ABF benefits from CF closure

ABF's daily LTL tonnage jumped 11% after CF closed its doors September 2, compared to a 2.4% drop in daily tonnage prior to CF's bankruptcy.

However, president & CEO Robert A. Young III noted that it has been more difficult to measure additional new business from the CF closure due to the labor dispute that closed 29 West Coast ports for 11 days.

Young said he is unsure how long ABF can benefit from picking up former CF freight.

"We believe that some of the CF business taken by other carriers is being handled for a 60- or 90-day trial period," he said in the company's third-quarter report. "As a result, much of this freight has not found a permanent home and may not do so until next spring."

He said the carrier plans to try and buy former CF terminals if they come up for sale to win former CF customers on a permanent basis.