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,
Lowell, Arkansas 72745		Finance/Administration
(NASDAQ: JBHT)		and Chief Financial Officer
		(479) 820-8363

FOR IMMEDIATE RELEASE

J.B. HUNT TRANSPORT SERVICES, INC.REPORTS REVENUES, NET EARNINGSANDEARNINGS PER SHAREFORBOTHTHEFOURTH QUARTERAND YEAR ENDED DECEMBER 31, 2015

■     Fourth quarter 2015 Revenue:	$1.62billion; up 1%
■     Fourth quarter2015Operating Income:	$192.9million; up 5%
■     Fourth quarter2015 EPS:	$1.01vs. 93 cents; up 9%
■     Full Year 2015 Revenue:	$6.2billion; flat
■     Full Year 2015 Operating Income:	$715.7million;up 13%
■     Full Year 2015 EPS:	$3.66 vs. $3.16; up 16%

LOWELL, ARKANSAS, January 21, 2016 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2015 net earnings of $116.7 million, or diluted earnings per share of $1.01 vs. fourth quarter 2014 net earnings of $110.3 million, or 93 cents per diluted share.

Total operating revenue for the current quarter was $1.62 billion, compared with $1.61 billion for the fourth quarter 2014. Load growth of 6% in Intermodal (JBI) was the primary reason for a 1% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 2%, primarily from the addition of new customer accounts and rate increases implemented in the current and earlier periods. Truck (JBT) segment revenue increased 3% primarily from customer rate increases and an increase in fleet size compared to a year ago. Integrated Capacity Solutions (ICS) segment revenue decreased by 4%, mostly from less spot market activity and lower revenue per load. Current quarter total operating revenue, excluding fuel surcharges, increased 9% vs. the comparable quarter 2014.

Operating income for the current quarter increased to $192.9 million vs. $182.9 million for the fourth quarter 2014. The increase primarily reflects higher revenue in JBI, DCS and JBT business segments, improved fuel economy and lower maintenance costs on newer equipment, less reliance on third party carriers in JBI and DCS, expanding gross margins in ICS and lower safety and insurance costs in JBT. These benefits were partially offset by increased rail purchase transportation costs, increased wages paid to drivers, increased costs of recruiting drivers and independent contractors and higher costs of equipment ownership.

Net earnings rose 6% to $116.7 million in the current quarter from $110.3 million in 2014, due to increased operating income and lower net interest expense. Compared with the same period 2014, net interest expense in the current quarter decreased approximately 23% primarily from lower interest accruals on accrued income tax liabilities. The fourth quarter effective tax rates for 2015 and 2014 were 38.10% and 37.79%, respectively. The annual effective tax rates for 2015 and 2014 were 38.10% and 38.01%, respectively.

Segment Information:

Intermodal (JBI)

■     Fourth quarter2015 Segment Revenue:	$967million; up 1%
■     Fourth quarter2015 Operating Income:	$127.7million;down 1%

JBI total volumes grew 6% over the same period in 2014. Eastern network loads increased 8% and transcontinental loads increased 5% compared to the fourth quarter 2014. Revenue increased 1%, reflecting volume growth of 6% and a 5% decrease in revenue per load which is the combination of freight mix, customer rate increases and fuel surcharges. Revenue per load excluding fuel surcharges increased approximately 5% compared to a year ago.

Operating income decreased 1% from the prior year. Benefits from customer rate increases, a smaller percentage of outsourced dray usage and lower fleet maintenance costs could not offset increases in rail purchased transportation costs, equipment ownership costs and driver recruiting and retention costs. The current period ended with approximately 78,900 units of trailing capacity and approximately 5,080 power units in the dray fleet.

Dedicated Contract Services (DCS)

■     Fourth quarter 2015 Segment Revenue:	$369million; up 2%
■     Fourth quarter 2015 Operating Income:	$42.0million; up 13%

DCS revenue increased 2% during the current quarter over the same period 2014. Productivity (revenue per truck per week) decreased approximately 3% vs. 2014 primarily from lower fuel surcharge revenue. Productivity excluding fuel surcharge revenue increased approximately 2.5% from a year ago primarily from customer rate increases. A year over year net additional 328 revenue producing trucks, 41 net additions compared to third quarter 2015, were in the fleet by the end of the quarter. Approximately 61% of these additions represent private fleet conversions versus traditional dedicated capacity fleets and primarily reflect new contract implementations in this and prior periods. Customer retention rates remain above 96% as value driven services continue to support necessary rate increases.

Operating income increased by 13% from a year ago. Revenue from new customer accounts, higher truck productivity excluding fuel surcharge revenue, less reliance on third party carrier capacity and lower equipment maintenance costs were partially offset with higher driver wages, higher driver recruiting costs and higher equipment ownership costs compared to the same period in 2014.

Integrated Capacity Solutions (ICS)

■     Fourth Quarter 2015 Segment Revenue:	$190 million; down 4%
■     Fourth Quarter 2015 Operating Income:	$12.8 million; up 40%

ICS revenue decreased 4% in the current quarter vs. the fourth quarter 2014 mostly due to a 31% decrease in revenue per load due to lower fuel prices and freight mix changes driven by customer demand. Load volume increased 38% compared to fourth quarter 2014. Contractual volumes increased 54% to approximately 73% of the total load volume and 62% of the total revenue in the current quarter compared to 66% and 57%, respectively, in fourth quarter 2014.

Operating income increased 40% over the same period in 2014 primarily due to improved gross profit margin. Gross profit margin increased to 16% in the current period from 13.7% last year. The operating income increase was partially offset by increased personnel costs to expand our branch network.Total branches at the end of the period grew to 34 from 29 at the end of the same period in 2014. ICS’s carrier base increased 17% and the employee count increased 15% from a year ago.

Truck (JBT)

■     Fourth quarter 2015 Segment Revenue:	$99 million; up 3%
■     Fourth quarter 2015 Operating Income:	$10.4 million;up 29%

JBT revenue for the current quarter increased 3% from the same period in 2014. Revenue excluding fuel surcharges increased 12% primarily from increased truck count and core customer rate increases of approximately 3.7% compared to fourth quarter 2014. At the end of the period, JBT operated 2,149 tractors compared to 1,886 a year ago.

Operating income increased 29% from fourth quarter 2014 levels. Favorable changes from an increased truck count, customer rate increases, lower equipment maintenance costs, lower safety and insurance costs and improved fuel economy were partially offset by increased driver wages, increased independent contractor costs per mile, higher driver recruiting and hiring costs, lower asset utilization and an increase in empty miles compared to fourth quarter 2014.

Cash Flow and Capitalization:

At December 31, 2015, we had total debt outstanding of $1.0 billion on various debt instruments compared to $934 million at December 31, 2014 and $993 million at September 30, 2015.

Our net capital expenditures for 2015 approximated $556 million vs. $660 million in 2014. At December 31, 2015, we had cash and cash equivalents of $5.6 million.

In the fourth quarter 2015, we purchased 672,500 shares of our common stock for approximately $50 million. At December 31, 2015, we had approximately $451 million remaining under our share repurchase authorization. Actual shares outstanding at December 31, 2015 approximated 114 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, 2014. 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 December 31
	2015					2014
			% Of					% Of
	Amount		Revenue			Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	1,472,291				$	1,344,891
Fuel surcharge revenues		148,724					264,620
Total operating revenues		1,621,015		100.0	%		1,609,511		100.0	%
Operating expenses
Rents and purchased transportation		799,903		49.3	%		802,284		49.8	%
Salaries, wages and employee benefits		363,801		22.4	%		338,888		21.1	%
Fuel and fuel taxes		69,575		4.3	%		101,467		6.3	%
Depreciation and amortization		88,374		5.5	%		78,386		4.9	%
Operating supplies and expenses		56,100		3.5	%		52,600		3.3	%
Insurance and claims		17,975		1.1	%		23,440		1.5	%
General and administrative expenses, net of asset dispositions		16,051		1.0	%		14,071		0.8	%
Operating taxes and licenses		11,579		0.7	%		10,279		0.6	%
Communication and utilities		4,764		0.3	%		5,191		0.3	%
Total operating expenses		1,428,122		88.1	%		1,426,606		88.6	%
Operating income		192,893		11.9	%		182,905		11.4	%
Net interest expense		4,290		0.3	%		5,583		0.4	%
Earnings before income taxes		188,603		11.6	%		177,322		11.0	%
Income taxes		71,857		4.4	%		67,016		4.1	%
Net earnings	$	116,746		7.2	%	$	110,306		6.9	%
Average diluted shares outstanding		115,048					118,078
Diluted earnings per share	$	1.01				$	0.93

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

	Twelve Months Ended December 31
	2015					2014
			% Of					% Of
	Amount		Revenue			Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	5,516,282				$	5,082,827
Fuel surcharge revenues		671,364					1,082,614
Total operating revenues		6,187,646		100.0	%		6,165,441		100.0	%
Operating expenses
Rents and purchased transportation		2,994,586		48.4	%		3,085,276		50.0	%
Salaries, wages and employee benefits		1,394,239		22.5	%		1,290,404		20.9	%
Fuel and fuel taxes		313,034		5.1	%		453,919		7.4	%
Depreciation and amortization		339,613		5.5	%		294,496		4.8	%
Operating supplies and expenses		220,597		3.6	%		218,539		3.5	%
Insurance and claims		73,689		1.2	%		81,062		1.3	%
General and administrative expenses, net of asset dispositions		72,522		1.1	%		50,596		0.8	%
Operating taxes and licenses		43,084		0.7	%		38,796		0.7	%
Communication and utilities		20,588		0.3	%		20,811		0.4	%
Total operating expenses		5,471,952		88.4	%		5,533,899		89.8	%
Operating income		715,694		11.6	%		631,542		10.2	%
Net interest expense		25,491		0.4	%		26,941		0.4	%
Earnings before income taxes		690,203		11.2	%		604,601		9.8	%
Income taxes		262,968		4.3	%		229,809		3.7	%
Net earnings	$	427,235		6.9	%	$	374,792		6.1	%
Average diluted shares outstanding		116,728					118,445
Diluted earnings per share	$	3.66				$	3.16

Financial Information By Segment

(in thousands)

(unaudited)

	Three Months Ended December 31
	2015						2014
				% Of						% Of
	Amount			Total			Amount			Total
Revenue
Intermodal	$	967,133			59	%	$	957,714			59	%
Dedicated		368,992			23	%		362,966			23	%
Integrated Capacity Solutions		189,540			12	%		197,417			12	%
Truck		99,292			6	%		96,306			6	%
Subtotal		1,624,957			100	%		1,614,403			100	%
Intersegment eliminations		(3,942	)		(0	%)		(4,892	)		(0	%)
Consolidated revenue	$	1,621,015			100	%	$	1,609,511			100	%
Operating income
Intermodal	$	127,730			66	%	$	128,767			70	%
Dedicated		42,000			22	%		37,031			20	%
Integrated Capacity Solutions		12,754			7	%		9,092			5	%
Truck		10,416			5	%		8,079			5	%
Other (1)		(7	)		(0	%)		(64	)		(0	%)
Operating income	$	192,893			100	%	$	182,905			100	%
	Twelve Months Ended December 31
	2015						2014
				% Of						% Of
	Amount			Total			Amount			Total
Revenue
Intermodal	$	3,664,670			59	%	$	3,687,444			60	%
Dedicated		1,451,256			24	%		1,393,768			22	%
Integrated Capacity Solutions		699,525			11	%		718,076			12	%
Truck		385,510			6	%		385,603			6	%
Subtotal		6,200,961			100	%		6,184,891			100	%
Intersegment eliminations		(13,315	)		(0	%)		(19,450	)		(0	%)
Consolidated revenue	$	6,187,646			100	%	$	6,165,441			100	%
Operating income
Intermodal	$	476,685			67	%	$	460,377			73	%
Dedicated		163,511			23	%		117,243			18	%
Integrated Capacity Solutions		35,729			5	%		29,880			5	%
Truck		39,864			5	%		24,223			4	%
Other (1)		(95	)		(0	%)		(181	)		(0	%)
Operating income	$	715,694			100	%	$	631,542			100	%
(1) Includes corporate support activity

Operating Statistics by Segment

(unaudited)

	Three Months Ended December 31
	2015			2014
Intermodal
Loads		467,461			439,565
Average length of haul		1,664			1,666
Revenue per load	$	2,069		$	2,179
Average tractors during the period *		5,088			4,697
Tractors (end of period)
Company-owned		4,276			3,916
Independent contractor		805			761
Total tractors		5,081			4,677
Net change in trailing equipment during the period		1,020			1,620
Trailing equipment (end of period)		78,957			73,298
Average effective trailing equipment usage		76,305			71,481
Dedicated
Loads		578,692			548,615
Average length of haul		175			174
Revenue per truck per week**	$	4,048		$	4,184
Average trucks during the period***		7,177			6,885
Trucks (end of period)
Company-owned		6,762			6,425
Independent contractor		10			7
Customer-owned (Dedicated operated)		436			448
Total trucks		7,208			6,880
Trailing equipment (end of period)		21,672			20,516
Average effective trailing equipment usage		22,594			21,589
Integrated Capacity Solutions
Loads		171,887			124,123
Revenue per load	$	1,103		$	1,590
Gross profit margin		16.0	%		13.7	%
Employee count (end of period)		670			582
Approximate number of third-party carriers (end of period)		45,700			39,100
Truck
Loads		95,190			89,877
Average length of haul		454			433
Loaded miles (000)		42,749			38,337
Total miles (000)		51,437			45,411
Average nonpaid empty miles per load		82.0			78.3
Revenue per tractor per week**	$	3,663		$	4,086
Average tractors during the period *		2,157			1,887
Tractors (end of period)
Company-owned		1,462			1,296
Independent contractor		687			590
Total tractors		2,149			1,886
Trailers (end of period)		7,604			7,215
Average effective trailing equipment usage		6,814			6,201
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks

Operating Statistics by Segment

(unaudited)

	Twelve Months Ended December 31
	2015			2014
Intermodal
Loads		1,772,808			1,700,374
Average length of haul		1,652			1,656
Revenue per load	$	2,067		$	2,169
Average tractors during the period *		4,949			4,502
Tractors (end of period)
Company-owned		4,276			3,916
Independent contractor		805			761
Total tractors		5,081			4,677
Net change in trailing equipment during the period		5,659			7,319
Trailing equipment (end of period)		78,957			73,298
Average effective trailing equipment usage		72,622			68,683
Dedicated
Loads		2,250,099			2,101,707
Average length of haul		175			177
Revenue per truck per week**	$	4,028		$	4,098
Average trucks during the period***		7,012			6,641
Trucks (end of period)
Company-owned		6,762			6,425
Independent contractor		10			7
Customer-owned (Dedicated operated)		436			448
Total trucks		7,208			6,880
Trailing equipment (end of period)		21,672			20,516
Average effective trailing equipment usage		22,391			20,927
Integrated Capacity Solutions
Loads		542,947			453,410
Revenue per load	$	1,288		$	1,584
Gross profit margin		15.3	%		13.0	%
Employee count (end of period)		670			582
Approximate number of third-party carriers (end of period)		45,700			39,100
Truck
Loads		366,297			370,555
Average length of haul		448			411
Loaded miles (000)		163,115			151,725
Total miles (000)		193,856			179,036
Average nonpaid empty miles per load		78.9			71.8
Revenue per tractor per week**	$	3,698		$	4,068
Average tractors during the period*		2,051			1,868
Tractors (end of period)
Company-owned		1,462			1,296
Independent contractor		687			590
Total tractors		2,149			1,886
Trailers (end of period)		7,604			7,215
Average effective trailing equipment usage		6,460			5,891
* 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)

	December 31, 2015		December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	5,566	$	5,961
Accounts Receivable		654,542		653,795
Prepaid expenses and other		199,259		201,743
Total current assets		859,367		861,499
Property and equipment		4,019,451		3,719,757
Less accumulated depreciation		1,318,122		1,237,225
Net property and equipment		2,701,329		2,482,532
Other assets		75,871		34,455
	$	3,636,567	$	3,378,486
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Current debt	$	-	$	250,000
Trade accounts payable		340,332		325,838
Claims accruals		104,220		96,719
Accrued payroll		59,420		80,547
Other accrued expenses		28,445		17,966
Total current liabilities		532,417		771,070
Long-term debt		1,005,026		683,539
Other long-term liabilities		58,552		59,561
Deferred income taxes		740,220		659,793
Stockholders' equity		1,300,352		1,204,523
	$	3,636,567	$	3,378,486
Supplemental Data
(unaudited)
	December 31, 2015		December 31, 2014
Actual shares outstanding at end of period (000)		113,948		116,575
Book value per actual share outstanding at end of period	$	11.41	$	10.33
	Twelve Months Ended December 31
	2015		2014
Net cash provided by operating activities (000)	$	873,308	$	646,779
Net capital expenditures (000)	$	556,436	$	659,710