Arkansas Best's 2Q Income More Than Doubles

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Arkansas Best Corp.’s second-quarter profit more than doubled, the company said Tuesday.

Net income jumped to $11.8 million, or 44 cents a share, from $5.3 million, or 20 cents, a year ago. Revenue rose 2.4% to $511 million.

The results included an $8 million, or 31 cents per share, tax benefit, and transaction costs of $2.1 million, or 5 cents a share, from its June acquisition of Panther Expedited Services.

ABF Freight System is Arkansas Best’s less-than-truckload operation and largest business unit, which raised its rates 6.9%, as did other LTL carriers, in June.

Freight transportation operating income rose to $7.6 million, from $7.6 million, while revenue slipped to $445.7 million, from $452.1 million.

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Dana's 3Q Income More Than Doubles

Component maker Dana Holding Corp. said its third-quarter income more than doubled on higher sales, and the company boosted its full-year earnings outlook.

The truck axle and frame maker earned $110 million, or 51 cents per share, up from $46 million, or 22 cents, a year ago.

Sales rose almost 30% to $2 billion, Maumee, Ohio-based Dana said in a statement.

The earnings included a $60 million gain from selling interests in two joint ventures to German auto parts maker Getrag,

Adjusted earnings before interest, taxes, depreciation and amortization were $200 million, up from EBITDA of $148 million a year ago.

Dana boosted the its full-year earnings guidance, estimating adjusted EBITDA will be $780 million, in the upward range of its previous guidance $765 million to $785 million guidance, and said adjusted earnings per share will be $1.65 to $1.70, up from a previous $1.60 to $1.70.

Dana said it completed its 50-50 joint-venture with Bosch Rexroth AG to develop and manufacture advanced hydromechanical variable transmissions for off-highway vehicles; launched its slightweight Spicer 90S drive axle, developed for commercial vehicles in the Indian market; and said broad-based interest continued in its battery-cooling technologies.

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Kansas City Southern's 3Q Profit Doubles

Kansas City Southern reported its third-quarter earnings rose to $100 million, or 91 cents a share, from $50 million, or 48 cents, the previous year.

The railroad’s revenue increased 24% to a record $545 million, it said last week.

Carload volumes increased 13%. Revenue grew in all commodity groups, led by a 58% gain in automotive.

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Paccar's 3Q Profit More Than Doubles

Truck and engine maker Paccar Inc. said Tuesday its third-quarter profit more than doubled from a year ago, on higher truck sales.

Net income rose to $281.6 million, or 77 cents per share, from $119.9 million, or 33 cents, a year ago. Revenue jumped to a record $4.26 billion, from $2.54 billion.

Paccar held its industrywide 2011 North American Class 8 truck sales forecast to between 180,000 and 200,000 trucks, and its “customers are benefiting from higher freight tonnage and improved freight rates,” Paccar Executive Vice President Dan Sobic said in a statement.

For the nine months of 2011, Paccar — the parent company of Kenworth Truck Co. and Peterbilt Motors Co., as well as Europe-based DAF — said it had a Class 8 market share of 27.7% in the U.S. and Canada, up a percentage point from the first half of the year.

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