Keep Arkansas Best (ABFS) on Hold
By Benzinga Staff 4
July 22, 2010 11:53 AM
July 22, 2010 11:53 AM
Symbols: ABFS
Posted in: Analyst Color, Analyst Ratings
Jason H. Seidl and Matthew Elkott at Dahlman Rose recommend a Hold strategy for Arkansas Best (NASDAQ: ABFS), the trucking company.
In its reported second quarter results, the company increased its revenues by 13% year-on-year. The improvement is due to a 12% increase in tonnage and higher LTL (Less Than truckLoad) prices. The company reported a net loss of $0.30 per share in second quarter of 2010 which was better than the analysts’ estimate of $0.37 per share.
However, the company is looking to restructure its costs, seek teamster concessions and return back to profitability. The estimated EPS for 2011 is a positive net earnings of $1.05.
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