J.B. Hunt Transport Services (JBHT) 8-K Results of Operations and Financial Condition

Exhibit 99.1

J.B. Hunt Transport Services, Inc.	Contact: David G. Mee
615 J.B. Hunt Corporate Drive	Executive Vice President, Finance/Admistration
Finance/Administration	and Chief Financial Officer
Lowell, Arkansas 72745	(479) 820-8363
(NASDAQ: JBHT)

FORIMMEDIATERELEASE

J.B. HUNT TRANSPORT SERVICES, INC. REPORTS EARNINGS FOR THE THIRD QUARTER 2014

■  ThirdQuarter 2014 Revenue:	$1.60 billion; up 12%
■  ThirdQuarter 2014 Operating Income:	$172 million; up 14%
■  ThirdQuarter 2014 EPS:	87 cents vs. 75 cents

LOWELL, ARKANSAS, October 14, 2014 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced third quarter 2014 net earnings of $102.4 million, or diluted earnings per share of 87 cents vs. third quarter 2013 net earnings of $89.5 million, or 75 cents per diluted share.

Total operating revenue for the current quarter was $1.60 billion, compared with $1.44 billion for the third quarter 2013. Load growth in Intermodal (JBI), improved asset productivity and implemented rate increases in Dedicated Contract Services (DCS)™ and an increase in both load volume and revenue per load in Integrated Capacity Solutions (ICS), helped drive 8%, 13% and 35% increases in segment revenue, respectively. Truck (JBT) segment revenue decreased by 1%; primarily from a 6% smaller fleet. Current quarter total operating revenue, excluding fuel surcharges, increased 13% vs. the comparable quarter 2013.

Operating income for the current quarter totaled $172 million vs. $151 million for the third quarter 2013. The increase in operating income from load growth, higher productivity and rate increases was partially offset by lower box turns from slower train speeds, increases in driver recruiting costs, higher rates paid to third party carriers, higher driver mileage pay, higher equipment costs and higher insurance and workers’ compensation costs.

Interest expense in the current quarter increased from a year ago due to higher debt levels primarily from increased net capital expenditures. The effective income tax rate for the current quarter was 38.10% compared to 38.25% for the third quarter 2013. We expect our 2014 annual tax rate to be approximately 38.10%.

SegmentInformation:

Intermodal(JBI)

■   ThirdQuarter2014SegmentRevenue:   $964million;up8%

■   ThirdQuarter2014OperatingIncome:   $125million;up6%

Overall volumes increased 8% over the same period in 2013 in an environment of challenging rail service and limited dray fleet capacity. Eastern network growth was 19% and transcontinental growth was 2% over the third quarter 2013. Revenue grew 8% reflecting volume growth and flat revenue per load, which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges increased 1% compare to third quarter 2013.

Operating income increased 6% over prior year. Slow train speeds and the shortage in dray fleet capacity continues to impact network fluidity resulting in decreased box turns and decreased dray fleet utilization compared to third quarter 2013. Increased costs to attract and retain drivers, increased outsourced dray costs, higher insurance and claims costs, higher equipment costs and an increase in operating supplies compared to prior year partially offset the increased revenue. The current period ended with approximately 71,600 units of trailing capacity and 4,650 power units assigned to the dray fleet.

DedicatedContractServices(DCS)

■   ThirdQuarter2014SegmentRevenue:  $361million;up13%

■  ThirdQuarter2014OperatingIncome:  $34.3million;up17%

DCS revenue increased 13% during the current quarter over the same period in 2013. Productivity (revenue per truck per week) increased by approximately 4% vs. 2013 due to increased customer demand at accounts open longer than a year and rate increases implemented during the quarter. A net additional 538 revenue producing trucks were in the fleet by the end of the quarter compared to prior year primarily reflecting new contract implementations in this and prior periods.

Operating income increased by 17% from a year ago. The increase is primarily due to the revenue from increased customer activity and higher rates, but was partially offset by continued higher costs for driver hiring and retention, increased insurance and claims costs, higher workers’ compensation costs and fewer gains on the sale of equipment compared to the same period in 2013.

IntegratedCapacitySolutions(ICS)

■ ThirdQuarter2014SegmentRevenue:$185million;up35%

■ ThirdQuarter2014OperatingIncome:$8.4million;up 197%

ICS revenue increased 35% in the current quarter vs. the third quarter 2013, primarily due to a 24% increase in load volume and an 9% increase in revenue per load. Revenue grew faster than volumes primarily due to freight mix changes driven from customer demand. Both transactional and contractual volumes continued to grow during the quarter. Contractual business was approximately 64% of total load volume but only 58% of total revenue in the current quarter compared to 64% of total volume and 61% of total revenue in third quarter 2013.

Operating income increased 197% over the same period 2013 primarily due to increased revenue and a higher gross profit margin. Gross profit margin increased to 13.3% in the current quarter vs. 10.4% last year primarily due to customer rate increases in the contractual business and maintaining margin discipline in the transactional business. Personnel costs increased from the comparable period a year ago as we continue to on-board and train staff in order to expand our branch network. Total branches at the end of the quarter grew to 28. ICS’s carrier base increased 11% and the employee count increased 18% vs. third quarter 2013.

Truck(JBT)

■ ThirdQuarter2014SegmentRevenue:   $96million; down 1%

■ ThirdQuarter2014OperatingIncome:   $4.3 million;up 569%

JBT revenue for the current quarter decreased 1% from the same period in 2013 primarily from a 6% reduction in fleet size. Revenue excluding fuel surcharge increased 1%. Rates per loaded mile, excluding fuel surcharge increased 10% on a 3% shorter length of haul compared to third quarter 2013. Intentional freight mix change, to create a more balanced operating network, and core customer rate increases of approximately 6% contributed to the overall rate increase. At the end of the period, JBT operated 1,843 tractors compared to 1,951 a year ago.

Operating income increased by 569% compared to third quarter 2013. Favorable changes from increased rates per loaded mile and a smaller trailer fleet were offset by increased driver and independent contractor costs per mile, increased driver hiring costs, higher equipment costs per unit and increased insurance and safety costs compare to third quarter 2013.

CashFlowandCapitalization:

At September 30, 2014, we had a total of $837 million outstanding on various debt instruments compared to $687 million at September 30, 2013 and $708 million at December 31, 2013.

Our net capital expenditures for the nine months ended September 30, 2014 approximated $479 million compared to $334 million for the same period 2013. At September 30, 2014, we had cash and cash equivalents of approximately $5.9 million.

We did not purchase any shares of our common stock during the quarter. At September 30, 2014 we had approximately $263 million remaining under our share repurchase authorization. Actual shares outstanding at September 30, 2014 approximated 117 million.

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2013. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site,www.jbhunt.com.

	J.B. HUNT TRANSPORT SERVICES, INC.
	Condensed Consolidated Statements of Earnings
	(in thousands, except per share data)
	(unaudited)

	Three Months Ended September 30
	2014				2013
			% Of				% Of
	Amount		Revenue		Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	1,316,951			$	1,165,965
Fuel surcharge revenues		284,205				269,885
Total operating revenues		1,601,156		100.0%		1,435,850		100.0%
Operating expenses
Rents and purchased transportation		802,092		50.1%		724,417		50.5%
Salaries, wages and employee benefits		327,106		20.4%		289,789		20.2%
Fuel and fuel taxes		115,503		7.2%		114,147		7.9%
Depreciation and amortization		75,416		4.7%		64,291		4.5%
Operating supplies and expenses		56,978		3.6%		55,378		3.9%
Insurance and claims		21,904		1.4%		13,878		1.0%
General and administrative expenses, net of asset dispositions		15,057		0.9%		10,172		0.6%
Operating taxes and licenses		9,893		0.7%		8,168		0.6%
Communication and utilities		5,107		0.3%		4,881		0.3%
Total operating expenses		1,429,056		89.3%		1,285,121		89.5%
Operating income		172,100		10.7%		150,729		10.5%
Net interest expense		6,649		0.4%		5,835		0.4%
Earnings before income taxes		165,451		10.3%		144,894		10.1%
Income taxes		63,037		3.9%		55,422		3.9%
Net earnings	$	102,414		6.4%	$	89,472		6.2%
Average diluted shares outstanding		118,221				119,357
Diluted earnings per share	$	0.87			$	0.75

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

	Nine Months Ended September 30
	2014				2013
			% Of				% Of
	Amount		Revenue		Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	3,737,936			$	3,325,070
Fuel surcharge revenues		817,994				785,225
Total operating revenues		4,555,930		100.0%		4,110,295		100.0%
Operating expenses
Rents and purchased transportation		2,282,992		50.1%		2,062,745		50.2%
Salaries, wages and employee benefits		951,517		20.9%		835,765		20.3%
Fuel and fuel taxes		352,452		7.7%		340,987		8.3%
Depreciation and amortization		216,109		4.7%		187,304		4.6%
Operating supplies and expenses		165,939		3.6%		149,918		3.6%
Insurance and claims		57,622		1.3%		38,759		0.9%
General and administrative expenses, net of asset dispositions		36,525		0.9%		33,581		0.9%
Operating taxes and licenses		28,517		0.7%		23,723		0.6%
Communication and utilities		15,620		0.3%		14,338		0.3%
Total operating expenses		4,107,293		90.2%		3,687,120		89.7%
Operating income		448,637		9.8%		423,175		10.3%
Net interest expense		21,358		0.4%		18,320		0.4%
Earnings before income taxes		427,279		9.4%		404,855		9.9%
Income taxes		162,793		3.6%		154,337		3.8%
Net earnings	$	264,486		5.8%	$	250,518		6.1%
Average diluted shares outstanding		118,567				119,552
Diluted earnings per share	$	2.23			$	2.10

Financial Information By Segment

(in thousands)

(unaudited)

	Three Months Ended September 30
	2014					2013
				% Of					% Of
	Amount			Total		Amount			Total
Revenue
Intermodal	$	963,568			60%	$	890,099			62%
Dedicated		361,030			22%		318,951			22%
Integrated Capacity Solutions		185,135			12%		137,405			10%
Truck		95,754			6%		96,861			7%
Subtotal		1,605,487			100%		1,443,316			101%
Intersegment eliminations		(4,331	)		(0%)		(7,466	)		(1%)
Consolidated revenue	$	1,601,156			100%	$	1,435,850			100%
Operating income
Intermodal	$	125,044			73%	$	118,034			78%
Dedicated		34,294			20%		29,254			19%
Integrated Capacity Solutions		8,442			5%		2,839			2%
Truck		4,333			2%		648			1%
Other (1)		(13	)		(0%)		(46	)		(0%)
Operating income	$	172,100			100%	$	150,729			100%
	Nine Months Ended September 30
	2014					2013
				% Of					% Of
	Amount			Total		Amount			Total
Revenue
Intermodal	$	2,729,731			60%	$	2,541,093			62%
Dedicated		1,030,802			23%		900,658			22%
Integrated Capacity Solutions		520,659			11%		391,551			10%
Truck		289,297			6%		299,873			7%
Subtotal		4,570,489			100%		4,133,175			101%
Intersegment eliminations		(14,559	)		(0%)		(22,880	)		(1%)
Consolidated revenue	$	4,555,930			100%	$	4,110,295			100%
Operating income
Intermodal	$	331,610			74%	$	325,507			77%
Dedicated		80,212			18%		80,905			19%
Integrated Capacity Solutions		20,788			5%		12,174			3%
Truck		16,144			3%		4,699			1%
Other (1)		(117	)		(0%)		(110	)		(0%)
Operating income	$	448,637			100%	$	423,175			100%

 (1) Includes corporate support activity

Operating Statistics by Segment

(unaudited)

	Three Months Ended September 30
	2014			2013
Intermodal
Loads		445,385			411,548
Average length of haul		1,645			1,693
Revenue per load	$	2,163		$	2,163
Average tractors during the period *		4,615			4,033
Tractors (end of period)
Company-owned		3,895			3,452
Independent contractor		754			598
Total tractors		4,649			4,050
Net change in trailing equipment during the period		1,954			2,009
Trailing equipment (end of period)		71,678			63,920
Average effective trailing equipment usage		70,516			62,448
Dedicated
Loads		544,304			485,994
Average length of haul		176			190
Revenue per truck per week**	$	4,170		$	4,023
Average trucks during the period***		6,650			6,099
Trucks (end of period)
Company-owned		6,252			5,606
Independent contractor		6			10
Customer-owned (Dedicated operated)		496			600
Total trucks		6,754			6,216
Trailing equipment (end of period)		20,027			18,355
Average effective trailing equipment usage		21,052			19,828
Integrated Capacity Solutions
Loads		116,401			93,880
Revenue per load	$	1,590		$	1,464
Gross profit margin		13.3	%		10.4	%
Employee count (end of period)		577			490
Approximate number of third-party carriers (end of period)		37,700			34,000
Truck
Loads		89,636			95,302
Average length of haul		419			434
Loaded miles (000)		37,674			41,151
Total miles (000)		44,436			47,969
Average nonpaid empty miles per load		73.6			71.0
Revenue per tractor per week**	$	4,109		$	3,758
Average tractors during the period *		1,816			1,989
Tractors (end of period)
Company-owned		1,249			1,193
Independent contractor		594			758
Total tractors		1,843			1,951
Trailers (end of period)		6,776			7,698
Average effective trailing equipment usage		5,816			6,744

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

Operating Statistics by Segment

(unaudited)

	Nine Months Ended September 30
	2014			2013
Intermodal
Loads		1,260,809			1,177,910
Average length of haul		1,652			1,691
Revenue per load	$	2,165		$	2,157
Average tractors during the period *		4,437			3,860
Tractors (end of period)
Company-owned		3,895			3,452
Independent contractor		754			598
Total tractors		4,649			4,050
Net change in trailing equipment during the period		5,699			4,958
Trailing equipment (end of period)		71,678			63,920
Average effective trailing equipment usage		67,750			59,511
Dedicated
Loads		1,553,092			1,331,134
Average length of haul		178			195
Revenue per truck per week**	$	4,069		$	4,079
Average trucks during the period***		6,559			5,729
Trucks (end of period)
Company-owned		6,252			5,606
Independent contractor		6			10
Customer-owned (Dedicated operated)		496			600
Total trucks		6,754			6,216
Trailing equipment (end of period)		20,027			18,355
Average effective trailing equipment usage		20,706			18,939
Integrated Capacity Solutions
Loads		329,287			289,543
Revenue per load	$	1,581		$	1,352
Gross profit margin		12.7	%		11.7	%
Employee count (end of period)		577			490
Approximate number of third-party carriers (end of period)		37,700			34,000
Truck
Loads		280,678			297,212
Average length of haul		404			430
Loaded miles (000)		113,389			126,914
Total miles (000)		133,625			148,624
Average nonpaid empty miles per load		69.7			72.9
Revenue per tractor per week**	$	4,063		$	3,835
Average tractors during the period*		1,862			2,035
Tractors (end of period)
Company-owned		1,249			1,193
Independent contractor		594			758
Total tractors		1,843			1,951
Trailers (end of period)		6,776			7,698
Average effective trailing equipment usage		5,788			7,132

* Includes company-owned and independent contractor tractors

** Using weighted workdays

*** Includes company-owned, independent contractor, and customer-owned trucks

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

	September 30, 2014		December 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	5,859	$	5,831
Accounts Receivable		671,298		568,519
Prepaid expenses and other		60,521		105,853
Total current assets		737,678		680,203
Property and equipment		3,584,953		3,259,814
Less accumulated depreciation		1,199,847		1,147,610
Net property and equipment		2,385,106		2,112,204
Other assets		36,134		26,997
	$	3,158,918	$	2,819,404
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt	$	250,000	$	250,000
Trade accounts payable		352,645		305,465
Claims accruals		87,413		68,221
Accrued payroll		74,862		72,063
Other accrued expenses		11,585		14,062
Deferred income taxes		13,787		2,485
Total current liabilities		790,292		712,296
Long-term debt		587,074		458,417
Other long-term liabilities		65,384		58,274
Deferred income taxes		556,349		577,965
Stockholders' equity		1,159,819		1,012,452
	$	3,158,918	$	2,819,404

Supplemental Data

(unaudited)

	September 30, 2014		December 31, 2013
Actual shares outstanding at end of period (000)		117,154		117,241
Book value per actual share outstanding at end of period	$	9.90	$	8.64
	Nine Months Ended September 30
	2014		2013
Net cash provided by operating activities (000)	$	486,365	$	411,228
Net capital expenditures (000)	$	479,225	$	333,624