ArcBest Posts Record Profit in Q1


ArcBest Posts Record Profit in Q1
ArcBest CEO Judy Mceynolds (Donte Lowmack)

ArcBest Corp. of Fort Smith (Nasdaq: ARCB) on Friday reported first-quarter net income of $69.6 million, up 197.4% from $23.4 million a year ago.

Earnings per share was $2.68, up from 87 cents.

Revenue for the quarter was $1.3 billion, more than a 60% increase from $829.2 million in the same quarter a year ago.

The revenue figure exceeded Wall Street forecasts, as four analysts surveyed by Zacks Investment Research estimated $1.23 billion. Earnings per share also surpasses the expectations of six analysts, who predicted $2.08.

“Our outstanding first-quarter results, including record profitability, demonstrate our success in transforming ArcBest and positioning it as one of the country’s leading integrated logistics companies,” ArcBest CEO Judy McReynolds said. “Our strategy is working, underscored by improved operating margins across the business, and we are aggressively investing in our vision to ensure we continue innovating, developing our talent, enhancing our ability to serve customers and driving incremental revenue growth. 

“We are confident our talented team is poised to execute on our clearly defined strategy, which will accelerate our growth trajectory while positioning ArcBest to operate even more efficiently and consistently for years to come.”

The company’s asset-based division reported revenue of $705.3 million, up from $556.3 million. It reported operating income of $80 million, up from $30.1 million.

Shipments were up just 1% in the quarter to 1.23 million, but billed revenue per shipment was $578.80, up from $462.22.

The company’s logistics segment, ArcBest, reported revenue of $595.3 million, up from $252.3 million. Operating income was $21.1 million, up from $8.3 million.

FleetNet, the company maintenance division, reported revenue of $78.4 million, up from $59.2 million. Operating income was $1.7 million, up from $1 million.

The Associated Press contributed to this report.


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