J.B. Hunt Transport Services (JBHT) shares tumbled𒁏 over 8% Wednesday after the shipping giant posted wo🌳rse-than-expected results as freight prices declined.

J.B. Hunt reported third quarter fiscal 2023 profit sank 30.4% from a year ago to $187.4 million, or $1.80 per share. Revenue was down 17.6% to r$3.16 billion. Both were below forecasts. 

The company indicated revenue per load for its 澳洲幸运5官方开奖结果体彩网:Intermodal — shipments by truck and train🐻 — and Truckload divisions fell 14% and 22% respectively. It also saw a 38% slide in volume in its Integrated Capacity Solutions group, a 20% dip in stops for its Final Mile Seജrvices division, and a 1% drop in average revenue producing trucks for its Dedicated Contract Services segment.

Fu🌟el surcharge revenue sank 30% to $472 million, and made up 14.9% of total revenue. A year ago it was 17.6%.

The company blamed the disappointing results on inventory destocking by customers tha🌊t reduced shipping demand, but indicated that process began to moderate in June. 

Despite Wednesday's selloff, shares of J.B. Hunt remained in positive territory for the year.