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Arkansas Best Corp. said Thursday its third-quarter net income declined from a year ago, reflecting “weakness in the economy” and a “slowing business environment.”

ABF Freight System said it will appeal an unfavorable decision in its lawsuit against YRC Worldwide and the Teamsters Union over contract issues.

An Arkansas district court judge has dismissed, for the second time, a suit filed by Arkansas Best Corp. against fellow less-than-truckload carrier YRC Worldwide and the Teamsters union.

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

Two of the nation’s largest trucking companies have joined forces, as Arkansas Best Corp. paid $180 million to acquire Panther Expedited Services in the largest acquisition in North American trucking so far this year.

Arkansas Best Corp. said its fourth-quarter net income improved on stronger less-than-trucking unit performance.

ABF Freight System President and CEO Wesley Kemp will retire at the end of the year and be succeeded by Roy Slagle, ABF’s senior vice president of sales and marketing, the company said Wednesday.

Arkansas Best Corp. Tuesday reported a second-quarter profit compared with a loss a year ago on stronger freight tonnage and pricing.

A federal appeals court Wednesday reversed a lower court’s dismissal of ABF Freight System’s suit against YRC Worldwide and the Teamsters union, sending the case back to district court for “further proceedings.”

Less-than-truckload carrier ABF Freight System said Wednesday it will raise its rates by about 6.9%, starting July 25.