Business
ArcBest Announces Second Quarter 2024 Results
Strong gains in productivity and service metrics Delivered second quarter 2024 net income of $46.9 million, or $1.96 per diluted share, and non-GAAP net
About this update from Arcbest Corporation
[{"type":"text","content":"\nStrong gains in productivity and service metrics\n\n\n\nDelivered second quarter 2024 net income of $46.9 million, or $1.96 per diluted share, and non-GAAP net income of $47.4 million, or $1.98 per diluted share.\n\n\n\nSignificant efficiency improvements at ABF Freight while delivering the best on-time service in five years.\n\n\n\nImproved Asset-Based operating income, despite higher labor contract costs and lower revenue.\n\n\n\n FORT SMITH, Ark.--(BUSINESS WIRE)--\nArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported second quarter 2024 revenue from continuing operations of $1.08 billion, compared to $1.10 billion in the second quarter of 2023. Second quarter 2024 operating income from continuing operations was $48.8 million, compared to $42.1 million in the prior year period, and net income from continuing operations was $46.9 million, or $1.96 per diluted share, compared to $39.6 million, or $1.60 per diluted share, in 2023.\n\n\nExcluding certain items in both periods as identified in the attached reconciliation tables, second quarter 2024 non‑GAAP operating income from continuing operations was $64.2 million, compared to $50.1 million in the prior year period, an improvement of $14.1 million. On a non-GAAP basis, net income from continuing operations was $47.4 million, or $1.98 per diluted share, compared to $38.0 million, or $1.54 per diluted share, in the second quarter of 2023.\n\n\n“I am incredibly proud of our employees’ commitment to utilizing our quality process in pursuit of excellence every day. This dedication has led to significant improvements in our operational execution, with ABF Freight achieving its best on-time service performance in recent years,” said Judy R. McReynolds, ArcBest Chairman and CEO. “Furthermore, our substantial year-over-year improvement in operating income is a solid performance, especially considering ongoing macroeconomic headwinds.”\n\n\nResults of Operations Comparisons\n\n\nAsset-Based\n\n\nSecond Quarter 2024 Versus Second Quarter 2023\n\n\n\nRevenue of $712.7 million compared to $722.0 million, a per-day decrease of 2.1 percent.\n\n\n\nTotal tonnage per day decrease of 20.3 percent.\n\n\n\nTotal shipments per day decrease of 4.8 percent.\n\n\n\nTotal billed revenue per hundredweight increase of 23.0 percent.\n\n\n\nCore daily shipments increase of 14 perc...