Business
ArcBest Announces Second Quarter 2023 Results
Well-positioned to serve customers in a rapidly changing market Increased focus on efficient and effective operations Second quarter 2023 net income of $40.4
About this update from Arcbest Corporation
[{"type":"text","content":"Well-positioned to serve customers in a rapidly changing market\nIncreased focus on efficient and effective operations\nSecond quarter 2023 net income of $40.4 million, or $1.64 per diluted share.Second quarter 2023 net income from continuing operations of $39.6 million, or $1.60 per diluted share. On a non-GAAP basis, second quarter 2023 net income from continuing operations of $38.0 million, or $1.54 per diluted common share.FORT SMITH, Ark., July 28, 2023 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported second quarter 2023 revenue from continuing operations of $1.1 billion, compared to $1.3 billion in the second quarter of 2022. Second quarter 2023 net income was $40.4 million, or $1.64 per diluted share, compared to $102.5 million, or $4.00 per diluted share, in the second quarter of 2022. \n\n \n \n \n \n \n \n\n \nArcBest's second quarter 2023 operating income from continuing operations was $42.1 million, compared to $136.0 million in the second quarter of 2022, and net income from continuing operations was $39.6 million, or $1.60 per diluted share, compared to $101.5 million, or $3.97 per diluted share, in the prior-year period. \nExcluding certain items in both periods as identified in the attached reconciliation tables, second quarter 2023 non‑GAAP operating income from continuing operations was $50.1 million, compared to $149.2 million in the prior‑year period. On a non-GAAP basis, net income from continuing operations was $38.0 million, or $1.54 per diluted share, compared to $109.1 million, or $4.26 per diluted share, in second quarter 2022.\n\"ArcBest is uniquely positioned to meet customers' needs, especially in a market that is rapidly changing,\" said Judy R. McReynolds, ArcBest chairman, president and CEO. \"We serve as trusted advisors – ready to keep customer supply chains moving with a full suite of logistics solutions, including a nationwide network of asset-based LTL capacity.\"\nArcBest recognizes the importance of operating in the most efficient and effective way possible, which enables growth and creates value. In its Asset-Based segment, ArcBest has seen productivity and service improvements from deploying highly-experienced teams to train managers and employees on operational best practices in certain locations. Based on this success, ArcBest is redeploying re...