Arkansas Best Corp., parent of trucking company ABF Freight System, on Monday said first-quarter profit fell, largely due to a hefty accounting charge and higher operating expenses.
Earnings declined to $6.1 million, or 24 cents per share, from $10.5 million, or 41 cents per share, in the prior-year quarter. Excluding a accounting charge of 20 cents per share related to workers' compensation claims, Arkansas Best would have posted profit of 44 cents per share.
The company posted an 8 percent rise in quarterly revenue, to $450.6 million from $417.3 million, topping analysts' forecast of $446.2 million. Operating expenses jumped 11 percent to $442.2 million.
ABF's total weight per day in the first quarter was up about 4 percent from the prior year. Arkansas Best President and Chief Executive called the increase "adequate" but said the company is "not satisfied with this result."
"Consistent with a trend seen during the last few years, ABF experienced higher growth in the segment of shipments moving 800 miles or less," he said in a statement.
Daily tonnage is averaging about 2 percent over last year for the first 20 days of April.
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