ArcBest Net Income Rises 40%
ArcBest Corp. reported its third-quarter net income rose 40% to $19.6 million, or 72 cents per share, powered by stronger results in the less-than-truckload and logistics business units.
Revenue increased 14% to $711.3 million from $623.4 million, reflecting an 11% improvement in ABF Freight’s less-than-truckload unit revenue to $523.4 million. Logistics revenue climbed 23% to $198.9 million.
Last year’s third-quarter net income was $14 million, or 52 cents. The quarter ended Sept. 30 included $500,000, or 2 cents, in pension-related costs.
“We continued to see strong demand for services from the ArcBest companies and are pleased that our commitment to provide customers easier access to our supply chain solutions is being well-received,” CEO Judy McReynolds said in a statement.
Income before taxes and interest rose more than 40% at ABF Freight to $24.7 million, and nearly 50% to $9.2 million in the sector that includes Panther Premium and other logistics services.
ABF handled 7.2% more tonnage and raised revenue per 100 pounds of freight by 3%.
The ABF Freight results were consistent with stronger earnings and revenue performances throughout the LTL sector during the quarter.
