Welcome to our dedicated page for ArcBest Corporation news (Ticker: ARCB), a resource for investors and traders seeking the latest updates and insights on ArcBest Corporation stock.
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 (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.
ArcBest (Nasdaq: ARCB) has appointed Salvatore A. Abbate to its Board of Directors, effective January 30, 2023. Abbate, the CEO of Veritiv Corporation (NYSE: VRTV) since October 2020, fills the vacancy left by Steve Gorman's departure in August 2022, restoring the board to nine members. Known for his B2B expertise and emphasis on sustainability, Abbate will contribute strategically to ArcBest's long-term growth. He joins the Compensation Committee and the Nominating/Corporate Governance Committee. Abbate is set for re-election at the 2023 annual shareholders’ meeting.
ArcBest® (Nasdaq: ARCB) has announced a quarterly cash dividend of $0.12 per share for its Common Stock, with a record date of February 14, 2023. The dividend is scheduled for payment on February 28, 2023. This decision underscores ArcBest's commitment to returning value to its shareholders while maintaining strong operational performance as a leader in integrated logistics.
ArcBest® (Nasdaq: ARCB) has launched a newly redesigned website aimed at enhancing user experience through streamlined design and improved navigation. The site offers engaging content to better inform customers, carriers, investors, and employees about the company's logistics solutions and services. Positive feedback from the testing phase preceded the launch. The redesign emphasizes self-service capabilities, quick access to shipment tracking, and relevant tools. Enhanced functionality for investor relations and career sections will be introduced throughout 2023.
ArcBest (Nasdaq: ARCB) will release its fourth quarter 2022 financial results on February 3, 2023, before market opening. A conference call with executives will follow at 9:30 a.m. EST to discuss the outcomes. Interested listeners can join via phone at (877) 231-8701. A recorded playback will be available until March 15, 2023. The call will also be accessible through a live webcast on ArcBest's website. Founded in 1923, ArcBest is a leading logistics firm with over 15,000 employees across more than 250 campuses.
ArcBest (Nasdaq: ARCB) announced the retirement of CFO David Cobb, effective October 2023, concluding a 17-year tenure with the company. Under Cobb's leadership since 2015, ArcBest's revenues surged from $1.9 billion in 2006 to over $5 billion recently. His contributions strengthened ArcBest’s financial functions significantly. A formal search for his successor is underway. CEO Judy R. McReynolds commended Cobb's dedication and collaborative spirit, emphasizing his impact on the company's transition into a leading logistics provider.
ArcBest® (Nasdaq: ARCB) announced a hiring event for full-time city drivers at its ABF Freight® service center in Avenel, NJ, on November 15-16, 2022. The company offers a $15,000 signing bonus available on the first day of employment. Interested candidates can attend from 7 a.m. to 7 p.m. without an appointment, with opportunities for job offers on-site. Full-time drivers receive competitive wages and benefits, including 100% company-paid health insurance and a pension plan. With over 10,000 employees, ABF is a leading less-than-truckload carrier.
ArcBest (Nasdaq: ARCB) announced a hiring event for full-time road drivers at its ABF Freight division, scheduled for November 12 in Dayton, OH. Candidates can receive a $10,000 signing bonus on their first day of employment. The event will take place from 7 a.m. to 7 p.m. at 8051 Center Point 70 Boulevard. Attendees can expect assistance with job applications, interviews, and potential job offers that day. ABF Freight operates across North America with over 10,000 employees and offers competitive benefits including health insurance and a pension plan.
ArcBest (Nasdaq: ARCB) reported Q3 2022 revenue of $1.4 billion, up 33% from Q3 2021. Net income rose to $88.8 million, or $3.50 per diluted share. On a non-GAAP basis, net income was $96.4 million, or $3.80 per diluted share. Each operating segment saw double-digit revenue growth. The Asset-Based segment had revenue of $791.5 million, a 16.2% increase, while the Asset-Light segment rose 62.6% to $604.5 million. ArcBest aims to surpass $5 billion in annual revenue for the first time. The strong performance reflects strategic growth despite economic challenges.
The Board of Directors of ArcBest (Nasdaq: ARCB) has announced a quarterly cash dividend of $0.12 per share. This dividend will be distributed to stockholders on record as of November 11, 2022, with a payment date set for November 25, 2022. This decision reflects ArcBest's commitment to returning value to shareholders amidst its operation as a significant player in the logistics sector, with over 15,000 employees across over 250 locations.
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