killed three persons in March 2021. One of the three persons killed in the wreck was Gorgonio Gonzalez, an employee driver of carrier Lupus Superior that was hired by C.H. Robinson to move a load for Arizona Beverages. His death made finding the cause of the accident difficult to ascertain. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); The lead named plaintiff in the case is the estate of Jennifer Lipe, represented by Peyton Lipe. Jennifer Lipe was one of the persons killed in the crash that occurred in Jackson, Mississippi, though the case was heard in Texas because that is the headquarters of Lupus Superior. The case of Lipe vs. Lupus Superior, the carrier hired by C.H. Robinson, is problematic for C.H. Robinson on two key fronts. One is the $600-million plus verdict. While there have been nuclear verdicts in trucking larger than that–though not many–there is no known precedent for a verdict of that size against a publicly-traded company with an investment-grade credit rating and an end-second quarter balance sheet of $5.8 billion. Some of the larger verdicts were handed down against companies that were effectively ghosts and didn’t participate in their defense. (It is notable that the second quarter balance sheet for C.H. Robinson listed cash and cash equivalents of $154.9 million, far below the Lipe award). Who’s in control? But the other major issue for C.H. Robinson, and by extension the brokerage community in general, is the jury’s finding, in response to a question in the jury’s charge, that driver Gonzalez was “operating the vehicle in the furtherance of a mission for the benefit of C.H. Robinson and subject to control by C.H. Robinson as to the details of the mission.” If that finding is upheld on appeal, it means the brokerage industry would have gone in just a few months from liability protection under the Federal Aviation Administration Authorization Act (F4A) being blown away in May by the Supreme Court’s Montgomery decision, to a precedent that may be set by Lipe vs. Lupus Superior that the driver at a carrier is effectively controlled by the brokerage that hired the trucking company. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767553440-0'); }); In a prepared statement released late Friday following the affirmation, C.H. Robinson reiterated several of the same points that it made not only when the initial decision was handed down in July but also in various forums since then. The company expressed sympathy for the “profound loss suffered by the families in this case.” “But C.H. Robinson did not cause or contribute to the accident, and accountability must be grounded in the facts and the law,” Dorothy Capers, chief legal officer at C.H. Robinson, said in the prepared statement. Capers’ statement brought up a question facing brokers in the post-Montgomery landscape: what constitutes a hiring process that can protect them? Dorothy Capers of C.H. Robinson window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot4', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668086344-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668086344-0'); }); She pointed out, as has been done before, that Lupus Superior had a Satisfactory rating from the Federal Motor Carrier Safety Administration (FMCSA) and had “safely delivered nearly 270 loads for our customers.” “The carrier is an independent company and the driver worked for them,” Capers said in the statement. “C.H. Robinson does not employ drivers.” “The extreme nature of this judgment underscores why a clear national standard for what constitutes a safe carrier is needed now,” Capers’ statement added. “America’s freight network should not be governed by safety standards determined after the fact, state by state and courtroom by courtroom.” It is an issue that has been raised publicly by the Transportation Intermediaries Association. In June, it called for federal action of some kind to determine what a broker can rely upon to protect itself when hiring brokers. The size of the payout does not end with the $604 million. As TD Cowen’s Jason Seidl noted in an analyst report released soon after news spread of the affirmation, there is also approximately $107 million in pre-judgement interest affirmed by Judge Jones. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767778941-0'); }); “We believe the substantial interest charge was less appreciated by investors and drove weakness in trading immediately after the judgment was entered, though this was included in the plaintiff’s originally proposed judgment,” Seidl wrote. The interest rate being applied to the judgment is 6.75%. “Assuming CHRW moves to appeal and this results in a multi-year process, this would imply an even larger compounded charge if appeal is unsuccessful,” Seidl added. C.H. Robinson, Seidl wrote, has a “non-trivial incentive to settle this lawsuit eventually if appeal sees adverse developments, though overturning the vicarious liability ruling (where C.H. Robinson was found to control the driver) in appeal is likely to remain a first preference.” window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { var gptSlot = googletag.defineSlot('/21776187881/fw-responsive-main_content-slot6', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767872042-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); setInterval(function() { if (!document.hidden) { googletag.pubads().refresh([gptSlot]); } }, 60000); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1665767872042-0'); }); More articles by John Kingston English language rule’s comments bring criticism from Sikh organization FMCSA split sleeper berth pilot program moves closer to launch Federal DOT grants will fund more than 2,400 parking spots The post BREAKING: Texas judge upholds nuclear verdict against C.H. Robinson appeared first on FreightWaves.

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