ArcBest Corporation - ARCB STOCK NEWS

The Board of Directors of ArcBest (Nasdaq: ARCB) has declared a quarterly cash dividend of $0.12 per share, payable to shareholders on May 24, 2023. This dividend will be distributed to stockholders of record as of May 10, 2023. ArcBest, founded in 1923, is a leading integrated logistics company with over 15,000 employees and nearly 250 service locations globally. This decision reflects the company's commitment to providing shareholder value while maintaining its position in the logistics sector.

ArcBest has appointed Matt Beasley as its new Chief Financial Officer and Treasurer, effective May 14, 2023. Beasley, who has been with ArcBest since early 2022, will replace David Cobb, who is retiring after a 17-year career but will remain on as a senior advisor. Beasley brings over 20 years of financial experience, having held key roles in treasury and financial planning. He was instrumental in renegotiating the company's revolving credit facility and the sale of FleetNet America. Beasley holds degrees in finance and an MBA from notable universities. ArcBest is a leading logistics company with a long history, committed to enhancing its growth strategy.

ArcBest (NASDAQ: ARCB) will announce its Q1 2023 financial results before market opening on April 28, 2023. A conference call with executives will take place at 9:30 AM EDT to discuss these results, with playback available until June 15, 2023. Interested participants can join the call by dialing (800) 734-8592. The event will also be webcast live on ArcBest's website, with the option to access the recorded version afterward. The company, established in 1923, employs over 15,000 people and operates nearly 250 service centers, providing comprehensive logistics solutions.

ArcBest (Nasdaq: ARCB) has launched Vaux™, a cutting-edge freight movement technology aimed at enhancing supply chain efficiency. This innovative system allows entire trailer contents to be unloaded in under five minutes, providing full visibility of freight movement within warehouses and transport. The Vaux Freight Movement System includes a customizable mobile platform, the Vaux MP™, and proprietary software, Vaux OS™, which integrates with existing warehouse management systems for optimized operations. By addressing supply chain challenges such as dock congestion and freight damage, Vaux is positioned to transform logistics operations across various industries.

ArcBest (NASDAQ: ARCB) announced the sale of FleetNet America to Cox Automotive for $100 million, effective February 28, 2023. After expenses and taxes, ArcBest expects to net approximately $75 million and realize an after-tax gain of around $50 million. This transaction aligns with ArcBest's focus on core logistics services, as indicated by CEO Judy R. McReynolds. Furthermore, the board has increased the share repurchase authorization to $125 million, aiming to enhance shareholder returns through accelerated capital distribution.

ArcBest (ARCB) reported a strong performance for Q4 2022, achieving a net income of $37.3 million, or $1.48 per diluted share, despite a decline in operating income to $51.2 million from $86.9 million in Q4 2021. Full-year revenue set a record at $5.3 billion, up from $4.0 billion in 2021, with a net income of $298.2 million for the year. The company returned $76 million to shareholders through stock buybacks and dividends. Challenges in Q4 included a 5.5% drop in total tonnage per day, reflecting market conditions, yet solid pricing during prior quarters supports ongoing profitability.

Looking ahead, ArcBest aims to leverage its 100-year legacy for future growth.