0913 ET - J.B. Hunt Transport Services now expects 3Q earnings to decline 5% to 10% sequentially from 2Q. The forecast comes as intermodal pricing has struggled to keep pace with rapidly rising costs, Morgan Stanley analysts say in a research note. The logistics company says it expects roughly $25 million in incremental driver-related costs this quarter, as it ramps up hiring, implements sign-on bonuses and institutes pay raises. At the same time, J.B. Hunt anticipates a nearly $10 million sequential fuel headwind, alongside higher claims costs. Morgan Stanley analysts note, though, that these higher costs should be at least partially offset by improving volumes. J.B. Hunt slides 10% premarket.
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