Transportation Industry
Three major LTL carriers show profit improvement
Transport Topics, April, 2003 by Reiskin, Jonathan S
Three major less-than-truckload carriers reported first-quarter improvements in profits from continuing operations on April 21, in spite of what executives described as a stagnant economy.
On Wall Street, investors punished one of those companies -- Arkansas Best Corp. - for missing projections of earnings per share and five stock analysts cut their ratings on the company, the smallest of the "Big Three" long-haul LTLs.
The parent company of ABF Freight System, ABC had a net loss of $734,000 or 3 cents a share on revenue of $359.6 million.
However, the company had unusual charges worth 22 cents a share - most of it due to an interest rate swap, or a financial hedge, related to its debts.
Still, the profit of 19 cents a share on continuing operations was...
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