10/28/2011 2:00:00 PM
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Tom Biery/Trans Pixs
Arkansas Best Corp. swung to a third-quarter profit from loss a year ago on improved pricing, the company said Friday.
Net income was $12.3 million, or 46 cents a share, compared with loss of $700,000, or 3 cents, a year ago.
Revenue rose to $510.9 million, a 14.7% per-day increase over last year.
ABF Freight System, its less-than-truckload operation and largest business unit, had operating income of $18.3 million, turning around an operating loss of $2.6 million a year ago.
ABFâ€™s revenue rose to $466.3 million, a per-day increase of 13.8%, while tonnage per day slipped 2% from a year ago.
Since March, ABFâ€™s year-over-year change in monthly tonnage has moderated, and beginning in August tonnage has been below that of the same period last year, said CEO Judy McReynolds.
October tonnage to date is down about 6% to 7% from a year ago, but because of greatly improved yields ABFâ€™s revenue is about 5% over a year ago, she said in a statement.
Arkansas Best Corp. is ranked No. 14 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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