Increased revenue and profit in Asset-Based services positively impacted by improved pricing
Third quarter Asset-Light revenue increase and operating income improvement impacted by positive Expedite trends
ArcBest reported third quarter 2017 revenue of $744.3 million compared to third quarter 2016 revenue of $713.9 million. Third quarter 2017 operating income was $24.3 million compared to operating income of $20.4 million last year. Net income of $14.8 million, or $0.56 per diluted share, compared to third quarter 2016 net income of $12.9 million, or $0.49 per diluted share.
Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP net income was $15.5 million, or $0.59 per diluted share, in third quarter 2017 compared to third quarter 2016 net income of $12.6 million, or $0.48 per diluted share. On a non-GAAP basis, operating income was $27.0 million in third quarter 2017 compared to third quarter 2016 operating income of $21.7 million. Cost controls resulting from the enhanced market approach implemented at the beginning of the year continue to be in-line with expectations.
“Our enhanced market approach, tighter capacity and a generally favorable pricing environment all contributed to improved third quarter results,” said ArcBest Chairman, President and CEO Judy R. McReynolds. “Our expedited business was particularly strong, and on the asset-based side, we continue to make progress on the implementation of our space-based pricing initiative, which took effect August 1. While we experienced some negative effects in our asset-based business from hurricanes in the southern U.S. and Puerto Rico, customers seeking total logistics solutions and guaranteed capacity are increasingly looking to ArcBest to fulfill their supply chain needs.”
Full Third Quarter Results.......................
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