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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) 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.
ArcBest (Nasdaq: ARCB) reported Q3 2020 revenue of $795 million, marking a 0.2% increase from Q3 2019. Operating income rose to $39.8 million from $31.2 million year-over-year. Net income for the quarter was $29.4 million ($1.11 per diluted share), compared to $16.3 million ($0.62) in Q3 2019. The company achieved a net cash position of $59 million, up from $41 million in Q2 2020. Strong performance in Asset-Light services and improved operational efficiencies contributed to profitability.
ArcBest (Nasdaq: ARCB) announced a quarterly cash dividend of $0.08 per share, payable to shareholders of record on November 13, 2020, with payment on November 27, 2020. This decision reflects the company's commitment to returning value to its shareholders, aligning with its growth strategy in the logistics sector.
ArcBest (Nasdaq: ARCB) announced that Erin Gattis, the company's Chief Human Resources Officer, received the 2020 C-Suite Award from the Northwest Arkansas Business Journal. Gattis has been recognized for her contributions in enhancing employee experience, leadership development, and succession planning at ArcBest. The award highlights the critical role of executives in driving innovation and success within the local business community. Gattis oversees various corporate functions and is active in community service, reflecting her commitment to fostering a positive workplace culture.
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