NEW YORK — Shares of trucking company Arkansas Best Corp. surged in afternoon trading Tuesday after the company reported its net income doubled in the second quarter versus a year earlier.
The Fort Smith, Ark., company reported net income of $11.8 million, or 44 cents per share, compared with $5.3 million, or 20 cents per share, a year earlier. Excluding a 33-cents-per-share tax benefit and costs related to a recent acquisition, the company would have reported earnings of 18 cents per share in the most recent quarter.
That beat analysts’ forecast, on average, of 16 cents per share, according to FactSet.
Revenue rose to 2 percent to $510.5 million from $498.6 million, topping analysts’ expectation of $508.6 million.
Read tomorrow's Arkansas Democrat-Gazette for full details.