ABF Freight

First look: ArcBest’s Q2 misses consensus

ArcBest reported second-quarter adjusted earnings per share of $1.98, 8 cents below the consensus estimate but 44 cents higher year over year. The result excluded items considered nonrecurring like costs tied to technology pilots and acquisition-related expenses.

ArcBest’s (NASDAQ: ARCB) asset-based segment, which includes results from its less-than-truckload subsidiary ABF Freight, reported revenue of $713 million, a 2% y/y decline on a per-day comparison. Tonnage per day was down 20% but...

https://www.freightwaves.com/news/first-look-arcbests-q2-misses-consensus

ABF Freight head Seth Runser named president of parent ArcBest

ArcBest announced Thursday that Seth Runser will become president of the company effective Aug. 1. Runser has served as president of the company’s less-than-truckload subsidiary, ABF Freight, since 2021.

Current ArcBest (NASDAQ: ARCB) Chairman, CEO and President Judy McReynolds will continue to serve as the company’s chairman and CEO.

Runser joined ABF as a management trainee in 2007, assuming roles of increasing responsibility since. He has served as an operations supervisor, a regional vice...

https://www.freightwaves.com/news/abf-freight-head-seth-runser-named-president-of-parent-arcbest

ArcBest misses mark in Q1

ArcBest missed first-quarter expectations on Tuesday, reporting a net loss of $2.9 million, or 12 cents per share. The unadjusted result included a $21.6 million charge from the closure of a tech company it was backing.

After adjusting for several items the company considers nonrecurring (various technology costs including a freight handling pilot, acquisition-related expenses and a write off of an equity investment) it reported adjusted earnings per share of $1.34, which was 19 cents worse than...

https://www.freightwaves.com/news/arcbest-misses-mark-in-q1

Teamsters at ABF Freight ratify new labor deal

Less-than-truckload carrier ABF Freight announced late Friday its Teamster employees ratified a five-year collective bargaining agreement. The two parties previously came to terms on wages and other items two weeks ago.  

The new deal raises hourly wages by a total of $6.50 and benefits contributions by $4.46 per hour. Two additional paid sick days and one additional paid holiday were added. The company’s more than 8,600 Teamster employees “overwhelmingly” agreed to the deal, a news release said.

https://www.freightwaves.com/news/teamsters-at-abf-freight-ratify-new-labor-deal

Comienza el ruido de choque de espadas antes de las negociaciones laborales de LTL

Los jefes sindicales dicen que están preparados para una lucha de cara a las negociaciones laborales con los transportadores de carga fraccionada ABF Freight y TForce Freight. En un comunicado de prensa emitido el viernes, la organización deja claro a sus bases que será “militante” y “conseguirá acuerdos lucrativos” en su nombre. 

La International Brotherhood of Teamsters dijo que su brazo negociador se reunió en Washington el viernes para revisar las propuestas antes de las negociaciones con...

https://www.freightwaves.com/news/comienza-el-ruido-de-choque-de-espadas-antes-de-las-negociaciones-laborales-de-ltl

Saber-rattling begins ahead of LTL labor negotiations

Union heads say they are prepared for a fight heading into labor negotiations with less-than-truckload carriers ABF Freight and TForce Freight. In a Friday news release, the organization made clear to its rank and file it would be “militant” and “secure lucrative agreements” on their behalf.

The International Brotherhood of Teamsters said its negotiating arm met in Washington on Friday to review proposals ahead of negotiations with TForce Freight, a TFI International (NYSE: TFII) company.

The...

Biden awards billions for LTL trucker pensions

The Biden administration has released $36 billion in bailout money for the Central States Pension Fund (CSPF) that will go toward protecting the pensions of over 350,000 workers, including drivers who work for or have retired from less-than-truckload carriers Yellow and ABF Freight.

The money was authorized within the Butch Lewis Pension Plan Relief Act of 2021, legislation that was rolled into the $1.9 trillion American Rescue Plan signed into law by President Joe Biden in March last year.

“These...

https://www.freightwaves.com/news/biden-awards-billions-for-ltl-trucker-pensions

What’s all the flak over FAK?

LTL costing and pricing have always been arcane exercises. Freight comes in all shapes and sizes. The mix of freight constantly changes. Rates have been determined by an 87-year-old system that assigns a numeric classification–from 50 to 500–to all LTL shipments. There are 18 product classifications to wade through. 

In an attempt to simplify matters, the LTL gods decades ago came up with a classification known as freight all kinds (FAK). An FAK rate was arrived at by calculating the weighted...

https://www.freightwaves.com/news/whats-all-the-flak-over-fak

Hot Shots: Fire train, dust storm, fierce flood

Montage of a train, along with a tractor-trailer driving through sand and dust.

Every Friday, FreightWaves takes a look at the past week or so in social media, highlighting trucking, transportation and weather. This week features old train cars fitted with water tanks for firefighting, a deadly wreck caused by a sandstorm, a trucker who misjudged floodwaters and more.

Track record

As large wildfires continued to burn out West this week, response teams got help from a unique source — converted freight trains. Union Pacific (NYSE: UNP) deployed one of its water trains to the...

https://www.freightwaves.com/news/hot-shots-fire-train-dust-storm-fierce-flood

Biden expected to sign LTL driver pension relief package

Legislation bailing out financially troubled multiemployer pension plans – including a plan covering thousands of employees and retirees from LTL carriers Yellow and ABF Freight – could be signed into law by President Joe Biden as early as this week.

The Butch Lewis Pension Plan Relief Act of 2021 was included in the $1.9 trillion COVID-19 rescue package that was approved on Saturday by the U.S. Senate along party lines, 50-49. The package is expected to be taken up by the U.S. House of...

https://s29755.pcdn.co/news/biden-expected-to-sign-ltl-driver-pension-relief-package

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