Arcbest Corp - ARCB STOCK NEWS

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.

ArcBest reported first quarter 2024 revenue of $1.0 billion compared to $1.1 billion in 2023. Operating income was $22.4 million, with a net loss of $2.9 million. Non-GAAP operating income was $42.6 million. Asset-Based segment saw pricing momentum and improved efficiencies. Asset-Light segment revenue decreased to $396.4 million. The company remains focused on growth and efficiency.

ArcBest's LTL carrier, ABF Freight, has won the Excellence in Security award from the ATA for a record tenth time, setting industry standards for trucking security. This award recognizes ABF's commitment to protecting employees, property, trucks, and cargo with advanced technology and specialized roles in security. The company's ongoing strategic investments in security initiatives demonstrate their dedication to continuous improvement and innovation.

ArcBest (ARCB) has announced a quarterly cash dividend of $0.12 per share for its Common Stock. The dividend will be payable to shareholders on May 24, 2024.