Arkansas Best Corp. (ABFS) reported that its first quarter 2013 net loss narrowed to $13.4 million, or $0.52 per share, from last year's $18.2 million, or $0.71 per share. Last year's first quarter results included the effects of an unusually low corporate tax benefit rate and unusually high workers' compensation claims costs. Combined, these items increased last year's first quarter net loss by $0.31 per share.
The company reported a first quarter 2013 net loss despite continued encouraging trends in its emerging businesses. Year-over-year revenue and tonnage growth at LTL carrier ABF Freight System, Inc., were offset by higher wage and benefit costs for employees represented by the International Brotherhood of Teamsters.
Quarterly revenue was $520.7 million up from $440.9 million in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.41 per share on revenues of $518.68 million for the quarter. Analysts' estimates typically exclude special items.
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