Arkansas Best Reports First-Quarter Loss
Arkansas Best Corp. reported a first-quarter loss, as higher revenue and tonnage at its less-than-truckload unit ABF Freight System were offset by higher wage and benefit costs.
The company reported a loss of $13.4 million, or 52 cents a share, compared with a loss of $18.2 million, or 71 cents, a year ago.
Revenue jumped 18% to $520.7 million, Arkansas Best said Tuesday.
ABF said last week it was extending its ongoing labor negotiations with the Teamsters union through the end of May.
“A new labor contract, with lower more competitive costs, is a critical element in allowing ABF to effectively compete in a drastically different LTL marketplace,” Arkansas Best CEO Judy McReynolds said in a statement.
Arkansas Best Corp. is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
