Welcome to our dedicated page for ArcBest Corporation news (Ticker: ARCB), a resource for investors and traders seeking the latest updates and insights on ArcBest Corporation stock.
ArcBest Corporation (symbol: ARCB) is a leading logistics and transportation company that expertly handles complex supply chain challenges. ArcBest operates through two primary segments: Asset-Based and Asset-Light.
The Asset-Based segment involves the operations of ABF Freight System, Inc., and other subsidiaries. It provides comprehensive transportation services including national, inter-regional, and regional LTL (Less-Than-Truckload) freight services. This segment also offers expedited and guaranteed LTL services to ensure timely delivery of goods.
The Asset-Light segment encompasses a diverse range of logistics services. These include truckload, ground expedite, dedicated transportation, intermodal solutions, household goods moving, and managed transportation. Additionally, ArcBest extends its reach globally with international freight transportation services encompassing air, ocean, and ground shipments.
Among the prominent brands under the ArcBest umbrella are ABF Freight, ABF Logistics, Panther Premium Logistics, FleetNet America, U-Pack, and ArcBest Technologies. Each brand is dedicated to providing tailored solutions, whether it's shipment and supply chain optimization, household moves, or vehicle repair services.
ArcBest’s business model emphasizes innovation and customer-centric solutions, leveraging advanced technologies through ArcBest Technologies to streamline logistics processes. The company remains committed to delivering efficient, reliable, and cost-effective services to meet diverse client needs.
Recently, ArcBest has engaged in numerous projects aimed at enhancing their logistics capabilities and expanding their service offerings. The company remains financially robust with a positive growth trajectory, underpinned by strategic partnerships and continuous improvement initiatives.
Stay updated with the latest news from ArcBest Corporation to learn more about their ongoing developments, recent achievements, and future projects.
ArcBest reported Q3 2024 revenue of $1.06 billion, down from $1.13 billion in Q3 2023. Net income was $100.3 million ($4.23 per diluted share), including a $69.1 million after-tax benefit from contingent consideration reduction. Asset-Based segment revenue decreased 5.8% to $709.7 million, with an operating ratio of 91.0%. Asset-Light segment revenue declined 9.6% to $385.3 million. The company highlighted cost control initiatives, productivity improvements of 5.7%, and service quality recognition from Mastio. Pricing remained rational with a 5.9% general rate increase and 4.6% contract renewal increases.
ArcBest (Nasdaq: ARCB) has announced that its Board of Directors has declared a quarterly cash dividend of $0.12 per share. The dividend will be paid on November 27, 2024, to shareholders of record as of November 13, 2024. This dividend applies to holders of ArcBest's Common Stock with a $0.01 par value.
ArcBest's (Nasdaq: ARCB) household goods moving service, U-Pack, has partnered with Affirm to offer flexible financing options for long-distance moves. This collaboration allows qualified customers to book a move now and pay later on a payment plan. U-Pack joins Affirm's network of 292,000 retail partners, offering customers in the United States and Puerto Rico monthly payment schedules with no surprises, easy customizable payments, and no late fees.
Customers can apply online using a unique QR or text code, and if approved, select a payment plan that suits their move. Nearly 72% of U-Pack customers who apply to use Affirm have been approved. Fixed payments have rates ranging from 10 to 36% APR. This partnership aims to relieve financial pressures for customers, allowing them to focus on other critical aspects of moving.
ArcBest (Nasdaq: ARCB) has announced its upcoming third quarter 2024 earnings conference call. The company will release its financial results before the market opens on Friday, November 1, 2024. A conference call with company executives is scheduled for 9:30 a.m. EDT (8:30 a.m. CDT) on the same day to discuss the results.
Interested parties can participate by calling (800) 715-9871 using the conference ID 2815802. A recorded playback will be available until November 15, 2024, accessible by dialing (800) 770-2030 with the same conference ID. Additionally, the call will be webcast live on ArcBest's website at arcb.com.
ArcBest (Nasdaq: ARCB) has announced the retirement of Michael Newcity, chief innovation officer and president of ArcBest Technologies, effective December 2024. Dennis Anderson, currently chief strategy officer, will succeed Newcity while continuing to lead ArcBest's strategy, marketing, and customer experience functions.
Newcity, who joined the company in 1993, has been instrumental in advancing enterprise initiatives in business intelligence, strategy management, and digital transformation. Under his leadership, ArcBest reimagined its technology and innovation functions, making them an integral pillar of the company's strategy.
Anderson, who joined ArcBest 21 years ago, has progressed through various roles, including chief customer officer. His appointment underscores ArcBest's robust succession planning. The company remains committed to its strategic direction and is well-positioned for growth during this transition and beyond.
ArcBest (Nasdaq: ARCB) reported strong Q2 2024 results, with net income of $46.9 million, or $1.96 per diluted share. Non-GAAP net income was $47.4 million, or $1.98 per diluted share. The company achieved significant efficiency improvements at ABF Freight, delivering the best on-time service in five years. Despite higher labor contract costs and lower revenue, Asset-Based operating income improved.
Key highlights include:
- Revenue from continuing operations: $1.08 billion
- Operating income from continuing operations: $48.8 million
- Asset-Based segment revenue: $712.7 million
- Asset-Based operating income: $72.8 million
- Asset-Light segment revenue: $395.8 million
The company's focus on operational execution and serving core customers led to improved financial performance, despite ongoing macroeconomic headwinds.
ArcBest (Nasdaq: ARCB) has announced a quarterly cash dividend of $0.12 per share for its Common Stock shareholders. The dividend will be paid on August 27, 2024, to stockholders of record as of August 13, 2024. This declaration by the Board of Directors demonstrates ArcBest's commitment to returning value to its shareholders. The dividend announcement provides a steady income stream for investors and may be seen as a sign of the company's financial stability and confidence in its future performance.
ArcBest (Nasdaq: ARCB) has announced key leadership changes effective August 1, 2024. Seth Runser, current president of ABF Freight, will become president of ArcBest, while Judy R. McReynolds will remain CEO and chairman of the board. Matt Godfrey, current vice president of engineering at ABF, will succeed Runser as ABF president.
Runser has led ABF through significant challenges and achievements, including navigating the global pandemic, renewing a five-year union labor agreement, and driving eight quarters of record results. Under his leadership, ABF has improved profitability, increased employee productivity, and implemented innovations enhancing efficiency and sustainability.
Godfrey, with 20 years of experience at ABF, has been instrumental in driving optimization efforts and business improvements. Both appointments reflect ArcBest's commitment to long-term growth, innovation, and value creation for employees, customers, and shareholders.
ArcBest (Nasdaq: ARCB) will release its second quarter 2024 financial results on August 2, 2024, before the market opens. Following this, company executives will host a conference call at 9:30 a.m. EDT to discuss the results.
Participants can join the call by dialing (800) 715-9871 with the conference ID 4743250. A recorded playback of the call will be available until August 15, 2024, by dialing (800) 770-2030 with the same conference ID. The call will also be webcast live on ArcBest's website at arcb.com.
ArcBest (Nasdaq: ARCB), an integrated logistics company, has partnered with Scholarship America to launch its first Employee Dependent Scholarship Program. This program provides recipients with $2,000 per academic year, starting from the 2024-2025 school year. Ten students were selected for the inaugural scholarships based on academic performance, leadership, community involvement, educational goals, and financial need. The program is open to dependent children of full-time employees who have worked at ArcBest for at least three years. Scholarships can be renewed annually, allowing recipients to earn up to $8,000 over four years, provided they maintain a 2.5 GPA and complete 24 semester hours each year. The initiative aligns with ArcBest's core value of growth and its Philanthropic Pillar of Education, supporting local and higher education to develop the future workforce.
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