J.B. Hunt announced its first quarter 2022 earnings and revenue increases on Monday April 18. The company’s Q1 2022 earnings increased 65.9 percent from first quarter of 2021.
Earning expectations at J.B. Hunt were $1.94 per share, and revenue expectations were $3.28 billion. The company gained from equipment sales, has hired over 1,400 drivers so far in 2022, and freight transactions rose $430 million from Q1 2021.
Total freight transactions in the Marketplace for J.B. Hunt 360 increased 36 percent to $600 million in the first quarter 2022, compared to $443 million in the first quarter of 2021. Operating income for the first quarter was $334.3 million, up 61 percent from $207.7 million in Q1 2021. And U.S. GAAP net earnings were at $243.3 million, or diluted earnings per share of $2.29 versus first quarter 2021 net earnings of $146.6 million, or $1.37 per diluted share.
At March 31, 2022, the company had cash and cash equivalents of $145 million.
In the first quarter 2022, the company purchased approximately 382,000 shares of common stock for approximately $75 million. At March 31, 2022, it had approximately $276 million remaining under our share repurchase authorization. Actual shares outstanding at March 31, 2022, approximated 104.8 million.