Arkansas Best Corp. of Fort Smith on Friday reported fourth-quarter net income of $2.1 million, marking another quarter in which the trucking firm swung back into the black after a loss during the same quarter last year.
The company reported earnings of 5 cents per share compared to a loss of 12 cents per share during the same quarter last year. Revenue improved as well, reaching $463.2 million from $441.1 million last year.
For the full year, the company recorded net income of $6.8 million, up from a net loss of $32.6 million in 2010. Revenue reached $1.91 billion, up from $1.66 billion in 2010.
All net income figures exclude previously announced pension settlement charges.
"Arkansas Best’s profitable results for the fourth quarter and full year reflect an improving business environment as characterized by revenue growth in each of our operating segments," Judy R. McReynolds, president and CEO, said in a news release.
"ABF’s full-year results represent an important step toward achieving our goal of returning to historical profitability levels. For our non-asset-based businesses, 2011 was a year of management focus and investment that laid the foundation for more significant revenue and profit growth in the future," she said.
Arkansas Best is the parent company of ABF Freight System Inc., among the top 10 largest trucking companies in the state based on revenue. ABF, a less-than-truckload carrier, accounts for about 95 percent of Arkansas Best’s revenue. Its performance has been key to the company’s turnaround.
On Friday, Arkansas Best’s freight segment reported revenue of $422.1 million, up from $405.8 million in fourth quarter 2010. Operating income reached $2.5 million compared to an operating loss of $7.8 million in fourth quarter 2010.
The company has been working toward a return to profitability for more than a year, beginning in its previous fourth quarter, when it narrowed its quarterly loss. The company returned to quarterly profitability in the second quarter of last year, and continued the streak in the third quarter.
Arkansas Best had been hit hard by the Great Recession, as had most transportation firms. The company reported an almost $100 million net operating loss in 2009.
McReynolds succeeded Robert A. Davidson, who retired, as CEO in 2010.
Previously
Our interview with Judy McReynolds as she begins as CEO of Arkansas Best.