Arkansas Best’s net income up 21%
Arkansas Best Corp., parent company of national less-than-truckload carrier ABF Freight System, today said its second quarter net income increased 21 percent to $23.4 million, compared to $19.2 million in the same quarter 2004.
Arkansas Best’s second quarter operating income jumped 21 percent to $38.7 million, compared to $31.9 million in the same quarter last year. Total revenues increased 8 percent to $456 million from $424 million.
ABF Freight System, the company’s largest subsidiary, reported second quarter operating income of $38 million, an increase of 16 percent over the $32.7 million posted in the second quarter of 2004. ABF’s revenues were up 6 percent to $378 million from $358 million.
“ABF increased its revenues and improved its operating margins in the second quarter of 2005 through balanced yield improvement and cost reductions,” said Robert A. Young III, Arkansas Best’s chairman and chief executive officer.