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March 4, 2014
10:47 EDTABFSArkansas Best rises after update on freight unit results to date
Shares of trucker Arkansas Best (ABFS) are higher in early trading after the company disclosed in a regulatory filing earlier an update on the results and trends for its biggest unit so far during the first quarter. WHAT'S NEW: Prior to the company's presentation at an investor conference, Arkansas Best disclosed that ABF Freight System, the largest subsidiary of the company, saw its billed revenue increase by 3%-4% above last year’s level during the first quarter through the end of February. Without the effects of weather, ABF Freight’s billed revenue would have been expected to increase by 6%-7%, the company said. ABF Freight’s total tonnage increased by 2%-3% above last year’s level and without the effects of weather ABF Freight’s total tonnage would have been expected to increase by 5%-6%, Arkansas Best added. The estimated negative impact of weather on ABF Freight’s expected operating income for the full month of February was approximately $4M. Previously the company stated that the estimated negative impact of weather on ABF Freight during the first ten days of February was approximately $1M. In total for first quarter through the end of February, the negative impact of weather on ABF Freight’s expected operating income was approximately $10M. PRICE ACTION: Shares of Arkansas Best are up $1.72, or 5.24%, to $34.54 in morning trading following the quarterly update.
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