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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 (Nasdaq: ARCB) reported strong fourth quarter 2020 results, with revenue reaching $816.4 million, a 14% increase from $717.4 million in Q4 2019. Operating income turned positive at $30.3 million, up from an operating loss of $11.2 million the previous year. Net income was $23.9 million, or $0.89 per diluted share, versus a loss in Q4 2019. For the full year, 2020 revenue totaled $2.9 billion, down from $3.0 billion in 2019. The company announced a profit-sharing bonus for employees, driven by improved operating ratios.
ArcBest has declared a quarterly cash dividend of $0.08 per share, payable on February 25, 2021. Additionally, the company extended its share repurchase program by authorizing $50 million for buying back its common stock, increasing from $6.6 million remaining from the previous program. The repurchase aims to offset stock issuance dilution and enhance long-term shareholder value. This strategic move underscores ArcBest's commitment to returning value to shareholders amid market fluctuations.
ArcBest (Nasdaq: ARCB) announced the retirement of Tim Thorne, president of ABF Freight, effective June 30, 2021, after 31 years at the company. Seth Runser, currently vice president of linehaul operations, will succeed him as COO on February 1, 2021, and become president on July 1, 2021. Under Thorne’s leadership, ABF achieved significant milestones including ratifying a labor agreement with the Teamsters and paying profit-sharing bonuses. Judy R. McReynolds, ArcBest's CEO, expressed gratitude for Thorne's contributions, emphasizing a smooth transition with Runser at the helm.
ArcBest (Nasdaq: ARCB) will announce its fourth quarter 2020 financial results on February 2, 2021, before market opening. A conference call is scheduled for 9:30 a.m. ET to discuss the results, which can be accessed by calling (800) 747-0365. Additionally, a recorded playback will be available until March 15, 2021, by calling (800) 633-8284. The call will also be available via webcast. For more information about ArcBest, visit their website.
ArcBest (Nasdaq: ARCB) announced that Tim Thorne, president of its LTL carrier ABF Freight, received the 2020 Herbert Metzger Service Award for his commitment to supporting military personnel transitioning to civilian careers. The award was presented by the Dixon Center for Military and Veterans Services during a virtual event on December 15. Thorne highlighted ABF's Teamsters Military Assistance Program (TMAP), which has trained over 500 veterans for Class A CDLs, offering essential job opportunities and seamless transitions into the workforce.
ArcBest (Nasdaq: ARCB) has partnered with Doctor On Demand to introduce a new Virtual Primary Care health plan for its employees and dependents, effective December 1st. This initiative expands existing urgent and behavioral health services and provides over 8,000 members streamlined access to care, mitigating barriers like travel and wait times. The offering includes preventive wellness check-ups, chronic condition management, and nutrition consultations, aligning with ArcBest's commitment to employee well-being during the pandemic.
ArcBest (Nasdaq: ARCB) has partnered with Doctor On Demand to introduce a new Virtual Primary Care health plan for its employees and their dependents, effective December 1. This initiative expands existing urgent and behavioral health services and addresses healthcare access challenges for ArcBest's field workforce during COVID-19 and flu season. The service provides a range of care, including preventive check-ups and chronic condition management, enhancing employee wellbeing and convenience.
FleetNet America, a subsidiary of ArcBest (Nasdaq: ARCB), recently celebrated a significant milestone by receiving its 500,000th electronic status update via the sureEcosystem platform on November 23, 2020. This investment in technology aims to enhance customer experience by providing more real-time updates and communication tools for service providers. FleetNet emphasizes its leadership in electronic communication, which ultimately benefits customers by improving visibility into their equipment status.
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