Friday, November 04, 2016
ArcBest Corporation Announces Third Quarter 2016 Results
· Third quarter 2016 revenue of $713.9 million and net income of $12.9 million, or $0.49 per diluted share.
· Third quarter ABF Freight® operating results were impacted by reduced freight levels.
· ArcBest’s asset-light revenue equaled 31 percent of total consolidated revenue in September 2016 following a recent acquisition.
ArcBest Corporation reported third quarter 2016 net income of $12.9 million, or $0.49 per diluted share, compared to third quarter 2015 net income of $19.2 million, or $0.72 per diluted share. The continued softness in the U.S. industrial economy impacted freight tonnage levels and profit margins at ABF Freight. ArcBest’s asset-light logistics companies were highlighted by improved revenue and operating profit at Panther.
Excluding certain items in both periods, ArcBest’s non-GAAP net income was $12.7 million, or $0.48 per diluted share, in third quarter 2016 compared to third quarter earnings of $20.2 million, or $0.76 per diluted share, last year.
“As we have seen throughout the year, pricing in the less-than-truckload sector remained rational despite a soft economic environment and we continued to experience benefits from investments in new equipment,” said ArcBest Chairman, President and CEO Judy R. McReynolds. “In addition, we continued to expand our asset-light logistics service offerings with the acquisition of Logistics & Distribution Services, as we add further scale to the full supply chain solutions our customers are seeking.”
Full report here.....