ARKANSAS BEST CORP. $20 (Nasdaq symbol ABFS; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 25.3 million; Market cap: $506 million; Price-to-sales ratio: 0.3; WSSF Rating: Average) specializes in “less-than-truckload” shipping. This involves loading freight from a number of customers onto a single truck. Arkansas Best carries a wide range of goods, from food and textiles to clothing and furniture.
As the economy began to slow in 2008, Arkansas Best decided to maintain its rates. It felt that its strong reputation would help it hang on to its customers. However, freight volumes fell 15% in the fourth quarter, and the company had to lower its rates in order to to stay competitive.
In 2008, Arkansas Best’s earnings dropped 48.7%, to $29.2 million, or $1.15 a share, from $56.8 million, or $2.26 a share, a year earlier. Revenue fell 0.2%, to $1.83 billion from $1.84 billion. In response, Arkansas Best is cutting up to 8% of its workforce. It has frozen salaries, shrunk its fleet and closed some distribution facilities.
Arkansas Best holds cash of $218.7 million, or $8.65 a share. Its long-term debt is just $1.5 million. The stock trades at 18.2 times its likely 2009 earnings of $1.10 a share, but profit should rebound in 2010. The $0.60 dividend yields 3.0%.
Arkansas Best is a buy.
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