J.B. Hunt Transport Services, Inc. shares are trading lower after the company reported first-quarter 2024 results.

Operating revenue fell 9% Y/Y to $2.94 billion, missing the consensus of $3.12 billion.

The decline in revenue was due to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solutions (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS).

Total operating revenue, excluding fuel surcharge revenue, decreased by around 7% Y/Y in the quarter.

Operating income declined 30% Y/Y to $194.4 million due to lower volumes and yield pressure in JBI, ICS, and JBT, higher equipment, insurance, claims, and bad debt expenses.

EPS of $1.22 missed the consensus of $1.52.

As of March 31, 2024, the company had cash and cash equivalents of $64 million.

In the first quarter of 2024, the company repurchased shares worth $25 million. As of March 31, 2024, J.B. Hunt had around $366 million remaining under its share repurchase authorization.

Also Read: J.B. Hunt Transport Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Investors can gain exposure to the stock via IShares Trust IShares U.S. Transportation ETF and VictoryShares Nasdaq Next 50 ETF ( QQQN ) .

Price Action: JBHT shares are down 6.01% at $172.00 premarket on the last check Wednesday.