Frozen Food Express Industries on Friday said its third-quarter loss increased from a year ago.
The refrigerated carrier lost $13.7 million, or 77 cents a share, compared with a loss of $2.3 million, or 13 cents, a year ago.
In mid-October, Frozen Food Express said it plans to sell more than 400 dry vans and almost 300 tractors to truckload carrier Celadon Trucking Services.
Revenue rose to $103 million, from $94 million a year ago, while revenue excluding fuel surcharges increased 2.6% to $81.5 million, the company said in a statement.
Less-than-truckload revenue rose 4.5% to $30.7 million, while truckload revenue fell 5.5% to $44.5 million.
In a statement, CEO Russell Stubbs said the company has taken steps to streamline its operations by limiting dry-freight services to refrigerated equipment in limited lanes while placing greater focus on its refrigerated truckload and LTL services.
“Focus in these areas, and growth in our logistics offerings, will be a key to restoring our company to meaningful profitability,” Stubbs said in the statement.
Frozen Food Express is ranked No. 57 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
