Arkansas Best Corp., Fort Smith, Ark., saw third quarter net income fall to $15.4 million, or $0.61 per diluted common share, compared to third quarter 2007 net income of $18.9 million, or $0.75 per diluted common share.
Arkansas Best's third quarter 2008 revenue was $495.8 million, compared to third quarter 2007 revenue of $486.0 million
ABF Freight System, the company's largest subsidiary, had third quarter 2008 revenue of $476.3 million, essentially the same, on a per-day basis, as revenue in the third quarter of 2007. Third quarter 2008 operating income at ABF was $25.2 million compared to $28.5 million during the third quarter of 2007. ABF's third quarter 2008 operating ratio was 94.7% versus an operating ratio of 93.9% in the third quarter of 2007.
"The increase in ABF's third quarter operating ratio reflected the effects of a deteriorating freight environment," said Robert A. Davidson, Arkansas Best President and CEO. "However, ABF's traditional focus on controlling costs and providing increased value to its customers helped reduce the margin erosion that would be expected during a period of economic decline."
ABF's third quarter 2008 total weight per day decreased by 5.1% versus last year. "In the first half of the year, ABF's freight tonnage seemed to stabilize compared to 2007. However, during this year's third quarter, tonnage levels decelerated for each month of the quarter as the freight environment weakened further," Davidson said.
Near the end of the third quarter, ABF announced additional service improvements in its Regional Performance Model (RPM(R)) that further reduced transit times in over 24,000 lanes.
Arkansas Best's third quarter 2008 revenue was $495.8 million, compared to third quarter 2007 revenue of $486.0 million
ABF Freight System, the company's largest subsidiary, had third quarter 2008 revenue of $476.3 million, essentially the same, on a per-day basis, as revenue in the third quarter of 2007. Third quarter 2008 operating income at ABF was $25.2 million compared to $28.5 million during the third quarter of 2007. ABF's third quarter 2008 operating ratio was 94.7% versus an operating ratio of 93.9% in the third quarter of 2007.
"The increase in ABF's third quarter operating ratio reflected the effects of a deteriorating freight environment," said Robert A. Davidson, Arkansas Best President and CEO. "However, ABF's traditional focus on controlling costs and providing increased value to its customers helped reduce the margin erosion that would be expected during a period of economic decline."
ABF's third quarter 2008 total weight per day decreased by 5.1% versus last year. "In the first half of the year, ABF's freight tonnage seemed to stabilize compared to 2007. However, during this year's third quarter, tonnage levels decelerated for each month of the quarter as the freight environment weakened further," Davidson said.
Near the end of the third quarter, ABF announced additional service improvements in its Regional Performance Model (RPM(R)) that further reduced transit times in over 24,000 lanes.
media brand
0 Comments
See all comments