ABF sets record with second-quarter earnings
Arkansas Best Corp. reported record second-quarter net income of $17.7 million, up 60 percent over the year-earlier period, and revenue of $472.0 million, up 12.7 percent.
'''''ABF's second quarter operating ratio of 90.5 percent is the best for this quarter in 22 years. ABF's year-to-date operating ratio of 91.2 percent is its best since 1976,' said Robert A. Young, president and chief executive officer. 'The company's three other subsidiaries each showed marked improvement and contributed significant earnings to the bottom line.'
''''ABF Freight System saw operating income increase 40 percent to $32.6 million, on revenue of $344.7 million, up 11.7 percent. Less-than-truckload revenue per 100-pounds, including fuel surcharge, was $20.70, an increase of 7.4 percent over the second quarter of 1999. LTL tonnage per day increased 4.4 percent and the average shipment improved by 7 pounds to 1,001 pounds.
''''G.I. Trucking Co. had revenue of $42.8 million, up 22.6 percent. Treadco Inc.'s revenue rose 3.4 percent to $48.3 million, while operating income increased $900,000 to $1.4 million. Clipper's revenue rose 27.3 percent to $26.8 million and operating income increased 63 percent to $809,000.