AF's Third-Quarter Earnings Soar
HARRISON, Ark. (AP) - American Freightways Corp. says its third-quarter earnings rose 75.6% over last year because of growth in two new markets.
Revenues rose 19.5%, from $254 million for the quarter last year to $303.6 million this year.
The company cited a rapid increase in business in Pennsylvania and New Jersey, where it started operating in April. American also gleaned business from Preston Trucking Co., which closed this year, and from Union Pacific Corp.'s Overnite Transportation unit, which lost some clients because of an ongoing strike.
The Harrison-based trucking company said Tuesday that its net income was $14.4 million, or 44 cents a diluted share. That's up from $8.2 million, or 26 cents a diluted share, during the same
eriod last year.
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American Freightways implemented a 3 percent rate increase effective Oct. 1.
