Judy McReynolds
ArcBest Corp. of Fort Smith reported third-quarter net income of $19.1 million, a slight decrease from the $19.6 million in the same quarter of 2014.
The company reported earnings per share of 72 cents, the same as the previous year’s quarter. ArcBest said quarterly revenue was $709.4 million, down from $711.3 million in the same quarter of 2014.
Revenue for ABF Freight, ArcBest’s trucking division, dropped to $511.3 million this quarter from $523.4 million the same quarter of 2014. ABF Freight saw an increase in number of shipments from 1.33 million to 1.34 million but tonnage dropped to 855,952 tons, a decrease of 2.5 percent.
ArcBest’s asset-light divisions had revenue of $211.1 million, an increase from $198.9 million in the same quarter of 2014. Panther, its logistics division, had revenue drop from $82.7 million to $73.5 million but the other three divisions saw significant increases.
FleetNet, its maintenance division, had revenue of $45.1 million, up from $40.1 million. ABF Logistics, which handles transportation management, increased from $40.6 million to $49.2 million, and ABF Moving increased from $35.3 million to $43 million.
Judy McReynolds, ArcBest’s president and CEO, said she was pleased with the results of the quarter.
“While softer freight demand amid an increasingly sluggish economy impacted our third-quarter results, revenue growth in our asset-light businesses confirms that our customers find value in our expanded supply chain, moving and fleet maintenance offerings,” McReynolds said in a statement. “Despite economic effects and lower fuel surcharges, ABF Logistics ABF Moving and FleetNet America all produced double-digit increases in revenue.”
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