Tuesday, April 26, 2011

ABF posts losses in first quarter

FORT SMITH, AR -- Despite increasing revenues and tonnage, ABF Freight Systems posted a $22.6 million loss in the first quarter of 2011. A press release Monday blamed fuel costs and recessionary pricing.

"With the upturn in the economy and significantly less capacity serving the industry, the opportunities for ABF to grow profitably this year are favorable," said Judy R. McReynolds, Arkansas Best President and Chief Executive Officer.

In the same statement, the trucking giant said it will increase pricing in under-performing accounts and correct "inadequate fuel surcharge programs."