ArcBest Corp. of Fort Smith on Tuesday reported fourth-quarter 2020 profit of $23.9 million, up from a loss of $5.5 million in the same quarter of fiscal 2019.
Earnings per share for the quarter was 89 cents, up from a loss of 22 cents in the same quarter a year ago. Revenue for the quarter was $816.4 million, up from $717.4 million a year ago.
The company beat analysts expectations for earnings per share and revenue.
ArcBest also reported that it would give profit-sharing bonuses to its ABF Freight union workers for the second consecutive year. ABF Freight is the company’s trucking subsidiary.
Revenue for fiscal 2020 was reported at $2.94 billion, down from $2.99 billion a year ago. Income for the year was $71.1 million, up from $39.99 million.
Earnings per share was $2.69 for fiscal 2020, up from $1.51 in 2019.
The company’s asset-division revenue, its largest, reported quarterly revenue of $554.4 million, up from $513.3 million. Its fiscal revenue was $2.09 billion, down from $2.14 billion.
ArcBest said a strong housing market and strategies to fill capacity resulted in bigger and more profitable shipments during the quarter.
The company’s logistics division, ArcBest, reported quarterly revenue of $245.6 million, up from $184.3 million. Fiscal revenue was $779.1 million, up from $738.4 million.
FleetNet, the company’s maintenance division, reported quarterly revenue of $55.6 million, up from $52.8 a year ago. Fiscal revenue was $205.1 million, down from $211.7 million.
