Arkansas Best Reports $18 Million 1Q Loss
Arkansas Best Corp. Wednesday reported a first-quarter loss of $18.2 million, or 73 cents a share, compared with a profit of $8.5 million, or 34 cents, a year ago.
Revenue fell 23% to $339.7 million from the same quarter last year, the company said in a statement.
ABF said that since the end of last year it has reduced its workforce by more than 625, resulting in a 23% employee reduction since the fourth quarter of 2006, when it “first experienced dramatic declines in business.”
Fleet reductions, including 326 tractors and 448 trailers, resulted in an overall 20% decrease in tractors and an 11% decline in trailers since the fourth quarter of 2006, the company said.
Less-than-truckload unit ABF Freight System had an operating loss of $26.8 million, compared with operating income of $12.9 million a year ago. Revenue fell 23.5% to $323.1 million.
“ABF's first-quarter results reflect significantly lower freight levels, a very competitive industry pricing environment and our efforts to maintain a high level of customer service,” said Robert Davidson, Arkansas Best’s chief executive officer.
Arkansas Best Corp. is ranked No. 15 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
