ArcBest sees Q1 profit for first time in 7 years

ArcBest said Monday that it posted a net income of $700,000, or 3 cents per share, in the first quarter, up from a loss of $5.2 million, or 20 cents per share, a year earlier.

It marked the Fort Smith transportation company's first profit in a first quarter in seven years.

"As productivity and pricing improved, ABF Freight reversed last year's first-quarter losses while maintaining its focus on better serving customers," ArcBest President and CEO Judy R. McReynolds said in a statement. "The emerging businesses contributed their largest revenue portion yet to ArcBest, at 29 percent of total consolidated revenue, as our efforts to provide tailored, customized solutions across the supply chain are resonating well."

ArcBest said the earnings would double to $1.4 million, or 6 cents per share, if pension settlement charges are excluded from the figures.

The company said overall revenue increased 6 percent from $577.9 million last year to $613.3 million this year. Subsidiary ABF Freight saw revenue increase 2.9 percent from $428.9 million in the first quarter of 2014 to $441.2 million in 2015. The emerging businesses, including ABF Logistics and ABF Moving, had revenues of $183.7 million, a 16 percent jump from $158.4 million in 2014's opening quarter.

A conference call on the results is set for 8:30 a.m. Monday. It can be accessed by calling (800) 734-4208. A recording of it will be available through June 15 by calling (800) 633-8284. The live call and recording will also be available on the company website.

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