The parent company to trucking operations ABF Freight, Panther Premium Logistics and others reported profit increased 41% in the final quarter of 2014 while it nearly tripled for all of last year.
Net income for ArcBest Corp. totaled to $14.5 million in the most recent quarter, or 53 cents per share compared to fourth quarter 2013 net income of $10.3 million, or 38 cents per share. Revenue was $664.8 million compared to revenue of $578.5 million a year earlier, an increase of 15% for the Arkansas-based operation.
ABF Freight's revenue was $485.9 million, an 11% increase over fourth quarter 2013 revenue of $436.7 million. Operating income increased to $14.7 million from $9.9 million.
Revenue for ArcBest's “emerging, non-asset-based businesses” increased 25% over the same period of 2013. Earnings before interest, taxes, depreciation and amortization from them increased 14% to $9.4 million compared to $8.2 million in fourth quarter 2013.
"We made significant progress this year getting ABF Freight on a firmer path toward sustained, historical profitability and communicating with our customers about the full array of transportation and logistics solutions we offer through all of the ArcBest companies," said ArcBest president and CEO Judy R. McReynolds.
For all of 2014 ArcBest's net income was $46.2 million, or $1.69 per share, compared to $15.8 million, or 59 cents per share in 2013. Revenue totaled $2.6 billion, an increase of 14% compared to $2.3 billion in 2013.
ABF Freight's 2014 revenue was $1.9 billion, a 10% increase over $1.8 billion in 2013. Its profitability improved as a result of its November 2013 union labor contract that reduced expenses and allowed ABF Freight to be more cost competitive with its less-than-truckload industry peers, according to ArcBest.