Arkansas Best Corp.’s second-quarter profit more than doubled, the company said Tuesday.
Net income jumped to $11.8 million, or 44 cents a share, from $5.3 million, or 20 cents, a year ago. Revenue rose 2.4% to $511 million.
The results included an $8 million, or 31 cents per share, tax benefit, and transaction costs of $2.1 million, or 5 cents a share, from its June acquisition of Panther Expedited Services.
ABF Freight System is Arkansas Best’s less-than-truckload operation and largest business unit, which raised its rates 6.9%, as did other LTL carriers, in June.
Freight transportation operating income rose to $7.6 million, from $7.6 million, while revenue slipped to $445.7 million, from $452.1 million.
Daily tonnage levels were below those of the same period last year as the economy remained inconsistent, though the level of tonnage decrease improved, the company said in a statement,