ArcBest Corp. of Fort Smith (Nasdaq: ARCB) on Friday reported the best income, operating income and revenue of any quarter in company history.
Operating income was $137.3 million, up nearly 85% from $74.3 million a year ago. Net income rose 68% to $102.5 million.
Earnings, adjusted for non-recurring costs, were $4.30 per share. The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $3.91 per share.
Revenue in the quarter was $1.4 billion, an increase of $444 million compared to second quarter of 2021. Three analysts surveyed by Zacks expected $1.35 billion. Each operating segment achieved at least double-digit percentage revenue growth over the prior year period.
The transportation and logistics company attributed revenue growth for asset-based operations to a healthy pricing environment, higher fuel surcharges and an increase in average weight per shipment. Total tonnage per day increased 3.7% in the period and shipments per day increased 2%.
"As our customers’ supply chains become even more complex and economic pressures increase, our strategic focus on technology, innovation and the development of our people positions us to thrive in all environments," Judy McReynolds, CEO of ArcBest, said in a news release. "By advancing our strategic plan and investing capital back into the business, we continue to differentiate ArcBest and position our company as a logistics leader, our customers' partner of choice, and a consistent generator of superior value for investors."
The Associated Press contributed to this report.