Arkansas Best Corp. said Monday its first-quarter loss was about half that of a year ago, citing higher tonnage and an improving freight environment.
The carrier lost $12.8 million, or 51 cents a share, compared with a loss of $21.4 million, or 85 cents, a year earlier. Revenue rose 19% to $434.9 million.
ABF Freight System, the company’s less-than-truckload and largest operating unit, had an operating loss of $22.6 million, compared with a $35.7 million loss a year ago. Revenue rose to $402.4 million from $333 million, a per-day increase of 18.9%.
“With the upturn in the economy and significantly less capacity serving the industry, the opportunities for ABF to grow profitably this year are favorable,” CEO Judy McReynolds said in a statement.
ABF earlier this year appealed a judge’s ruling dismissing its suit against the Teamsters union and competitor YRC Worldwide over a labor agreement reached last year between YRC and the union.
The U.S. Court of Appeals for the Eighth Circuit heard oral arguments in the case on April 12, ABF said.
Arkansas Best is ranked No. 16 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
