J.B. Hunt Transport Services (JBHT) 8-K J.B. Hunt Transport Services, Inc. Reports Revenues, Net Earnings and Earnings

Exhibit 99.1

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

FOR IMMEDIATE RELEASE

J.B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES, NET EARNINGS AND EARNINGS

PER SHARE FOR BOTH THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2017

■	Fourth quarter 2017 Revenue:	$1.99 billion; up 16%
■	Fourth quarter 2017 Operating Income:	$146 million; down 25%
■	Fourth quarter 2017 EPS:	$3.48 vs. $1.05; up 232%
■	Full Year 2017 Revenue:	$7.2 billion; up 10%
■	Full Year 2017 Operating Income:	$624 million; down 13%
■	Full Year 2017 EPS:	$6.18 vs. $3.81; up 62%

LOWELL, ARKANSAS, January 18, 2018 - J.B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2017 net earnings of $385.3 million, or diluted earnings per share of $3.48 vs. fourth quarter 2016 net earnings of $117.6 million, or $1.05 per diluted share. Fourth quarter 2017 net earnings included pre-announced pretax charges of $20.3 million for a reserve on a cash advance for the purchase of new trailing equipment from a manufacturer that will not meet delivery and $18.6 million for an increase in reserves for certain insurance and claims. Additionally, quarter results include a $309.2 million decrease in income taxes from our reasonable estimate of the change in future tax rates on deferred tax balances at December 31, 2017, as a result of the Tax Cuts and Jobs Act enacted in the quarter. Fourth quarter 2016 net earnings included a pretax benefit of $15.2 million for a change in the company’s paid time off policy.

Total operating revenue for the current quarter was $1.99 billion, compared with $1.72 billion for the fourth quarter 2016. Load growth of 5% and an increase in revenue per load in Intermodal (JBI) yielded a 10% increase in segment revenue. Dedicated Contract Services (DCS) segment revenue increased by 20%, primarily from the addition of new customer accounts and improved asset utilization. Integrated Capacity Solutions (ICS) segment revenue increased by 40% primarily from a 19% increase in revenue per load and a 17% increase in load growth. Truck (JBT) segment revenue increased 1% primarily from customer rate per mile increases offset by a decrease in load count. Current quarter total operating revenue, excluding fuel surcharges, increased 13% vs. the comparable quarter 2016.

Operating income for the current quarter decreased to $145.8 million vs. $194.4 million for the fourth quarter 2016. The preannounced pretax charges of $38.9 million in fourth quarter 2017 and the $15.2 pretax benefit in fourth quarter 2016 were allocated to the business segments as described below. After consideration of these specific charges, the benefit from increased revenues was partly offset with cost increases to attract and retain drivers and independent contractors, higher insurance and claims costs, inefficiencies from rail network congestion and maintenance schedules, higher salary and wage expenses and lower asset utilization due to the time trucks remain unseated.

Net earnings increased to $385.3 million in the current quarter from $117.6 million in 2016, primarily due to the $309.2 million benefit from estimating the effect of the change in future tax rates on deferred tax balances at December 31, 2017. The fourth quarter effective tax rates for 2017 and 2016 were (175.65)% and 37.63%, respectively. The annual effective tax rates for 2017 and 2016 were (15.29)% and 37.90%, respectively.

Segment Information:

Intermodal (JBI)

■	Fourth quarter 2017 Segment Revenue:	$1.1 billion; up 10%
■	Fourth quarter 2017 Operating Income:	$93.3 million; down 25%

JBI total volumes grew 5% over the same period in 2016. Eastern network loads grew at 7% and transcontinental loads increased 4% compared to the fourth quarter 2016. Revenue increased 10%, reflecting volume growth of 5% and a 5% increase 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 2% compared to a year ago.

Operating income decreased 25% from the prior year. Benefits from increased volume and revenue per load were offset by increased costs to attract and retain drivers, higher third-party dray costs, increased insurance and claims costs and inefficiencies in the rail networks due to congestion and track and yard maintenance. JBI recorded $28.7 million of the preannounced charges during the fourth quarter 2017. In fourth quarter 2016, JBI recorded approximately $5.7 million from the change in paid time off policy. The current period ended with approximately 89,000 units of trailing capacity and approximately 5,500 power units in the dray fleet.

Dedicated Contract Services (DCS)

■	Fourth quarter 2017 Segment Revenue:	$477 million; up 20%
■	Fourth quarter 2017 Operating Income:	$34.9 million; down 39%

DCS revenue increased 20% during the current quarter over the same period 2016. Productivity (revenue per truck per week) increased approximately 4% vs. 2016. Productivity excluding fuel surcharge revenue increased approximately 2% from a year ago primarily from improved integration of assets between customer accounts and customer rate increases partially offset by lower productivity at new contracts implemented during the quarter. A year over year net additional 1,326 revenue producing trucks, 331 net additions compared to third quarter 2017, were in the fleet by the end of the quarter. Approximately 53% 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 98%.

Operating income decreased by 39% from a year ago. The increase in revenue and improved asset utilization was offset with higher driver wages including the timing between wage increases and recovery through customer contracts, higher driver recruiting costs including the length of time to fill open positions, increased insurance and claims costs, higher equipment ownership costs and $1.9 million in intangible asset amortization compared to the same period in 2016. DCS recorded $7.6 million of the preannounced charges during the fourth quarter 2017 and recognized a $7.3 million benefit in the fourth quarter 2016 from the change in paid time off policy.

Integrated Capacity Solutions (ICS)

■	Fourth Quarter 2017 Segment Revenue:	$323 million; up 40%
■	Fourth Quarter 2017 Operating Income:	$11.3 million; up 86%

ICS revenue increased 40% in the current quarter vs. the fourth quarter 2016. Revenue per load increased 19% and volume increased 17% mostly due to increased spot market activity. While continuing to meet customer commitments, the increased spot market activity created a better balance between contractual and spot market revenues. Contractual volumes represent approximately 66% of the total load volume but only 46% of the total revenue in the current quarter compared to 75% and 62%, respectively, in fourth quarter 2016.

Operating income increased 86% over the same period in 2016. Gross profit margin increased to 14.1% in the current period from 12.9% last year primarily from the increased spot market activity which more than offset the margin compression realized in the contractual volumes. The increase in gross margin was partially offset with higher technology spending as JBHunt360 continues to be rolled out to more customers. ICS recorded $1.8 million of the preannounced charges in the fourth quarter 2017 and recognized a $1.0 million benefit in the fourth quarter 2016 for the change in paid time off policy. Total branches at the end of the period grew to 44 from 42 at the end of the same period in 2016. ICS’s carrier base increased 11% and the employee count increased 16% from a year ago.

Truck (JBT)

■	Fourth quarter 2017 Segment Revenue:	$97 million; up 1%
■	Fourth quarter 2017 Operating Income:	$6.4 million; down 5%

JBT revenue for the current quarter increased 1% from the same period in 2016. Revenue excluding fuel surcharges was flat compared to a year ago. Revenue per load increased 13% primarily from a 12% increase in rates per loaded mile on an equivalent length of haul compared to fourth quarter 2016 but was offset with an 10% decreased in load count. At the end of the period, JBT operated 2,032 tractors compared to 2,128 a year ago.

Operating income decreased 5% from fourth quarter 2016 levels. Favorable changes from higher revenue per load were offset by higher driver wages and independent contractor costs per mile, lower tractor utilization from an increase in unseated trucks and higher insurance and claims costs compared to fourth quarter 2016. JBT recorded approximately $0.7 million of the preannounced charges in the fourth quarter 2017 and recorded a $1.2 million benefit in the fourth quarter 2016 from the change in paid time off policy.

Cash Flow and Capitalization:

At December 31, 2017, we had total debt outstanding of $1.09 billion on various debt instruments compared to $986 million at December 31, 2016 and $1.08 billion at September 30, 2017.

Our net capital expenditures for 2017 approximated $511 million vs. $485 million in 2016. At December 31, 2017, we had cash and cash equivalents of $14.6 million.

In the fourth quarter 2017, we had no purchases of our common stock. At December 31, 2017, we had approximately $521 million remaining under our share repurchase authorizations. Actual shares outstanding at December 31, 2017 approximated 109.8 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, 2016. 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
	2017					2016
				% Of				% Of
	Amount			Revenue		Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	1,765,658				$	1,558,638
Fuel surcharge revenues		224,502					162,424
Total operating revenues		1,990,160			100.0%		1,721,062		100.0%
Operating expenses
Rents and purchased transportation		1,026,100			51.6%		874,144		50.8%
Salaries, wages and employee benefits		429,853			21.6%		360,190		20.9%
Depreciation and amortization		102,320			5.1%		91,794		5.3%
Fuel and fuel taxes		100,848			5.1%		78,355		4.6%
Operating supplies and expenses		67,154			3.4%		60,001		3.5%
General and administrative expenses, net of asset dispositions		51,279			2.6%		25,483		1.4%
Insurance and claims		46,649			2.3%		20,026		1.2%
Operating taxes and licenses		12,496			0.6%		11,798		0.7%
Communication and utilities		7,647			0.4%		4,910		0.3%
Total operating expenses		1,844,346			92.7%		1,526,701		88.7%
Operating income		145,814			7.3%		194,361		11.3%
Net interest expense		6,030			0.3%		5,876		0.3%
Earnings before income taxes		139,784			7.0%		188,485		11.0%
Income taxes		(245,524	)		(12.4%)		70,929		4.2%
Net earnings	$	385,308			19.4%	$	117,556		6.8%
Average diluted shares outstanding		110,737					112,327
Diluted earnings per share	$	3.48				$	1.05

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share data)

(unaudited)

	Twelve Months Ended December 31
	2017					2016
				% Of				% Of
	Amount			Revenue		Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	6,435,858				$	6,007,347
Fuel surcharge revenues		753,710					548,112
Total operating revenues		7,189,568			100.0%		6,555,459		100.0%
Operating expenses
Rents and purchased transportation		3,650,806			50.8%		3,255,692		49.7%
Salaries, wages and employee benefits		1,608,378			22.4%		1,469,187		22.4%
Depreciation and amortization		383,518			5.3%		361,510		5.5%
Fuel and fuel taxes		347,573			4.8%		283,437		4.3%
Operating supplies and expenses		257,239			3.6%		233,223		3.6%
General and administrative expenses, net of asset dispositions		125,878			1.8%		87,053		1.3%
Insurance and claims		123,579			1.7%		78,410		1.2%
Operating taxes and licenses		44,825			0.6%		45,954		0.7%
Communication and utilities		23,983			0.3%		19,973		0.3%
Total operating expenses		6,565,779			91.3%		5,834,439		89.0%
Operating income		623,789			8.7%		721,020		11.0%
Net interest expense		28,550			0.4%		25,223		0.4%
Earnings before income taxes		595,239			8.3%		695,797		10.6%
Income taxes		(91,024	)		(1.2%)		263,707		4.0%
Net earnings	$	686,263			9.5%	$	432,090		6.6%
Average diluted shares outstanding		111,049					113,361
Diluted earnings per share	$	6.18				$	3.81

Financial Information By Segment

(in thousands)

(unaudited)

	Three Months Ended December 31
	2017					2016
				% Of					% Of
	Amount			Total		Amount			Total
Revenue
Intermodal	$	1,097,671			55%	$	997,967			58%
Dedicated		476,660			24%		398,325			23%
Integrated Capacity Solutions		323,241			16%		231,594			13%
Truck		97,466			5%		96,296			6%
Subtotal		1,995,038			100%		1,724,182			100%
Intersegment eliminations		(4,878	)		(0%)		(3,120	)		(0%)
Consolidated revenue	$	1,990,160			100%	$	1,721,062			100%
Operating income
Intermodal	$	93,271			64%	$	124,143			64%
Dedicated		34,918			24%		57,539			30%
Integrated Capacity Solutions		11,277			8%		6,074			3%
Truck		6,380			4%		6,750			3%
Other (1)		(32	)		(0%)		(145	)		(0%)
Operating income	$	145,814			100%	$	194,361			100%

	Twelve Months Ended December 31
	2017					2016
				% Of					% Of
	Amount			Total		Amount			Total
Revenue
Intermodal	$	4,084,418			57%	$	3,796,251			58%
Dedicated		1,718,559			24%		1,533,186			23%
Integrated Capacity Solutions		1,024,576			14%		851,550			13%
Truck		378,361			5%		387,764			6%
Subtotal		7,205,914			100%		6,568,751			100%
Intersegment eliminations		(16,346	)		(0%)		(13,292	)		(0%)
Consolidated revenue	$	7,189,568			100%	$	6,555,459			100%
Operating income
Intermodal	$	407,376			65%	$	449,768			62%
Dedicated		171,113			27%		205,240			29%
Integrated Capacity Solutions		22,797			4%		36,260			5%
Truck		22,597			4%		29,862			4%
Other (1)		(94	)		(0%)		(110	)		(0%)
Operating income	$	623,789			100%	$	721,020			100%

      (1) Includes corporate support activity

Operating Statistics by Segment

(unaudited)

	Three Months Ended December 31
	2017			2016
Intermodal
Loads		515,669			491,570
Average length of haul		1,684			1,685
Revenue per load	$	2,129		$	2,030
Average tractors during the period *		5,547			5,274
Tractors (end of period)
Company-owned		4,776			4,581
Independent contractor		764			695
Total tractors		5,540			5,276
Net change in trailing equipment during the period		1,305			1,773
Trailing equipment (end of period)		88,610			84,594
Average effective trailing equipment usage		87,522			81,654
Dedicated
Loads		686,475			606,900
Average length of haul		178			181
Revenue per truck per week**	$	4,426		$	4,247
Average trucks during the period***		8,571			7,390
Trucks (end of period)
Company-owned		8,124			6,976
Independent contractor		59			15
Customer-owned (Dedicated operated)		544			410
Total trucks		8,727			7,401
Trailing equipment (end of period)		25,811			22,688
Average effective trailing equipment usage		25,823			23,334
Integrated Capacity Solutions
Loads		277,911			237,845
Revenue per load	$	1,163		$	974
Gross profit margin		14.1	%		12.9	%
Employee count (end of period)		954			824
Approximate number of third-party carriers (end of period)		56,700			50,900
Truck
Loads		87,538			96,906
Average length of haul		432			439
Loaded miles (000)		37,852			42,476
Total miles (000)		45,206			50,472
Average nonpaid empty miles per load		84.0			82.6
Revenue per tractor per week**	$	3,782		$	3,540
Average tractors during the period *		2,085			2,158
Tractors (end of period)
Company-owned		1,291			1,376
Independent contractor		741			752
Total tractors		2,032			2,128
Trailers (end of period)		7,120			7,642
Average effective trailing equipment usage		6,771			7,287

* 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
	2017			2016
Intermodal
Loads		1,999,807			1,916,303
Average length of haul		1,681			1,657
Revenue per load	$	2,042		$	1,981
Average tractors during the period *		5,362			5,222
Tractors (end of period)
Company-owned		4,776			4,581
Independent contractor		764			695
Total tractors		5,540			5,276
Net change in trailing equipment during the period		4,016			5,637
Trailing equipment (end of period)		88,610			84,594
Average effective trailing equipment usage		82,969			77,179
Dedicated
Loads		2,575,245			2,401,332
Average length of haul		178			177
Revenue per truck per week**	$	4,226		$	4,077
Average trucks during the period***		7,946			7,307
Trucks (end of period)
Company-owned		8,124			6,976
Independent contractor		59			15
Customer-owned (Dedicated operated)		544			410
Total trucks		8,727			7,401
Trailing equipment (end of period)		25,811			22,688
Average effective trailing equipment usage		24,550			22,827
Integrated Capacity Solutions
Loads		992,834			852,179
Revenue per load	$	1,032		$	999
Gross profit margin		13.3	%		14.3	%
Employee count (end of period)		954			824
Approximate number of third-party carriers (end of period)		56,700			50,900
Truck
Loads		370,591			385,298
Average length of haul		435			455
Loaded miles (000)		160,932			175,038
Total miles (000)		192,433			207,998
Average nonpaid empty miles per load		85.1			85.6
Revenue per tractor per week**	$	3,556		$	3,458
Average tractors during the period*		2,098			2,191
Tractors (end of period)
Company-owned		1,291			1,376
Independent contractor		741			752
Total tractors		2,032			2,128
Trailers (end of period)		7,120			7,642
Average effective trailing equipment usage		7,066			6,956

* 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, 2017		December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	14,612	$	6,377
Accounts Receivable		920,767		745,288
Prepaid expenses and other		286,135		194,016
Total current assets		1,221,514		945,681
Property and equipment		4,670,464		4,258,915
Less accumulated depreciation		1,687,133		1,440,124
Net property and equipment		2,983,331		2,818,791
Other assets		143,290		64,516
	$	4,348,135	$	3,828,988
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable	$	598,594	$	384,308
Claims accruals		134,766		109,745
Accrued payroll		42,382		51,929
Other accrued expenses		28,888		27,152
Total current liabilities		804,630		573,134
Long-term debt		1,085,649		986,278
Other long-term liabilities		76,661		64,881
Deferred income taxes		541,870		790,634
Stockholders' equity		1,839,325		1,414,061
	$	4,348,135	$	3,828,988

Supplemental Data
(unaudited)
	December 31, 2017		December 31, 2016
Actual shares outstanding at end of period (000)		109,753		111,305
Book value per actual share outstanding at end of period	$	16.76	$	12.70

	Twelve Months Ended December 31
	2017		2016
Net cash provided by operating activities (000)	$	834,913	$	854,143
Net capital expenditures (000)	$	510,515	$	485,256