ArcBest Corp. of Fort Smith reported on Wednesday 2016 fourth-quarter income of $1.58 million, down from the $5 million in the same quarter a year ago.
Earnings per share was 6 cents, down from 19 cents a year ago. Revenue for the fourth quarter was $688.2 million, up from $648.1 in the same quarter of 2015.
For the fiscal year 2016, ArcBest (Nasdaq: ARCB) reported revenue of $2.7 billion, up slightly from $2.67 billion in 2015. Income was $18.6 million, down from $44.8 million, and earnings per share was 71 cents, down from $1.67.
The company said fourth-quarter income was affected by $10.3 million in expenses related to the restructuring plan it announced in November. The restructuring combined the sales, marketing and other functions of the company’s asset-light divisions — Panther Premium Logistics, ABF Logistics and ABF Moving — under the ArcBest name, while eliminating about 130 jobs.
“Throughout 2016, during an inconsistent operating environment in our industry, we saw a positive reception from customers about our commitment to provide full supply chain solutions they seek as we continued to grow our company,” ArcBest CEO and President Judy McReynolds said. “We accelerated that commitment when we announced a new, enhanced market approach in November that enables us to provide a better customer experience by simplifying our organization and offering logistics solutions primarily under the ArcBest brand.”
ABF Freight, the company’s trucking division, reported fourth-quarter revenue of $482.1 million, up from $461 million in the same quarter a year ago. For the year, ABF Freight had revenue of $1.92 billion, approximately unchanged from last year.
The ArcBest asset-light division reported quarterly revenue of $172.9 million, up from $146.2 million in the same quarter a year ago. FleetNet, the company’s maintenance division, reported revenue of $38.2 million, down from $45.3 million in the same quarter a year ago.
For the year, the ArcBest asset-light division reported revenue of $640.7 million, up from $590.4 million in 2015. FleetNet reported revenue of $162.6 million in 2016, down from $174.9 million in 2015.
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