ArcBest Corp. of Fort Smith reported second-quarter income of $10.2 million Friday, a drop from the $19.9 million it reported in the same quarter of 2015.
Revenue was also down for the quarter. ArcBest reported $676.6 million, compared to $696.1 million in 2015.
Earnings per share was 39 cents, down from 74 cents in the same quarter a year ago.
The company said an “inconsistent economic operating environment” and a surplus of capacity affected all divisions during the quarter.
“Despite the current environment, we have a tremendous market opportunity within a customer base that values our differentiated customer experience,” said ArcBest CEO Judy McReynolds. “The ArcBest companies continue to provide more logistics service options to our customers, who in turn value the trusted advice and deep industry knowledge we bring to help solve their logistics challenges.”
ABF Freight, which represents approximately 70 percent of the company’s revenue, reported revenue of $486.7 million, down from the $504.4 million it reported in the same quarter a year ago. Its operating income also dropped from $28.1 million to $17.4 million.
ABF Freight reported a slight increase in shipments to 1.32 million, which was up less than half of one percent, but a 3.2 percent decrease in total tonnage shipped. Lower fuel prices contributed to the drop in revenue.
All but one of ArcBest’s asset-light divisions reported revenue drops. Overall, ArcBest reported revenue of $205.2 million, a slight increase from the $204.9 million it reported in 2015.
ABF Logistics reported a revenue increase to $67.9 million from $50.4 million a year ago. Panther Premium Logistics saw its revenue drop to $69.7 million from $80.3 million.
FleetNet, the company’s maintenance division, reported a small decrease to $41.8 million from $42 million. ABF Moving, its household moving division, had revenue of $25.7 million, down from $32.2 million.