Business
ArcBest Announces Second Quarter 2022 Results
Record Quarterly Revenue, Operating Income and Net Income Demonstrate ArcBest's Success Driving Growth and Value Creation Strategic Growth Initiatives
About this update from Arcbest Corporation
[{"type":"text","content":"Record Quarterly Revenue, Operating Income and Net Income Demonstrate ArcBest's Success Driving Growth and Value Creation\nStrategic Growth Initiatives Solidify ArcBest's Position as a Logistics Leader and Partner of Choice\nSecond quarter 2022 revenue of $1.4 billion increased 46.8 percent over second quarter 2021.Net income improved to $102.5 million, or $4.00 per diluted share. On a non-GAAP basis, second quarter 2022 net income was $110.0 million, or $4.30 per diluted share.Innovation investments contributed to revenue growth and improved profitability. FORT SMITH, Ark., July 29, 2022 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported second quarter 2022 revenue of $1.4 billion, an increase of $444.0 million compared to second quarter 2021. Each operating segment achieved at least double-digit percentage revenue growth over the prior year period. Second quarter 2022 results include the impact of the acquisition of MoLo Solutions, LLC (\"MoLo\"), which was completed in November 2021.\n\n \n \n \n \n \n \n\n \nArcBest's second quarter 2022 operating income was $137.3 million and net income was $102.5 million, or $4.00 per diluted share, compared to operating income of $74.3 million and net income of $61.0 million, or $2.27 per diluted share, in the second quarter of 2021. The recent quarter's revenue, operating income and net income totals were the highest of any quarter in ArcBest's history. \nExcluding certain items in both periods as identified in the attached reconciliation tables, second quarter non-GAAP operating income was $150.5 million, compared to $76.8 million in the prior-year period. On a non-GAAP basis, net income was $110.0 million, or $4.30 per diluted share, compared to $54.6 million, or $2.03 per diluted share, in the second quarter of 2021.\n\"ArcBest's talented and dedicated team has been successfully executing our strategy, delivering strong financial results and driving value-enhancing growth for the benefit of our shareholders, customers and other stakeholders. The second quarter of 2022 was no exception, as we achieved 47% revenue growth due to increasing demand for our broad offering of transportation and logistics services,\" said Judy R. McReynolds, ArcBest chairman, president and CEO. \"As our customers' supply chains become even more complex and economic pre...