In the section below, we break out key points made in each carrier's earnings releases and analyst presentations, although the the releases tended to be rather terse this quarter.
consolidated operating loss reported at $32.4 million.
"This was one of the worst winter seasons in my more than 30 years in trucking. We estimate that it negatively impacted our operating income by approximately $20 million. The main culprits were lower volumes, decreased productivities and higher use of purchased transportation," stated CEO James Welch.
Workers comp and cargo claims - $13.2 million
The good news is that during the first quarter of 2014, we laid the foundation for our future operational improvements based on changes provided by the recently ratified MOU
104.3 versus 98.3% for regional group
Arkansas Best/ABF Freight
Arkansas Best Corporation to Become ArcBest Corporation
ABF Freight 428,000 versus 407
The estimated operating income impact of first quarter severe weather at ABF Freight was
approximately $10.5 million.
ABF Freight’s pre-tax first quarter pension settlement charges equaled $2.9 million. $12.2 operating loss at ABF
"The improving economy and tightened industry capacity have contributed to a positive pricing
Environment," though revenue per hundredweight up just .7%.
As previously announced, ABF Freight implemented a general rate increase during the last full week of March.
The previously announced consolidation of smaller ABF Freight facilities began in the second half of 2013, with the initial closing of 8 terminals. During the first quarter of this year, 22 additional ABF Freight facilities were consolidated by mid-March.
"Old Dominion achieved strong financial results for the first quarter of 2014, which included a company record for quarterly revenue despite the negative impact of the severe winter weather,"
Revenue growth accelerated throughout the quarter, and our momentum has continued thus far into April.
87.1% Q1 record
We opened new service centers in Newburgh, NY and Bend, OR
capital expenditures for 2014 to be approximately $367 million, including planned expenditures of $132 million for real estate and expansion projects at existing facilities, $188 million for tractors, trailers and other equipment and $47 million for technology and other assets.
LTL revenue per hundredweight, excluding fuel surcharges, increased 2.2% despite the negative effect on this metric from the increased weight per shipment and decreased average length of haul.
Revenue per hundredweight, or yield, increased 1.0 percent from the previous-year first quarter. Excluding the fuel surcharge, yield also rose 1.0%
As the quarter progressed, demand strengthened which supported a firm pricing environment."
Company was able to improve LTL pricing by 2.3% in the quarter," said CEO Rick O'Dell.
Added that "With the operational challenges of the first quarter weather behind us, we are encouraged about our prospects for the remainder of 2014."
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