[2001 GRAPHIC OMITTED]
J.B. HUNT TRANSPORT SERVICES, INC.
MAY 2001
[J.B. HUNT LOGO OMITTED]
1
The Perfect Storm
o Trucking industry as a whole
o What is causing this turmoil?
- - Low Freight Volumes
- - High Fuel Costs
- - High Insurance Costs
- - Poor Used Truck Market
2
Morgan Stanley Truckload Freight Index
1994 1995 1996 1997 1998 1999 2000 2001 1997-1999
Average
1-Jan 0.5275 -0.0302 0.3215 0.9461 0.3143 1.2248 0.7054 0.5273
0.5088 -0.0255 0.3006 0.8912 0.2916 1.1936 0.6985 0.4945
0.4914 -0.0258 0.2785 0.8474 0.2884 1.1582 0.7121 0.4714
0.4745 -0.0213 0.2610 0.8124 0.2947 1.1160 0.7280 0.4560
0.4585 -0.0150 0.2444 0.7719 0.3020 1.0703 0.7266 0.4395
8-Jan 0.4403 -0.0154 0.2318 0.7333 0.3134 1.0269 0.7127 0.4262
0.4277 -0.0123 0.2173 0.6574 0.3135 0.9790 0.7031 0.3961
0.4167 -0.0068 0.2048 0.6219 0.3218 0.9208 0.6894 0.3828
0.4041 0.0009 0.1970 0.5834 0.3323 0.8617 0.6663 0.3709
0.3897 0.0038 0.1894 0.5422 0.3361 0.7930 0.6174 0.3559
15-Jan 0.3703 0.0025 0.1726 0.4993 0.3327 0.7331 0.5589 0.3349
0.3516 -0.0053 0.1536 0.4552 0.3335 0.6676 0.5047 0.3141
0.3314 -0.0202 0.1333 0.4196 0.3252 0.6015 0.4489 0.2927
0.3053 -0.0460 0.1138 0.3755 0.3173 0.5390 0.3749 0.2689
0.2812 -0.0634 0.0922 0.3366 0.3121 0.4862 0.2934 0.2470
22-Jan 0.2618 -0.0819 0.0763 0.3185 0.3072 0.4330 0.2064 0.2340
0.2445 -0.1070 0.0572 0.3052 0.2992 0.3845 0.1319 0.2205
0.2294 -0.1278 0.0405 0.2860 0.2827 0.3373 0.0690 0.2030
0.2064 -0.1492 0.0263 0.2485 0.2694 0.2963 -0.0133 0.1814
0.1840 -0.1682 0.0126 0.2177 0.2657 0.2863 -0.0956 0.1653
29-Jan 0.1668 -0.1767 0.0136 0.2056 0.2806 0.2707 -0.1432 0.1666
0.1531 -0.1865 0.0155 0.2052 0.2854 0.2589 -0.1894 0.1687
0.1421 -0.1855 0.0236 0.1971 0.2748 0.2454 -0.2317 0.1652
0.1263 -0.1909 0.0215 0.1757 0.2580 0.2374 -0.2740 0.1517
0.1107 -0.1962 0.0193 0.1578 0.2436 0.2272 -0.3131 0.1403
5-Feb 0.0959 -0.1940 0.0200 0.1433 0.2278 0.2257 -0.3471 0.1304
0.0815 -0.1945 0.0180 0.1675 0.2144 0.2233 -0.3754 0.1333
0.0661 -0.1946 0.0161 0.1548 0.2064 0.2289 -0.3883 0.1258
0.0542 -0.2034 0.0110 0.1376 0.1927 0.2325 -0.4002 0.1138
0.0433 -0.2092 -0.0009 0.1221 0.1778 0.2416 -0.4012 0.0996
12-Feb 0.0350 -0.2094 -0.0137 0.1051 0.1699 0.2531 -0.4035 0.0871
0.0265 -0.2100 -0.0246 0.0901 0.1574 0.2698 -0.3996 0.0743
0.0167 -0.2110 -0.0364 0.0777 0.1404 0.2861 -0.3951 0.0605
0.0122 -0.2092 -0.0434 0.0633 0.1294 0.3019 -0.3911 0.0498
0.0100 -0.2105 -0.0521 0.0506 0.1195 0.3216 -0.3901 0.0394
19-Feb 0.0078 -0.2118 -0.0581 0.0372 0.1178 0.3356 -0.3903 0.0323
0.0082 -0.2149 -0.0639 0.0224 0.1074 0.3386 -0.3802 0.0220
0.0111 -0.2114 -0.0709 0.0176 0.1072 0.3522 -0.3670 0.0180
0.0091 -0.2105 -0.0758 0.0162 0.1118 0.3636 -0.3524 0.0174
0.0065 -0.2069 -0.0734 0.0110 0.1191 0.3547 -0.3384 0.0189
26-Feb 0.0096 -0.2065 -0.0724 0.0046 0.1123 0.3619 -0.3214 0.0148
0.0092 -0.2027 -0.0702 -0.0029 0.1203 0.3769 -0.2984 0.0157
0.0181 -0.1989 -0.0659 -0.0054 0.1314 0.4009 -0.2679 0.0201
0.0273 -0.1774 -0.0592 0.0052 0.1396 0.4255 -0.2442 0.0285
0.0351 -0.1770 -0.0509 0.0129 0.1536 0.4539 -0.2130 0.0385
5-Mar 0.0444 -0.1773 -0.0401 0.0149 0.1692 0.4731 -0.1757 0.0480
0.0513 -0.1798 -0.0258 0.0100 0.1843 0.5003 -0.1396 0.0562
0.0575 -0.1746 -0.0119 0.0159 0.2004 0.5287 -0.1044 0.0681
0.0607 -0.1678 0.0025 0.0290 0.2254 0.5642 -0.0715 0.0857
0.0646 -0.1632 0.0184 0.0515 0.2491 0.6050 -0.0391 0.1064
12-Mar 0.0715 -0.1593 0.0400 0.0716 0.2740 0.6407 -0.0057 0.1285
0.0755 -0.1533 0.0593 0.0808 0.2945 0.6792 0.0283 0.1449
0.0835 -0.1459 0.0802 0.0994 0.3249 0.7187 0.0624 0.1682
0.0910 -0.1352 0.1000 0.1250 0.3524 0.7628 0.0908 0.1925
0.0944 -0.1307 0.1202 0.1500 0.3812 0.7912 0.1244 0.2171
19-Mar 0.1006 -0.1168 0.1474 0.1868 0.4075 0.8238 0.1636 0.2472
0.1035 -0.1036 0.1748 0.2136 0.4350 0.8711 0.1936 0.2745
0.1057 -0.0875 0.2050 0.2371 0.4582 0.9183 0.2223 0.3001
0.1125 -0.0739 0.2297 0.2517 0.4777 0.9596 0.2439 0.3197
0.1210 -0.0594 0.2554 0.2736 0.4905 1.0031 0.2691 0.3398
26-Mar 0.1280 -0.0459 0.2853 0.2968 0.5176 1.0200 0.2896 0.3666
0.1332 -0.0284 0.3155 0.3257 0.5380 1.0492 0.3180 0.3931
0.1332 -0.0129 0.3338 0.3508 0.5697 1.0844 0.3570 0.4181
0.1425 0.0127 0.3537 0.3864 0.6174 1.1315 0.3873 0.4525
0.1530 0.0328 0.3853 0.4268 0.6555 1.1934 0.4033 0.4892
2-Apr 0.1685 0.0504 0.4079 0.4688 0.6747 1.2623 0.4188 0.5171
0.1872 0.0675 0.4317 0.5133 0.6905 1.3259 0.4335 0.5452
0.1959 0.0818 0.4521 0.5380 0.7075 1.3810 0.4483 0.5658
0.2058 0.0867 0.4693 0.5616 0.7222 1.4280 0.4544 0.5843
0.2152 0.0898 0.4870 0.5811 0.7430 1.4627 0.4689 0.6037
9-Apr 0.2251 0.1001 0.5057 0.6055 0.7569 1.4907 0.4887 0.6227
0.2313 0.1091 0.5233 0.6264 0.7689 1.5149 0.5106 0.6396
0.2368 0.1206 0.5405 0.6370 0.7854 1.5436 0.5159 0.6543
0.2427 0.1306 0.5515 0.6582 0.8064 1.5734 0.5211 0.6720
0.2567 0.1400 0.5699 0.6832 0.8246 1.6125 0.5348 0.6926
16-Apr 0.2635 0.1469 0.5808 0.6995 0.8428 1.6392 0.5615 0.7077
0.2699 0.1566 0.5950 0.7239 0.8480 1.6649 0.5943 0.7223
0.2749 0.1627 0.6071 0.7369 0.8663 1.6845 0.6054 0.7368
0.2803 0.1676 0.6216 0.7580 0.8820 1.7007 0.7539
0.2832 0.1714 0.6289 0.7758 0.8917 1.7025 0.7655
23-Apr 0.2840 0.1754 0.6292 0.7902 0.9052 1.7323 0.7748
0.2852 0.1750 0.6282 0.8010 0.9104 1.7425 0.7799
0.2843 0.1756 0.6405 0.8112 0.9088 1.7477 0.7868
0.2793 0.1701 0.6501 0.8117 0.9072 1.7511 0.7896
0.2789 0.1718 0.6542 0.8153 0.9167 1.7511 0.7954
30-Apr 1.0000 0.2753 0.1826 0.6711 0.8295 0.9530 1.7270 0.8179
1.0219 0.2642 0.1958 0.6890 0.8441 0.9803 1.7091 0.8378
1.0468 0.2618 0.2099 0.7102 0.8548 1.0054 1.7045 0.8568
1.0631 0.2577 0.2275 0.7268 0.8687 1.0317 1.7035 0.8757
1.0802 0.2534 0.2432 0.7497 0.8800 1.0545 1.7030 0.8947
7-May 1.0955 0.2488 0.2573 0.7696 0.8937 1.0785 1.7028 0.9139
1.1110 0.2459 0.2737 0.7878 0.9235 1.1100 1.7079 0.9404
1.1291 0.2424 0.2882 0.8077 0.9466 1.1344 1.7062 0.9629
1.1422 0.2359 0.3030 0.8243 0.9605 1.1616 1.6999 0.9821
1.1523 0.2256 0.3169 0.8396 0.9787 1.1876 1.6907 1.0020
14-May 1.1594 0.2239 0.3350 0.8529 0.9989 1.1986 1.6883 1.0168
1.1649 0.2233 0.3525 0.8759 1.0235 1.2242 1.6841 1.0412
1.1737 0.2194 0.3752 0.8986 1.0496 1.2467 1.6837 1.0650
1.1737 0.2109 0.3997 0.9109 1.0720 1.2679 1.6917 1.0836
1.1778 0.2077 0.4214 0.9298 1.1048 1.2957 1.7115 1.1101
21-May 1.1791 0.2041 0.4457 0.9605 1.1480 1.3179 1.7265 1.1421
1.1790 0.2035 0.4673 0.9942 1.1817 1.3340 1.7375 1.1700
1.1829 0.2020 0.4904 1.0179 1.2181 1.3618 1.7694 1.1993
1.1853 0.2027 0.5149 1.0416 1.2415 1.3903 1.7834 1.2245
1.1874 0.2025 0.5413 1.0628 1.2679 1.4232 1.7774 1.2513
28-May 1.1862 0.2031 0.5550 1.0735 1.2979 1.4505 1.7852 1.2740
1.1860 0.2077 0.5707 1.0889 1.3369 1.4878 1.7880 1.3045
1.1854 0.2118 0.5887 1.1100 1.3744 1.5095 1.7979 1.3313
1.1842 0.2158 0.6172 1.1274 1.4056 1.5322 1.8055 1.3551
1.1807 0.2223 0.6364 1.1360 1.4333 1.5542 1.8115 1.3745
4-Jun 1.1788 0.2233 0.6492 1.1471 1.4645 1.5632 1.8237 1.3916
1.1729 0.2255 0.6616 1.1588 1.4909 1.5745 1.8354 1.4081
1.1696 0.2228 0.6782 1.1708 1.5192 1.5792 1.8493 1.4231
1.1717 0.2252 0.6949 1.1786 1.5392 1.5910 1.8691 1.4362
1.1720 0.2239 0.7123 1.1791 1.5581 1.5987 1.8899 1.4453
11-Jun 1.1695 0.2203 0.7237 1.1859 1.5758 1.6161 1.9015 1.4593
1.1675 0.2140 0.7355 1.1843 1.5980 1.6398 1.9143 1.4740
1.1640 0.2126 0.7471 1.1821 1.6176 1.6495 1.9200 1.4831
1.1641 0.2153 0.7576 1.1827 1.6359 1.6685 1.9304 1.4957
1.1615 0.2152 0.7629 1.1871 1.6455 1.6753 1.9337 1.5026
18-Jun 1.1599 0.2146 0.7655 1.1770 1.6402 1.6946 1.9282 1.5039
1.1573 0.2133 0.7748 1.1608 1.6429 1.7096 1.9181 1.5044
1.1547 0.2129 0.7840 1.1472 1.6412 1.7204 1.8841 1.5029
1.1491 0.2106 0.7932 1.1408 1.6548 1.7264 1.8667 1.5073
1.1466 0.2064 0.7944 1.1407 1.6655 1.7294 1.8654 1.5119
25-Jun 1.1430 0.2056 0.8006 1.1518 1.6585 1.7309 1.8450 1.5137
1.1401 0.2028 0.8233 1.1616 1.6492 1.7289 1.8457 1.5132
1.1366 0.2041 0.8464 1.1688 1.6524 1.7524 1.8474 1.5245
1.1333 0.2146 0.8694 1.1793 1.6646 1.7780 1.8565 1.5406
1.1330 0.2270 0.8845 1.1911 1.6706 1.8041 1.8655 1.5553
2-Jul 1.1315 0.2442 0.8945 1.1920 1.6584 1.8310 1.8361 1.5605
1.1339 0.2481 0.8982 1.1854 1.6332 1.8462 1.7955 1.5549
1.1316 0.2544 0.8924 1.1576 1.6108 1.8528 1.7400 1.5404
1.1246 0.2537 0.8794 1.1530 1.5953 1.8559 1.7138 1.5347
1.1213 0.2550 0.8598 1.1574 1.5785 1.8757 1.6919 1.5372
9-Jul 1.1111 0.2529 0.8537 1.1554 1.5535 1.8846 1.6661 1.5312
1.1031 0.2508 0.8478 1.1495 1.5262 1.8779 1.6418 1.5179
1.0876 0.2451 0.8369 1.1405 1.4947 1.8750 1.6183 1.5034
1.0732 0.2419 0.8234 1.1375 1.4676 1.8656 1.5884 1.4902
1.0630 0.2361 0.8150 1.1238 1.4371 1.8608 1.5635 1.4739
16-Jul 1.0490 0.2328 0.8053 1.1088 1.4048 1.8351 1.5244 1.4496
1.0364 0.2255 0.7889 1.0940 1.3646 1.8225 1.4960 1.4271
1.0188 0.2188 0.7672 1.0853 1.3276 1.7960 1.4709 1.4030
1.0038 0.2091 0.7431 1.0714 1.2839 1.7696 1.4343 1.3750
0.9850 0.1940 0.7233 1.0593 1.2370 1.7326 1.3955 1.3430
23-Jul 0.9677 0.1773 0.7009 1.0279 1.1892 1.6930 1.3740 1.3034
0.9508 0.1661 0.6612 0.9949 1.1373 1.6584 1.3341 1.2636
0.9307 0.1477 0.6188 0.9552 1.0861 1.6112 1.2822 1.2175
0.9134 0.1219 0.5764 0.9177 1.0307 1.5636 1.2300 1.1707
0.8965 0.0946 0.5480 0.8852 0.9855 1.5149 1.1903 1.1285
30-Jul 0.8794 0.0731 0.5292 0.8641 0.9604 1.4902 1.1854 1.1049
0.8647 0.0645 0.5189 0.8590 0.9572 1.4581 1.1866 1.0914
0.8460 0.0527 0.5103 0.8710 0.9345 1.4381 1.1866 1.0812
0.8305 0.0426 0.5079 0.8630 0.9225 1.4062 1.1874 1.0639
0.8140 0.0307 0.5067 0.8500 0.9072 1.3585 1.1589 1.0386
6-Aug 0.8051 0.0187 0.4934 0.8399 0.8966 1.3281 1.1307 1.0215
0.7894 0.0112 0.4812 0.8333 0.8743 1.3050 1.1131 1.0042
0.7833 0.0074 0.4694 0.8331 0.8642 1.2805 1.0866 0.9926
0.7743 -0.0021 0.4613 0.8304 0.8633 1.2604 1.0582 0.9847
0.7645 -0.0106 0.4552 0.8294 0.8626 1.2462 1.0347 0.9794
13-Aug 0.7581 -0.0233 0.4462 0.8352 0.8713 1.2332 1.0151 0.9799
0.7497 -0.0295 0.4395 0.8497 0.8863 1.2230 1.0062 0.9863
0.7449 -0.0366 0.4319 0.8631 0.8986 1.2204 0.9901 0.9940
0.7403 -0.0428 0.4300 0.8670 0.9145 1.2114 0.9734 0.9976
0.7401 -0.0429 0.4275 0.8634 0.9245 1.2074 0.9622 0.9984
20-Aug 0.7406 -0.0433 0.4289 0.8760 0.9404 1.2040 0.9529 1.0068
0.7421 -0.0508 0.4338 0.8892 0.9469 1.2022 0.9485 1.0128
0.7426 -0.0530 0.4417 0.9087 0.9599 1.2027 0.9392 1.0238
0.7447 -0.0504 0.4439 0.9239 0.9816 1.2060 0.9284 1.0372
0.7466 -0.0479 0.4469 0.9443 1.0060 1.2190 0.9184 1.0564
27-Aug 0.7486 -0.0510 0.4555 0.9729 1.0297 1.2247 0.8970 1.0758
0.7499 -0.0544 0.4591 1.0064 1.0501 1.2420 0.8880 1.0995
0.7564 -0.0499 0.4788 1.0330 1.0853 1.2757 0.8820 1.1314
0.7679 -0.0395 0.5003 1.0534 1.1067 1.3108 0.8852 1.1570
0.7768 -0.0215 0.5271 1.0750 1.1334 1.3512 0.9125 1.1865
3-Sep 0.7922 0.0008 0.5509 1.0937 1.1649 1.3967 0.9309 1.2184
0.8046 0.0116 0.5637 1.1143 1.1977 1.4496 0.9497 1.2539
0.8134 0.0284 0.5798 1.1322 1.2273 1.5004 0.9591 1.2866
0.8176 0.0501 0.5920 1.1493 1.2401 1.5372 0.9746 1.3089
0.8247 0.0665 0.6044 1.1646 1.2580 1.5694 0.9903 1.3307
10-Sep 0.8337 0.0861 0.6215 1.1808 1.2768 1.6143 1.0071 1.3573
0.8441 0.1094 0.6349 1.1903 1.2971 1.6365 1.0193 1.3746
0.8505 0.1337 0.6557 1.2007 1.3020 1.6611 1.0394 1.3879
0.8590 0.1551 0.6708 1.2189 1.3167 1.6879 1.0616 1.4078
0.8660 0.1750 0.6842 1.2370 1.3405 1.7175 1.0837 1.4317
17-Sep 0.8714 0.1902 0.6987 1.2566 1.3591 1.7423 1.1038 1.4527
0.8762 0.2126 0.7110 1.2769 1.3921 1.7753 1.1174 1.4814
0.8852 0.2362 0.7198 1.2920 1.4099 1.8096 1.1353 1.5038
0.8926 0.2551 0.7291 1.3093 1.4199 1.8489 1.1579 1.5261
0.8990 0.2677 0.7382 1.3228 1.4263 1.8836 1.1809 1.5442
24-Sep 0.9037 0.2756 0.7426 1.3330 1.4288 1.9150 1.2163 1.5590
0.9083 0.2913 0.7559 1.3405 1.4341 1.9348 1.2362 1.5698
0.9107 0.3030 0.7615 1.3591 1.4312 1.9548 1.2606 1.5817
0.9100 0.3061 0.7710 1.3898 1.4427 1.9887 1.2955 1.6070
0.9099 0.2999 0.7775 1.4252 1.4615 2.0264 1.3106 1.6377
1-Oct 0.9061 0.2931 0.7865 1.4656 1.4668 2.0551 1.3462 1.6625
0.9101 0.3048 0.8064 1.4961 1.4843 2.0634 1.3686 1.6813
0.9162 0.3073 0.8194 1.5364 1.4887 2.0741 1.4028 1.6997
0.9245 0.3075 0.8350 1.5762 1.4973 2.0973 1.4242 1.7236
0.9277 0.3126 0.8445 1.6050 1.5044 2.1273 1.4403 1.7456
8-Oct 0.9302 0.3182 0.8493 1.6321 1.5028 2.1440 1.4601 1.7596
0.9328 0.3152 0.8576 1.6660 1.5023 2.1708 1.4759 1.7797
0.9382 0.3050 0.8630 1.6911 1.5112 2.1969 1.4899 1.7997
0.9392 0.3073 0.8654 1.7107 1.5134 2.2291 1.4945 1.8177
0.9391 0.3073 0.8678 1.7332 1.5139 2.2530 1.5024 1.8334
15-Oct 0.9398 0.3069 0.8705 1.7566 1.5179 2.2958 1.5145 1.8568
0.9408 0.2990 0.8738 1.7751 1.5146 2.3143 1.5268 1.8680
0.9397 0.2912 0.8771 1.8026 1.5171 2.3351 1.5377 1.8849
0.9366 0.2859 0.8797 1.8234 1.5193 2.3477 1.5469 1.8968
0.9339 0.2832 0.8833 1.8392 1.5185 2.3575 1.5519 1.9051
22-Oct 0.9313 0.2831 0.8822 1.8554 1.5171 2.3706 1.5509 1.9143
0.9298 0.2757 0.8741 1.8653 1.5136 2.3816 1.5536 1.9202
0.9299 0.2683 0.8642 1.8692 1.5133 2.3848 1.5467 1.9225
0.9283 0.2669 0.8479 1.8655 1.5008 2.3870 1.5337 1.9178
0.9241 0.2748 0.8327 1.8612 1.4865 2.3971 1.5220 1.9149
29-Oct 0.9217 0.2825 0.8227 1.8693 1.4878 2.4115 1.5025 1.9229
0.9153 0.2804 0.8155 1.8880 1.4927 2.4157 1.4936 1.9321
0.9108 0.2778 0.8114 1.9002 1.4890 2.4264 1.4854 1.9386
0.9082 0.2773 0.8032 1.8976 1.4836 2.4336 1.4779 1.9383
0.9050 0.2708 0.7946 1.9069 1.4704 2.4406 1.4683 1.9393
5-Nov 0.9003 0.2642 0.7874 1.9165 1.4663 2.4441 1.4475 1.9423
0.8971 0.2570 0.7849 1.9173 1.4612 2.4552 1.4461 1.9446
0.8929 0.2522 0.7756 1.9142 1.4609 2.4591 1.4425 1.9448
0.8884 0.2390 0.7700 1.9251 1.4484 2.4594 1.4360 1.9443
0.8825 0.2291 0.7640 1.9336 1.4326 2.4624 1.4245 1.9429
12-Nov 0.8782 0.2215 0.7575 1.9344 1.4190 2.4589 1.4004 1.9375
0.8704 0.2175 0.7514 1.9384 1.4136 2.4516 1.3923 1.9345
0.8643 0.2146 0.7481 1.9336 1.4044 2.4460 1.3842 1.9280
0.8611 0.2125 0.7428 1.9335 1.3879 2.4382 1.3742 1.9198
0.8569 0.2081 0.7364 1.9378 1.3774 2.4425 1.3710 1.9192
19-Nov 0.8539 0.2138 0.7337 1.9432 1.3731 2.4436 1.3593 1.9199
0.8465 0.2167 0.7359 1.9499 1.3674 2.4496 1.3573 1.9223
0.8389 0.2186 0.7375 1.9665 1.3670 2.4503 1.3560 1.9279
0.8365 0.2190 0.7423 1.9843 1.3653 2.4357 1.3491 1.9284
0.8415 0.2123 0.7603 1.9943 1.3462 2.3832 1.3215 1.9079
26-Nov 0.8369 0.2032 0.7675 1.9888 1.3154 2.3007 1.2627 1.8683
0.8299 0.1856 0.7684 1.9529 1.2677 2.2300 1.2482 1.8169
0.8015 0.1780 0.7543 1.8864 1.2447 2.2191 1.2380 1.7834
0.7939 0.1691 0.7297 1.8332 1.2245 2.2005 1.2272 1.7527
0.7907 0.1664 0.7097 1.8133 1.2094 2.1678 1.2156 1.7301
3-Dec 0.7873 0.1572 0.7055 1.7908 1.1831 2.1453 1.1862 1.7064
0.7821 0.1465 0.6929 1.7693 1.1497 2.1046 1.1326 1.6745
0.7771 0.1336 0.6801 1.7489 1.1153 2.0613 1.0758 1.6418
0.7677 0.1183 0.6651 1.7166 1.0770 2.0149 1.0291 1.6029
0.7601 0.0994 0.6547 1.6781 1.0321 1.9670 0.9861 1.5591
10-Dec 0.7490 0.0807 0.6374 1.6426 0.9797 1.9117 0.9376 1.5113
0.7384 0.0637 0.6110 1.6023 0.9176 1.8733 0.8887 1.4644
0.7265 0.0447 0.5843 1.5640 0.8725 1.8263 0.8506 1.4209
0.7110 0.0229 0.5588 1.5281 0.8223 1.7789 0.8159 1.3764
0.6940 0.0052 0.5362 1.4910 0.7645 1.7157 0.7850 1.3237
17-Dec 0.6770 -0.0179 0.5156 1.4466 0.7069 1.6545 0.7504 1.2693
0.6631 -0.0371 0.4974 1.3963 0.6533 1.6002 0.7248 1.2166
0.6532 -0.0495 0.4790 1.3401 0.6046 1.5467 0.7188 1.1638
0.6384 -0.0540 0.4609 1.2824 0.5619 1.4992 0.7156 1.1145
0.6213 -0.0499 0.4309 1.2321 0.5211 1.4705 0.7239 1.0746
24-Dec 0.6071 -0.0484 0.4077 1.1762 0.4843 1.4607 0.7401 1.0404
0.5927 -0.0365 0.3761 1.1226 0.4516 1.4696 0.7270 1.0146
0.5967 -0.0308 0.3627 1.0907 0.4230 1.4101 0.7272 0.9746
0.5770 -0.0345 0.3631 1.0731 0.3983 1.3571 0.7296 0.9428
0.5621 -0.0344 0.3630 1.0399 0.3728 1.3152 0.9093
31-Dec 0.5474 -0.0292 0.3449 0.9990 0.3462 1.2564 0.8672
Trucking Failures vs. Average Diesel Price
1995
Trucking Failures 375 370 365 360 355 350 345 359 373 387 401 415
Average Diesel Price $1.09 $1.10 $1.10 $1.11 $1.12 $1.11 $1.11 $1.10 $1.13 $1.15 $1.18 $1.17
1996
Trucking Failures 429 443 495 547 595 539 483 427 370 485 600 638
Average Diesel Price $1.17 $1.16 $1.18 $1.21 $1.23 $1.22 $1.22 $1.21 $1.24 $1.27 $1.30 $1.28
1997
Trucking Failures 676 715 715 715 715 725 681 637 593 550 515 480
Average Diesel Price $1.27 $1.26 $1.23 $1.21 $1.18 $1.17 $1.17 $1.16 $1.17 $1.17 $1.18 $1.15
1998
Trucking Failures 445 410 400 390 380 370 360 350 330 310 314 318
Average Diesel Price $1.12 $1.09 $1.08 $1.07 $1.06 $1.05 $1.04 $1.03 $1.02 $1.01 $1.00 $0.99
1999
Trucking Failures 322 325 308 291 275 297 319 340 327 314 300 407
Average Diesel Price $0.98 $0.98 $1.01 $1.04 $1.08 $1.11 $1.14 $1.18 $1.20 $1.23 $1.26 $1.31
2000
Trucking Failures 514 620 663 706 750 866 982 1098 1214 1330
Average Diesel Price $1.37 $1.42 $1.42 $1.41 $1.41 $1.43 $1.45 $1.47 $1.49 $1.51
4
Insurance
o Insurance expenses 2.5% of revenue
o Will swell on an average 100 basis points to 3.5-4% of revenue
o Conceivably could see expenses exceed 4% of revenue
5
Used Truck Sales
[trucks photo omitted]
o October 2000 used truck estimate $40,000.
o April 2001 same used truck estimate $20,000.
6
2000 JBHT Consolidated EPS Scenarios
EPS SCENARIOS WITH JBT DIFFERENCES IN 3Q2000 AND 4Q2000
JBT Desired Operating Ratio 100.8% Through June 2001 100.0% 98.0% 96.0%
- ----------------------------------------------------------------------------------------------------------
Revenue (Jul-Dec) 426,832 Revenue 408,870 426,832 426,832 426,832
Total Revenue 833,802 Operating (3,475) 833,802 833,802 833,802
Total Operating Income (7,053) Operating 100.9% 0 16,676 33,352
Operating Income Truck (7,053) 0 16,676 33,352
Operating Income Intermodal 36,669 36,669 36,669 36,669
Operating Income Logistics 5,519 5,519 5,519 5,519
Operating Income DCS 28,415 28,415 28,415 28,415
Operating Income LCG 2,524 2,524 2,524 2,524
Operating Income Other (2,665) (2,665) (2,665) (2,665)
------------------------------------------------------------------
63,409 70,462 87,138 103,814
Interest Expense 25,747 25,747 25,747 25,747
Equity In Earnings of Assoc Comp 4,777 4,777 4,777 4,777
Earnings Before Tax 42,439 49,492 66,168 82,844
Tax Rate 15.0% 17.25% 20.75% 21.5%
Income Taxes 6,366 8,537 13,730 17,811
Net Earnings 36,073 40,955 52,438 65,033
Basic Shares Outstanding 35,313
BASIC EARNINGS PER SHARE 1.02 1.16 1.48 1.84
Diluted Shares Outstanding 35,417
DILUTED EARNINGS PER SHARE 1.02 1.16 1.48 1.84
ANALYST ESTIMATE EPS 1.00 1.00 1.00 1.00
** Assumes improvement in Operating Ratio must come from
ONLY cost reduction, and not from utilization, freight mix, rate incr,
volume due to revenue being held constant.
7
J.B. Hunt Truck
[truck photo omitted]
8
Operation T/C
DEFINITION:
"KEEP ALL TRAILERS ON THE ROAD
AND ALL CONTAINERS ON THE RAIL"
9
Increased Demand on Load Volume
o 12.6% increase in capacity due to having more drivers
o 8% increase in capacity due to the separation of Van into JBI and JBT
o 2.2% increase in capacity due to the DCS growth requiring backhaul freight
22.8% increase in capacity without adding a single JBT tractor
10
Sales Strategy
2 DIMENSION APPROACH
o National Accounts - Customers with growth opportunity.
o Regional Areas - Diversifying our base with year around new customers.
o New Freight Opportunities - Have processed $1.4 B in bids during the 1Q'01
and currently have $1.6 B in house.
11
Driver Hiring
Van Hires 1999 vs 2000
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
352 325 310 438 355 326 480 439 421 332 223 262
314 359 567 471 569 511 506 727 668 677 629 586
1030 816 612
12
2001 Asset Strategy
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
JBT 6000 6000 5900 5800 5700 5600 5500 5400 5300 5200 5100 5000
DCS 4000 4000 4100 4200 4300 4400 4500 4600 4700 4800 4900 5000
13
About DCS
J.B. Hunt Dedicated Contract Services (DCS) provides customized transportation
solutions that result in cost effective delivery systems for clients who wish
to:
[side of truck photo omitted]
lower transportation costs
reduce liability
improve logistics/distribution operations
redirect capital back into core business functions.
14
Locations
[Map of United States Showing Primary DCS Locations.]
15
Financial History
1996 1997 1998 1999 2000
-------------------------------------------------------------
Revenue ($Mil) 126.9 150.7 211.9 320.0 479.0
16
DCS Service Levels
[Graph depicting 99% on-time DCS service level.]
99%
17
CPI vs. DCS Rate per Mile
1996 1997 1998 1999 2000
CPI 156.9 160.5 163 166.6 172
Rate per Mile 1.53 1.57 1.56 1.57 1.59
18
Portfolio Management
PROJECT SPOTLIGHT
YTD YTD Neutral PORTFOLIO RANKING
Account Region Revenue Margin % Mar-00 Mar-01 YTD L3M COMMENTS
C 164,444 1% 5 4 4 12
C 126,501 -6% 5 5 12
MW 502,219 -4% 1 2 5 12
MW 497,597 -8% 1 5 5 15
MW 1,189,254 -15% 4 5 5 14
MW 306,647 -17% 1 5 5 15
MW 1,514,981 -4% 5 3 5 13
MW 96,763 -12% 2 5 12
MW 87,676 -7% 4 5 14
MW 947,176 -17% 4 5 5 14
MW 176,654 -4% 1 5 5 15
NE 216,895 -8% 3 5 5 14
NE 576,748 -5% 5 3 6 13
NE 402,234 -12% 1 5 5 13
NE 152,559 0% 3 4 12
NE 929,189 -1% 1 3 5 13
NE 3,972,722 3% 1 3 4 12
SE 2,420,481 2% 1 5 4 14
SE 793,875 3% 5 4 12
SE 1,561,630 13% 1 5 5 13
SW 167,308 -9% 1 5 5 13
SW 441,971 0% 4 4 13
SW 281,228 -25% 1 5 5 15
SW 426,225 -2% 4 4 13
SW 207,507 7% 1 3 5 12
SW 195,444 0% 1 3 5 13
W 91,218 -12% 5 5 15
W 398,319 -5% 1 5 5 13
W 31,685 -12% 1 5 5 13
W 122,121 -2% 2 3 4 12
W 942,695 -15% 5 5 15
W 739,511 -11% 1 5 5 15
W 580,082 5% 5 4 12
Each DCS project is reviewed at least quarterly on the basis of revenue and
margin.
19
Productivity & Retail Sales
[Graph of: DCS revenue per tractor
vs
% change in Retail Sales]
20
Internal Accounting
Financial impact of shared Trailer Pool Costs
21
DCS Cost Opportunities
*all figures in millions
Offset with
Q1:00 Q1:01 %Change: Revenue Growth
Revenue $ 979,982 $ 127,802 30%
Worker's Comp $ 1,442 $ 2,277 58% $ 402
Insurance/Claims $ 1,653 $ 3,228 108% $ 1,209
Safety Costs: $ 1,612
O/R Impact:
Allocations $ 3,597 $ 5,508 53% $ 832
Trailer Expenses $ 1,796 $ 4,940 175% $ 2,606
Accounting Changes: $ 3,437
O/R Impact: 2.69%
22
Operating Leverage
Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
---- ---- ---- ---- ---- ---- ---- ---- ----
Avg. Idle
Trucks
Per Day 30 71 64 67 65 48 64 99 215
Revenue per
tractor
per day 530 580 540 540 540 510 540 520 530
23
J.B. Hunt Intermodal
[picture of crane omitted]
24
Transportation Market
o 367 Billion in Trucking which is 80% of total
o Domestic Transportation
o Truckload 75 Billion*
o 50,000 Carriers
o 95% = 1 Million or less
o Intermodal 6.5 Billion
o 18% of Railroad Revenue
* EXCLUDES PRIVATE FLEET
25
J.B. Hunt Intermodal Zero to $800M
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001(PLAN)
East 5527 42184 104756 182344 252727 315615 372732 396180 451387 432315 424413 488074
26
2000 2001
------------------------------------
Containers (48') 7,500 4,200
Containers (53') 14,500 14,500
------------------------------------
Total Containers 22,000 18,700
Non-Intermodal Use -6,500 -1,500
(DCS, TRUCK)
Intermodal Use 15,500 17,200 11%
27
J. B. Hunt Intermodal
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
East 20.4 27.4 90 20.4
West 30.6 38.6 34.6 31.6
North 45.9 46.9 45 43.9
28
Intermodal Loads By Railroad
% OF
RAILROAD 1999 2000 DIFFERENCE
- ---------------------------------------------------------------------
BNSF 277,357 265,495 -4%
CN 614 915 49%
CR 35,753
CSXT 32,267 15,832 -51%
FEC 498 133 -73%
IC 1,419 773 -46%
KCS 9,681 10,433 8%
NS 66,827 124,378 86%
UP 6,872 5,888 -14%
--------------------------------------------
TOTAL 431,288 423,847 -2%
29