Thursday, August 11, 2016
ArcBest Corporation Announces Second Quarter 2016 Results
Second quarter ABF Freight® operating results were impacted by lower daily revenue combined with costs associated with the handling of smaller average sized shipments
ArcBest's asset-light logistics revenue equaled 30 percent of total revenue
ArcBest Corporation reported second quarter 2016 net income of $10.2 million, or $0.39 per diluted share, compared to second quarter 2015 net income of $20.0 million, or $0.74 per diluted share. The inconsistent economic operating environment combined with a surplus of transportation capacity continues to impact available business levels and operating margins at ABF Freight and at each of ArcBest's asset-light logistics companies. In the midst of this challenging period, ArcBest continues to successfully build on the strategic opportunities it has to gain new business, strengthen shipper relationships and offer additional services to existing customers. The ArcBest companies are focused on delivering superior service levels while working together to offer comprehensive logistics solutions that meet customer needs at a fair price.
Excluding certain items in both periods, ArcBest's non-GAAP net income was $10.0 million, or $0.38 per diluted share, in second quarter 2016 compared to earnings of $20.2 million, or $0.75 per diluted share, last year.
"Despite the current environment, we have a tremendous market opportunity within a customer base that values our differentiated customer experience," said ArcBest Chairman, President and CEO Judy R. McReynolds. "The ArcBest companies continue to provide more logistics service options to our customers, who in turn value the trusted advice and deep industry knowledge we bring to help solve their logistics challenges."
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