LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2019 net earnings of $151.2 million, or diluted earnings per share of $1.40 vs. third quarter 2018 net earnings of $131.1 million, or $1.19 cents per diluted share. Included in the third quarter 2018 results were after-tax charges of $31.1 million or 28 cents per share related to arbitration and other legal claims and a customer bankruptcy.
Total operating revenue for the current quarter was $2.4 billion, compared with $2.2 billion for the third quarter 2018. A revenue per load increase of 2% in Intermodal (JBI), a 13% increase in revenue producing trucks and an increase of 9% in asset productivity in Dedicated Contract Services (DCS) were partially offset by a 4% decrease in load count in Integrated Capacity Solutions (ICS) and a 5% decrease in rates per loaded mile in Truck (JBT). Current quarter total operating revenue, excluding fuel surcharges, increased 9% vs. the comparable quarter 2018.
The amount of ICS operating revenue executed through Marketplace for J.B. Hunt 360° increased to $205 million compared to $151 million in third quarter 2018. In addition, JBI executed approximately $46 million of third-party dray cost and JBT executed approximately $16 million of its independent contractor costs through the platform during the quarter.
Operating income for the current quarter totaled $212.1 million vs. $174.7 million for the third quarter 2018. Operating income in third quarter 2018 included $39 million in pre-tax charges reflected in increased rail purchase transportation expense, insurance and claims costs, and bad debt expense. Excluding these charges, operating income decreased 1% from third quarter 2018 primarily from higher building rental for Final Mile Services network expansion, lower gross margins in ICS, increases in driver wages and recruiting costs, increased rail purchase transportation rates, and increased technology spend on new applications and legacy operating systems.
Interest expense in the current quarter increased primarily from a higher debt balance and higher fixed interest rates compared to third quarter 2018. The effective income tax rate for the current quarter is 24.3% compared to 20.4% for third quarter 2018. We expect our 2019 annual tax rate to be approximately 24.5%.
Segment Information:
Intermodal (JBI)
- Third Quarter 2019 Segment Revenue: $1.24 billion; up 2%
- Third Quarter 2019 Operating Income: $132.9 million; up 10%
Overall volumes were flat with the same period in 2018. Transcontinental loads increased 7% while the Eastern network loads declined 11% compared to the third quarter 2018. Revenue increased 2% reflecting flat volumes and an approximate 2% increase in revenue per load, which is the combination of changes in customer rate, freight mix, and fuel surcharges. Revenue per load excluding fuel surcharges increased approximately 5%, compared to third quarter 2018.
Operating income increased 10% over prior year. Third quarter 2018 included $27.3 million in pre-tax charges for arbitration and other legal claims and a customer bankruptcy. Excluding these charges, operating income decreased approximately 10% from the same period in 2018 primarily due to higher rail purchase transportation costs, higher box repositioning costs, lower box turns, and increased costs to attract, place, and retain drivers. The current period ended with approximately 96,700 units of trailing capacity and 5,643 power units assigned to the dray fleet.
Dedicated Contract Services (DCS)
- Third Quarter 2019 Segment Revenue: $696 million; up 28%
- Third Quarter 2019 Operating Income: $78.3 million; up 124%
DCS revenue increased 28% during the current quarter over the same period in 2018. Productivity (revenue per truck per week) increased by approximately 9% vs. 2018. Productivity excluding fuel surcharge revenue increased approximately 11% from a year ago primarily from the February 2019 acquisition, customer rate increases, improved integration of assets between customer accounts, and increased customer supply chain fluidity. Included in the DCS revenue growth, Final Mile Services (FMS) recorded an increase in revenue of $53 million (primarily from the February 2019 acquisition) compared to the third quarter 2018. A net additional 1,277 revenue producing trucks, 120 net additions sequentially from second quarter 2019, were in the fleet by the end of the quarter. Approximately 64% of these additions represent private fleet conversions and 11% represent FMS vs. traditional dedicated capacity services. Customer retention rates remain above 98%.
Operating income increased by 124% from a year ago. Third quarter 2018 included $8.4 million in pre-tax charges to insurance and claims costs. Excluding these charges, operating income increased 80% primarily from increased trucks under contract, higher productivity and more predictable and consistent contract start-up costs partially offset by increased costs to expand the FMS network, increased driver wages, and an incremental $1.4 million in non-cash amortization expense attributable to the February 2019 acquisition compared to third quarter 2018.
Integrated Capacity Solutions (ICS)
- Third Quarter 2019 Segment Revenue: $337 million; down 3%
- Third Quarter 2019 Operating (Loss): $(5.6 million); compared to $10.2 Operating Income in 2018
ICS revenue decreased 3% in the current quarter vs. the third quarter 2018. Volumes decreased 4% while revenue per load increased approximately 2% primarily due to a decreased mix of contractual less-than-truckload volume and a competitive pricing environment for contractual truckload business compared to third quarter 2018. Total contractual volumes represented approximately 74% of total load volume and 62% of total revenue in the current period compared to 72% and 49%, respectively, in the third quarter 2018. Of the total reported ICS revenue, approximately $205 million was executed through the Marketplace for J.B. Hunt 360° compared to $151 million in the third quarter 2018.
Operating income decreased by $15.9 million compared to the same period 2018. Third quarter 2018 included $3 million in pre-tax charges due to a customer bankruptcy and insurance and claims costs. Excluding these charges, operating income decreased $18.9 million from prior year primarily from a lower gross profit margin percentage, increased costs to expand capacity and functionality of the Marketplace for J.B. Hunt 360°, increased personnel costs, and increased digital marketing costs. Gross profit margin decreased to 12.7% in the current quarter vs. 15.5% compared to the prior year primarily from a competitive pricing environment in the contractual business and a softer overall spot market. ICS carrier base increased 20% and the employee count increased 5% vs. third quarter 2018.
Truck (JBT)
- Third Quarter 2019 Segment Revenue: $94 million; down 11%
- Third Quarter 2019 Operating Income: $6.6 million; down 28%
JBT revenue decreased 11% from the same period in 2018. Revenue excluding fuel surcharge decreased approximately 10%, primarily from a 5% decrease in rates per loaded mile, a 2% decrease in length of haul, and a 3% decrease in load count compared to a year ago. Comparable contractual customer rates increased approximately 1.5% compared to the same period in 2018. At the end of the period, JBT operated 1,896 tractors compared to 1,972 a year ago.
Operating income decreased 28% compared to third quarter 2018. A smaller percentage of spot market loads moved to total loads moved, higher empty miles per load, and an overall decrease in total loads compared to third quarter 2018 all contributed to lower operating income.
Cash Flow and Capitalization:
At September 30, 2019, we had a total of $1.29 billion outstanding on various debt instruments compared to $1.07 billion at September 30, 2018 and $1.15 billion at December 31, 2018.
Our net capital expenditures for the nine months ended September 30, 2019, approximated $587 million compared to $585 million for the same period 2018. At September 30, 2019, we had cash and cash equivalents of approximately $75 million.
We purchased approximately 380,000 shares of our common stock during the third quarter 2019 for approximately $36 million. At September 30, 2019, we had approximately $145 million remaining under our share repurchase authorization. Actual shares outstanding at September 30, 2019, approximated 106.6 million.
Conference Call Information:
The company will hold a conference call today at 4:00-5:00 pm CT to discuss the quarterly earnings. To receive a dial-in number and personal access code, participants must register here. A replay of the call will be posted on its website following the call.
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, 2018. 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 website, 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 |
||||||||||
2019 |
2018 |
|||||||||
| % Of | % Of | |||||||||
| Amount | Revenue | Amount | Revenue | |||||||
| Operating revenues, excluding fuel surcharge revenues | $ |
2,102,494 |
$ |
1,936,653 |
||||||
| Fuel surcharge revenues | 261,166 |
273,107 |
||||||||
| Total operating revenues | 2,363,660 |
100.0% |
2,209,760 |
100.0% |
||||||
| Operating expenses | ||||||||||
| Rents and purchased transportation | 1,169,577 |
49.5% |
1,125,386 |
50.9% |
||||||
| Salaries, wages and employee benefits | 554,872 |
23.5% |
495,350 |
22.4% |
||||||
| Depreciation and amortization | 126,803 |
5.3% |
108,801 |
4.9% |
||||||
| Fuel and fuel taxes | 114,764 |
4.8% |
117,976 |
5.3% |
||||||
| Operating supplies and expenses | 87,044 |
3.7% |
79,225 |
3.6% |
||||||
| General and administrative expenses, net of asset dispositions | 49,077 |
2.1% |
42,449 |
1.9% |
||||||
| Insurance and claims | 26,543 |
1.1% |
45,594 |
2.1% |
||||||
| Operating taxes and licenses | 14,266 |
0.6% |
13,203 |
0.7% |
||||||
| Communication and utilities | 8,639 |
0.4% |
7,088 |
0.3% |
||||||
| Total operating expenses | 2,151,585 |
91.0% |
2,035,072 |
92.1% |
||||||
| Operating income | 212,075 |
9.0% |
174,688 |
7.9% |
||||||
| Net interest expense | 12,357 |
0.5% |
9,961 |
0.5% |
||||||
| Earnings before income taxes | 199,718 |
8.5% |
164,727 |
7.4% |
||||||
| Income taxes | 48,502 |
2.1% |
33,617 |
1.5% |
||||||
| Net earnings | $ |
151,216 |
6.4% |
$ |
131,110 |
5.9% |
||||
| Average diluted shares outstanding | 107,692 |
110,235 |
||||||||
| Diluted earnings per share | $ |
1.40 |
$ |
1.19 |
||||||
| J.B. HUNT TRANSPORT SERVICES, INC. | ||||||||||
| Condensed Consolidated Statements of Earnings | ||||||||||
| (in thousands, except per share data) | ||||||||||
| (unaudited) | ||||||||||
Nine Months Ended September 30 |
||||||||||
2019 |
2018 |
|||||||||
| % Of | % Of | |||||||||
| Amount | Revenue | Amount | Revenue | |||||||
| Operating revenues, excluding fuel surcharge revenues | $ |
5,954,102 |
$ |
5,523,974 |
||||||
| Fuel surcharge revenues | 760,832 |
773,058 |
||||||||
| Total operating revenues | 6,714,934 |
100.0% |
6,297,032 |
100.0% |
||||||
| Operating expenses | ||||||||||
| Rents and purchased transportation | 3,255,882 |
48.5% |
3,163,443 |
50.2% |
||||||
| Salaries, wages and employee benefits | 1,606,344 |
23.9% |
1,410,942 |
22.4% |
||||||
| Depreciation and amortization | 370,728 |
5.5% |
321,807 |
5.1% |
||||||
| Fuel and fuel taxes | 344,926 |
5.1% |
341,398 |
5.4% |
||||||
| Operating supplies and expenses | 249,480 |
3.7% |
226,352 |
3.6% |
||||||
| General and administrative expenses, net of asset dispositions | 140,654 |
2.2% |
112,078 |
1.8% |
||||||
| Insurance and claims | 107,550 |
1.6% |
102,464 |
1.6% |
||||||
| Operating taxes and licenses | 40,991 |
0.6% |
37,025 |
0.6% |
||||||
| Communication and utilities | 25,416 |
0.4% |
23,241 |
0.4% |
||||||
| Total operating expenses | 6,141,971 |
91.5% |
5,738,750 |
91.1% |
||||||
| Operating income | 572,963 |
8.5% |
558,282 |
8.9% |
||||||
| Net interest expense | 40,153 |
0.6% |
28,969 |
0.5% |
||||||
| Earnings before income taxes | 532,810 |
7.9% |
529,313 |
8.4% |
||||||
| Income taxes | 128,360 |
1.9% |
128,409 |
2.0% |
||||||
| Net earnings | $ |
404,450 |
6.0% |
$ |
400,904 |
6.4% |
||||
| Average diluted shares outstanding | 108,569 |
110,591 |
||||||||
| Diluted earnings per share | $ |
3.73 |
$ |
3.63 |
||||||
| Financial Information By Segment | ||||||||||||
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
Three Months Ended September 30 |
||||||||||||
2019 |
|
|
2018 |
|||||||||
|
|
% Of |
|
|
|
|
% Of |
|||||
Amount |
|
Total |
|
|
Amount |
|
Total |
|||||
| Revenue | ||||||||||||
| Intermodal | $ |
1,239,671 |
|
52% |
$ |
1,218,408 |
|
55% |
||||
| Dedicated | 696,088 |
|
30% |
542,884 |
|
24% |
||||||
| Integrated Capacity Solutions | 336,721 |
|
14% |
345,830 |
|
16% |
||||||
| Truck | 94,182 |
|
4% |
105,685 |
|
5% |
||||||
| Subtotal | 2,366,662 |
|
100% |
2,212,807 |
|
100% |
||||||
| Intersegment eliminations | (3,002 |
) |
(0%) |
(3,047 |
) |
(0%) |
||||||
| Consolidated revenue | $ |
2,363,660 |
|
100% |
$ |
2,209,760 |
|
100% |
||||
| Operating income | ||||||||||||
| Intermodal | $ |
132,921 |
|
63% |
$ |
120,319 |
|
69% |
||||
| Dedicated | 78,280 |
|
37% |
34,990 |
|
20% |
||||||
| Integrated Capacity Solutions | (5,639 |
) |
(3%) |
10,216 |
|
6% |
||||||
| Truck | 6,597 |
|
3% |
9,218 |
|
5% |
||||||
| Other (1) | (84 |
) |
(0%) |
(55 |
) |
(0%) |
||||||
| Operating income | $ |
212,075 |
|
100% |
$ |
174,688 |
|
100% |
||||
Nine Months Ended September 30 |
||||||||||||
2019 |
2018 |
|||||||||||
| % Of | % Of | |||||||||||
| Amount | Total | Amount | Total | |||||||||
| Revenue | ||||||||||||
| Intermodal | $ |
3,477,493 |
|
52% |
$ |
3,453,180 |
|
55% |
||||
| Dedicated | 1,977,871 |
|
29% |
1,567,346 |
|
25% |
||||||
| Integrated Capacity Solutions | 971,799 |
|
15% |
989,230 |
|
15% |
||||||
| Truck | 295,661 |
|
4% |
299,644 |
|
5% |
||||||
| Subtotal | 6,722,824 |
|
100% |
6,309,400 |
|
100% |
||||||
| Intersegment eliminations | (7,890 |
) |
(0%) |
(12,368 |
) |
(0%) |
||||||
| Consolidated revenue | $ |
6,714,934 |
|
100% |
$ |
6,297,032 |
|
100% |
||||
| Operating income | ||||||||||||
| Intermodal | $ |
360,595 |
|
63% |
$ |
368,554 |
|
66% |
||||
| Dedicated | 189,014 |
|
33% |
134,003 |
|
24% |
||||||
| Integrated Capacity Solutions | 755 |
|
0% |
34,026 |
|
6% |
||||||
| Truck | 22,725 |
|
4% |
21,832 |
|
4% |
||||||
| Other (1) | (126 |
) |
(0%) |
(133 |
) |
(0%) |
||||||
| Operating income | $ |
572,963 |
|
100% |
$ |
558,282 |
|
100% |
||||
| (1) Includes corporate support activity | ||||||||||||
| Operating Statistics by Segment | ||||||||||||
| (unaudited) | ||||||||||||
Three Months Ended September 30 |
|
|
||||||||||
2019 |
2018 |
|||||||||||
| Intermodal | ||||||||||||
| Loads | 517,409 |
|
519,974 |
|
||||||||
| Average length of haul | 1,697 |
|
1,636 |
|
||||||||
| Revenue per load | $ |
2,396 |
|
$ |
2,343 |
|
||||||
| Average tractors during the period * | 5,642 |
|
5,582 |
|
||||||||
| Tractors (end of period) | ||||||||||||
| Company-owned | 5,039 |
|
4,969 |
|
||||||||
| Independent contractor | 604 |
|
631 |
|
||||||||
| Total tractors | 5,643 |
|
5,600 |
|
||||||||
| Net change in trailing equipment during the period | 30 |
|
2,577 |
|
||||||||
| Trailing equipment (end of period) | 96,689 |
|
93,152 |
|
||||||||
| Average effective trailing equipment usage | 89,175 |
|
89,456 |
|
||||||||
| Dedicated | ||||||||||||
| Loads | 929,466 |
|
753,814 |
|
||||||||
| Average length of haul | 169 |
|
174 |
|
||||||||
| Revenue per truck per week** | $ |
4,927 |
|
$ |
4,504 |
|
||||||
| Average trucks during the period*** | 10,837 |
|
9,331 |
|
||||||||
| Trucks (end of period) | ||||||||||||
| Company-owned | 10,424 |
|
9,182 |
|
||||||||
| Independent contractor | 41 |
|
56 |
|
||||||||
| Customer-owned (Dedicated operated) | 469 |
|
419 |
|
||||||||
| Total trucks | 10,934 |
|
9,657 |
|
||||||||
| Trailing equipment (end of period) | 27,965 |
|
26,116 |
|
||||||||
| Average effective trailing equipment usage | 28,331 |
|
26,600 |
|
||||||||
| Integrated Capacity Solutions | ||||||||||||
| Loads | 320,183 |
|
334,321 |
|
||||||||
| Revenue per load | $ |
1,052 |
|
$ |
1,034 |
|
||||||
| Gross profit margin | 12.7 |
% |
15.5 |
% |
||||||||
| Employee count (end of period) | 1,193 |
|
1,137 |
|
||||||||
| Approximate number of third-party carriers (end of period) | 82,600 |
|
69,000 |
|
||||||||
| Marketplace for J.B. Hunt 360°: | ||||||||||||
| Approximate carrier tractor count (end of period) | 667,000 |
|
479,400 |
|
||||||||
| Revenue (millions) | $ |
205.4 |
|
$ |
151.0 |
|
||||||
| Truck | ||||||||||||
| Loads | 86,647 |
|
89,491 |
|
||||||||
| Average length of haul | 409 |
|
417 |
|
||||||||
| Loaded miles (000) | 35,411 |
|
37,348 |
|
||||||||
| Total miles (000) | 43,639 |
|
44,850 |
|
||||||||
| Average nonpaid empty miles per load | 95.0 |
|
83.7 |
|
||||||||
| Revenue per tractor per week** | $ |
3,829 |
|
$ |
4,366 |
|
||||||
| Average tractors during the period * | 1,910 |
|
1,904 |
|
||||||||
| Tractors (end of period) | ||||||||||||
| Company-owned | 859 |
|
1,136 |
|
||||||||
| Independent contractor | 1,037 |
|
836 |
|
||||||||
| Total tractors | 1,896 |
|
1,972 |
|
||||||||
| Trailers (end of period) | 6,826 |
|
6,818 |
|
||||||||
| Average effective trailing equipment usage | 6,422 |
|
6,462 |
|
||||||||
| * 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 |
||||||
2019 |
2018 |
|||||
| Intermodal | ||||||
| Loads | 1,458,271 |
1,536,079 |
||||
| Average length of haul | 1,670 |
1,644 |
||||
| Revenue per load | $ |
2,385 |
$ |
2,248 |
||
| Average tractors during the period * | 5,651 |
5,524 |
||||
| Tractors (end of period) | ||||||
| Company-owned | 5,039 |
4,969 |
||||
| Independent contractor | 604 |
631 |
||||
| Total tractors | 5,643 |
5,600 |
||||
| Net change in trailing equipment during the period | 1,787 |
4,542 |
||||
| Trailing equipment (end of period) | 96,689 |
93,152 |
||||
| Average effective trailing equipment usage | 84,924 |
87,724 |
||||
| Dedicated | ||||||
| Loads | 2,669,673 |
2,173,301 |
||||
| Average length of haul | 170 |
178 |
||||
| Revenue per truck per week** | $ |
4,816 |
$ |
4,471 |
||
| Average trucks during the period*** | 10,627 |
9,048 |
||||
| Trucks (end of period) | ||||||
| Company-owned | 10,424 |
9,182 |
||||
| Independent contractor | 41 |
56 |
||||
| Customer-owned (Dedicated operated) | 469 |
419 |
||||
| Total trucks | 10,934 |
9,657 |
||||
| Trailing equipment (end of period) | 27,965 |
26,116 |
||||
| Average effective trailing equipment usage | 28,095 |
26,736 |
||||
| Integrated Capacity Solutions | ||||||
| Loads | 915,932 |
917,120 |
||||
| Revenue per load | $ |
1,061 |
$ |
1,079 |
||
| Gross profit margin | 14.1% |
14.9% |
||||
| Employee count (end of period) | 1,193 |
1,137 |
||||
| Approximate number of third-party carriers (end of period) | 82,600 |
69,000 |
||||
| Marketplace for J.B. Hunt 360°: | ||||||
| Approximate carrier tractor count (end of period) | 667,000 |
479,400 |
||||
| Revenue (millions) | $ |
614.3 |
$ |
383.4 |
||
| Truck | ||||||
| Loads | 259,568 |
259,290 |
||||
| Average length of haul | 421 |
434 |
||||
| Loaded miles (000) | 109,122 |
112,494 |
||||
| Total miles (000) | 134,491 |
134,163 |
||||
| Average nonpaid empty miles per load | 97.8 |
83.6 |
||||
| Revenue per tractor per week** | $ |
3,885 |
$ |
4,023 |
||
| Average tractors during the period* | 1,986 |
1,950 |
||||
| Tractors (end of period) | ||||||
| Company-owned | 859 |
1,136 |
||||
| Independent contractor | 1,037 |
836 |
||||
| Total tractors | 1,896 |
1,972 |
||||
| Trailers (end of period) | 6,826 |
6,818 |
||||
| Average effective trailing equipment usage | 6,515 |
6,506 |
||||
| * 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, 2019 | December 31, 2018 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
75,132 |
$ |
7,600 |
|||
| Accounts receivable, net | 1,051,027 |
1,051,698 |
|||||
| Prepaid expenses and other, net | 257,297 |
443,683 |
|||||
| Total current assets | 1,383,456 |
1,502,981 |
|||||
| Property and equipment | 5,615,289 |
5,329,243 |
|||||
| Less accumulated depreciation | 1,964,927 |
1,884,132 |
|||||
| Net property and equipment | 3,650,362 |
3,445,111 |
|||||
| Other assets, net | 352,519 |
143,555 |
|||||
$ |
5,386,337 |
$ |
5,091,647 |
||||
| LIABILITIES & STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Current debt | $ |
- |
$ |
250,706 |
|||
| Trade accounts payable | 628,159 |
709,736 |
|||||
| Claims accruals | 264,345 |
275,139 |
|||||
| Accrued payroll | 66,692 |
80,922 |
|||||
| Other accrued expenses | 77,465 |
35,845 |
|||||
| Total current liabilities | 1,036,661 |
1,352,348 |
|||||
| Long-term debt | 1,293,312 |
898,398 |
|||||
| Other long-term liabilities | 180,656 |
96,056 |
|||||
| Deferred income taxes | 649,373 |
643,461 |
|||||
| Stockholders' equity | 2,226,335 |
2,101,384 |
|||||
$ |
5,386,337 |
$ |
5,091,647 |
||||
| Supplemental Data | |||||||
| (unaudited) | |||||||
| September 30, 2019 | December 31, 2018 | ||||||
| Actual shares outstanding at end of period (000) | 106,578 |
108,711 |
|||||
| Book value per actual share outstanding at end of period | $ |
20.89 |
$ |
19.33 |
|||
| Nine Months Ended September 30 | |||||||
2019 |
2018 |
||||||
| Net cash provided by operating activities (000) | $ |
937,595 |
$ |
777,603 |
|||
| Net capital expenditures (000) | $ |
586,607 |
$ |
584,977 |
|||
