Arkansas Best Reports 2Q Loss
Arkansas Best Corp. reported a second-quarter loss of $15.4 million, or 62 cents a share, compared with a profit of $16.2 million, or 63 cents, a year ago.
The loss follows an $18.2 million first-quarter loss. Revenue fell to $362.7 million from $498.5 million a year ago, a per-day decline of 26.7%, the company said Wednesday.
Less-than-truckload unit ABF Freight System had an operating loss of $26.8 million compared with operating income of $25.5 million a year ago.
“The effects of lower freight levels and a competitive pricing environment that has intensified since the first quarter were the main challenges faced by our company,” said Robert Davidson, Arkansas Best’s chief executive officer.
The results also were affected by unusual increases in nonunion healthcare and pension, workers’ compensation and third-party casualty insurance claims costs versus last year, he said in a statement.
Arkansas Best Corp. is ranked No. 18 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
