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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.
On September 1, 2020, ArcBest (Nasdaq: ARCB) announced key organizational changes to enhance its supply chain logistics services. Dennis Anderson has been promoted to chief customer officer, overseeing sales, marketing, and customer service. Meanwhile, Danny Loe will become president of asset-light logistics while continuing his role as chief yield officer. The company aims to grow its asset-light business to 50% of overall revenues, addressing customer needs with a focus on yield management and operational efficiency. CEO Judy R. McReynolds emphasized the importance of these changes for delivering superior customer service.
ArcBest (Nasdaq: ARCB) has been recognized as one of the 100 Great Supply Chain Partners for the fifth consecutive year, according to SupplyChainBrain. This accolade stems from a poll conducted among supply chain professionals, acknowledging companies that enhance efficiency and customer service. ArcBest’s less-than-truckload carrier, ABF Freight, has also received similar recognition in previous years. Judy R. McReynolds, the company’s CEO, expressed pride in this acknowledgment, emphasizing their commitment to excellence in supply chain solutions.
ArcBest (Nasdaq: ARCB) has announced the selection of 15 professional drivers for its 2020-2021 ABF Freight Road Team. These drivers, chosen based on their exemplary records and a minimum of 10 years of experience, will serve as ambassadors for the company and the trucking industry at large. The ABF Road Team was established in 1990 and aims to promote driving safety and the image of truck drivers. Tim Thorne, president of ABF Freight, praised the selected drivers for their professionalism and commitment to safety.
ArcBest (Nasdaq: ARCB), based in Fort Smith, Arkansas, has received five 2020 Quest for Quality Awards, affirming its leadership in supply chain logistics. Recognized for excellence in categories like National LTL Carrier and Truckload Expedited Motor Carrier, ABF Freight has now secured these awards multiple times over the years. The awards, determined by over 4,500 logistics decision-makers, highlight ArcBest's commitment to customer satisfaction across various services including U-Pack and Panther Premium Logistics. This recognition underlines the company's continuous efforts to provide high-quality service.
ArcBest (Nasdaq: ARCB) announced that six of its ABF Freight service centers were awarded the prestigious President's Quality Award for their performance in 2019. Recognized locations include Akron, Bedford Park, Brattleboro, Carlisle, Colorado Springs, and Toronto. This award highlights the commitment to quality and customer experience at these centers. ArcBest's Quality Process, in place since 1984, ensures continuous improvement through employee training and performance evaluations. The President's Quality Awards have been presented annually since 1993, emphasizing ArcBest's dedication to excellence.
ArcBest (Nasdaq: ARCB) reported second quarter 2020 revenue of $627.4 million, down from $771.5 million in Q2 2019. Operating income decreased to $20.4 million from $35.2 million, while net income was $15.9 million, or $0.61 per diluted share, compared to $24.4 million, or $0.92 per diluted share in the previous year. The company improved its net cash position to $41 million from $3 million net debt in March 2020. Despite challenges posed by the pandemic, positive trends in customer payments and sequential revenue growth in June were noted, with plans to restore costs in Q3 2020.
ArcBest (Nasdaq: ARCB) announced a quarterly cash dividend of $0.08 per share for common stockholders. The dividend will be payable on August 21, 2020, to shareholders of record as of August 7, 2020. This declaration reflects the company's ongoing commitment to returning value to its shareholders.
ArcBest (Nasdaq: ARCB) announces that Judy R. McReynolds has been recognized as one of the 2020 Top 10 Women in Logistics by Global Trade Magazine. McReynolds, who has been leading ArcBest since 2010, has expanded the company’s services beyond less-than-truckload solutions and focused on enhancing customer experience. Under her leadership, ArcBest achieved record revenue in 2018. McReynolds is also involved in various boards and organizations, showcasing her influence in the logistics and transportation sector.
ArcBest (Nasdaq: ARCB) announced on July 20, 2020, that it received the 2020 Top Fleet Award for Fleet Innovator from Samsara for its innovative use of technology in logistics. The award recognizes fleets utilizing telematics and API integrations to enhance operations. ArcBest's collaboration with Samsara has led to improved compliance and operational efficiencies through a customized digital platform, including a driver app and real-time GPS. This recognition highlights ArcBest's commitment to leveraging technology for better customer service and operational performance.