ARKANSAS BEST CORP. $26 (Nasdaq symbol ABFS; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 25.0 million; Market cap: $650.0 million; Price-to-sales ratio: 0.5; 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 range of goods, including food, textiles, clothing and furniture. The company operates in the U.S., Canada and Mexico.
In the three months ended September 30, 2009, Arkansas Best’s total tonnage hauled fell 10.1% from a year earlier. However, it rose 5.8% from the previous quarter. As well, weak demand is forcing the company to lower its prices to stay competitive.
As a result, Arkansas Best’s revenue fell 19.5% in the most recent quarter, to $399.0 million from $495.8 million a year earlier. The company lost $0.23 a share, compared to earnings of $0.60.
Arkansas Best will probably lose $1.84 a share this year. However, its recent cost cuts, which include laying off 8% of its workforce, freezing salaries and closing some facilities, should lift earnings to $1.03 a share in 2010. The stock trades at a high 25.2 times that estimate. The $0.60 dividend yields 2.3%.
Arkansas Best is a hold.
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