Arkansas Best Corp. posted a fourth-quarter profit after a third-quarter loss, and net income was higher than the same period last year.
Net income rose to $10.3 million, or 38 cents a share, from a loss of $7.9 million, or 31 cents, a year ago, the company reported Jan. 30. Revenue rose to $578.5 million from $537 million.
Operating income at less-than-truckload carrier ABF Freight System, Arkansas Best’s largest business unit, was $9.9 million from a loss of $14 million a year ago.
Fourth-quarter operating income at its Panther Expedited premium logistics unit jumped to $3.2 million from $1.1 million a year ago.
Full-year net income rose to $15.8 million, or 59 cents a share, from a loss of $7.7 million, or 31 cents, a year ago, the company reported. Revenue for 2013 rose 11% from a year ago to $2.3 billion.
“After a very challenging year in which we negotiated and implemented a new five-year labor agreement with the International Brotherhood of Teamsters, I am very pleased to report that ABF Freight ended the year with solid profitability, substantially reversing the unacceptable trend of losses in 2012,” Arkansas Best CEO Judy McReynolds said.
“While that lengthy process was ongoing, we continued to make important strategic investments in our emerging businesses, all of which reported increased revenues and are well positioned for additional growth in 2014,” said McReynolds.
Arkansas Best Corp. ranks No. 12 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.