ArcBest Reports 2Q Profit of $15.7M

ArcBest Corp reported second-quarter profit of $15.7 million, or 60 cents per diluted share, an increase from the $10.2 million profit, or 39 cents per diluted share, in the same quarter a year ago.

ArcBest said its second-quarter revenue was $720.3 million, up from $676.6 million in the same quarter this past year. ArcBest had reported a first-quarter loss of $7.4 million in May.

"We are pleased to see improved results in the second quarter," said Judy McReynolds, who is CEO and president at ArcBest.

The company reported revenue for ABF Freight, its asset-based freight business, was $514.5 million, an improvement from $486.2 million in the same quarter a year ago. Total shipments increased 3.5 percent to 1.37 million in the quarter, compared to 1.32 million a year ago.

Overall tonnage shipped dropped slightly but tons of shipments per day increased slightly because ArcBest billed one less half-day during the quarter.

ArcBest's consolidated asset-light division — formerly known as Panther Premium Logistics, ABF Logistics and ABF Moving — reported revenue of $175.9 million, up from $154.3 million in the second quarter of 2016. The asset-light maintenance division, FleetNet, reported revenue of $36.5 million, down from $41.7 million a year ago.

The total quarterly revenue for ArcBest's asset-light divisions was $212.4 million, up from $196.1 million a year ago.

ArcBest reported a 14.3 increase in revenue per shipment and a 4 percent increase in shipments per day in Expedite service. The company reported a 6.8 percent increase in revenue per shipment and 17.7 percent increase in shipments per day in its Truckload and Dedicated Truckload segments.