Arkansas Best Corp. said Thursday its third-quarter net income declined from a year ago, reflecting “weakness in the economy” and a “slowing business environment.”
Net income fell to $6.5 million, or 24 cents a share, from $12.3 million, or 46 cents, a year ago. Revenue rose to $577.5 million from $510.9 million.
Freight transportation operating income — which includes ABF Freight System, the company’s less-than truckload unit, its largest business segment — declined to $8.4 million from $17.7 million. Tonnage at ABF Freight declined 2.9% from the previous third quarter.
Despite the downturn, CEO Judy McReynolds said that at the company’s “emerging non-asset-based companies, we are encouraged by the continuation of strong revenue and improving profitability trends in the midst of a tenuous economy.”
Logistics and freight brokerage operating income was $804 million, due to Arkansas Best’s acquisition of Panther Expedited Services earlier this year.
Truck brokerage and management operating income rose to $706 million, from $613 million.
Arkansas Best Corp. is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
