Arkansas Best Corporation reported a loss of $7.4 million, or 30 cents a share, during the second quarter of 2010, compared to the $15.4 million loss in the year-ago quarter.
The company attributes the narrower loss to an improvement in daily tonnage levels.
"We have been encouraged by the modest, but positive, pricing trend during the quarter and the fact that our customers continue to benefit from the traditional level of superior service for which ABF is known," said Judy R. McReynolds, Arkansas Best president and CEO. "However, overall freight levels and yields need to continue to improve in order for ABF to return to consistent profitability."
Arkansas Best posted revenue of $411.3 million, a per day increase of 13.4 percent from the second quarter of 2009, at $362.6 million.
ABF Freight System, the less-than-truckload subsidiary of Arkansas Best, saw revenue rise to $379.4 million, compared to $343.8 million in 2009. Tonnage per day was up 11.9 percent from the 2009 quarter.
"We have been encouraged by the improved economy so far this year and its resulting positive impact on our business," McReynolds said. "However, the economy remains fragile and we are therefore prepared for a modest rate of recovery. Our corporate strategy is designed to effectively manage through all market conditions."
