ArcBest Profit Leaps by 40%
Trucking and logistics holding company ArcBest Corp. has reported improved third quarter 2014 results, reflecting business growth at ABF Freight and all of its emerging companies.
Trucking and logistics holding company ArcBest Corp. has reported improved third quarter 2014 results, reflecting business growth at ABF Freight and all of its emerging companies, including an ongoing strong performance at Panther Premium Logistics.
ArcBest’s third quarter 2014 revenue was $711.3 million compared to revenue of $623.4 million in the third quarter of 2013, an increase of 14%. Third quarter net income was $19.6 million, or 72 cents per share, compared to $14 million, or 52 cents per share during the same time for the Arkansas-based operation.
At the company’s mainly less-than-truckload carrier, ABF Freight, third quarter revenue was $523.4 million, an 11% increase over the same period last year. Operating income increased to $24.7 million from $17.2 million in third quarter 2013.
According to the company, its Panther Premium Logistics business reported one of its strongest quarters ever while ABF Logistics and ABF Moving also experienced strong gains in operating profit for the quarter.
“During the quarter, ABF Freight benefited from an LTL freight environment that was positively impacted by improving economic trends, tighter industry capacity amid driver shortages, and additional LTL shipments associated with service and demand constraints in other transportation modes,” the company said in a statement. “Though new customers were added, the significant growth ABF Freight experienced during the quarter was strongly impacted by additional shipments from existing customers."
ABF Freight was able to obtain price increases needed to improve operating margins, according to ArcBest, with third quarter total revenue per hundredweight increasing by 3% over last year and improved 2.1% versus this year’s second quarter.
More information is on the ArcBest website.
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