Arkansas Best swings to 4Q, full-year profit

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Arkansas Best Corp. on Friday, Jan. 27, announced fourth-quarter 2011 earnings of $2.1 million compared to a net loss of $3.1 million in the prior-year quarter. For full year 2011, earnings excluding pension settlement charges were $6.8 million compared to a net loss of $32.6 million in 2010.

Fourth-quarter revenue was $463.2 million, a per-day increase of 5.9 percent over the prior-year quarter of $441.1 million. Full-year 2011 revenue was $1.91 billion, a per-day increase of 15.1 percent over 2010 revenue of $1.66 billion.

“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,” said Judy McReynolds, president and chief executive officer of the Fort Smith, Ark.-based company. “ABF’s full-year results represent an important step toward achieving our goal of returning to historical profitability levels.”

McReynolds said that for the company’s nonasset-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. “The transportation industry is facing a number of challenges that will likely reduce the amount of capacity available to serve the marketplace,” she said. “Because of the stability of our work force and the capabilities we offer, our companies are well positioned to serve our customers in 2012 and in future years.”