Monday, May 08, 2017
ArcBest Announces First Quarter 2017 Results
Higher first quarter Asset-Based revenue associated with healthy shipment growth and improved pricing
First quarter Asset-Light revenue and operating income increased versus the prior year
ArcBestSM reported first quarter 2017 revenue of $651.1 million compared to first quarter 2016 revenue of $621.5 million. The first quarter 2017 GAAP operating loss was $12.3 million compared to an operating loss of $9.3 million last year. The net loss in this year's first quarter was $7.4 million, or $0.29 per diluted share, compared to a first quarter 2016 net loss of $6.1 million, or $0.24 per diluted share.
Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP net loss was $5.8 million, or $0.22 per diluted share, in first quarter 2017 compared to a first quarter 2016 net loss of $5.9 million, or $0.23 per diluted share. On a non-GAAP basis, the operating loss was $8.7 million in first quarter 2017 compared to a first quarter 2016 operating loss of $8.4 million. The consolidated non-GAAP operating results comparison was impacted by a $2.0 million increase in the "Other and eliminations" loss driven by previously highlighted investments in technology development toward enhancing the ArcBest customer experience and the ability to offer comprehensive transportation and logistics services across multiple operating segments.
"The first quarter – typically the most challenging of the year – saw revenue growth in both our Asset-Based and Asset-Light businesses but also experienced some changing freight characteristics on the less-than-truckload side and a degree of weaker demand, particularly in the truckload sector," said ArcBest Chairman, President and CEO Judy R. McReynolds. "Our enhanced market approach, in which we now offer most services under the ArcBest brand, became fully operational in the first quarter. We continue to see positive reception from customers about our heightened focus on meeting all of their supply chain needs. Customers also recognize the value we bring to their own businesses with our ability to manage even the most complex logistics challenges."
Full report here............