Business
ArcBest Announces Third Quarter 2023 Results
ArcBest efficiently provided integrated logistics solutions to customers in a changing market Asset-Based operating ratio of 89.9 percent. On a non-GAAP
About this update from Arcbest Corporation
[{"type":"text","content":"\nArcBest efficiently provided integrated logistics solutions to customers in a changing market \n\n\n\nAsset-Based operating ratio of 89.9 percent. On a non-GAAP basis, Asset-Based operating ratio of 88.8 percent, an improvement of 400 basis points versus second quarter 2023.\n\n\n\nYear-to-date, returned $85.5 million of capital to shareholders through common stock share repurchases and dividends\n\n\n\n FORT SMITH, Ark.--(BUSINESS WIRE)--\nArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2023 revenue from continuing operations of $1.1 billion, compared to $1.3 billion in the third quarter of 2022. ArcBest’s third quarter 2023 operating income from continuing operations was $45.1 million, compared to $115.3 million in the third quarter of 2022, and net income from continuing operations was $34.9 million, or $1.42 per diluted share, compared to $88.6 million, or $3.49 per diluted share, in the prior-year period. ArcBest’s third quarter 2023 results were impacted by $30.2 million of noncash lease impairment charges with no comparable charges in the prior-year period.\n\n\nExcluding certain items in both periods as identified in the attached reconciliation tables, third quarter 2023 non‑GAAP operating income from continuing operations was $74.7 million, compared to $130.6 million in the prior‑year period. On a non-GAAP basis, net income from continuing operations was $56.7 million, or $2.31 per diluted share, compared to $96.1 million, or $3.79 per diluted share, in third quarter 2022.\n\n\n“At ArcBest, our ability to see the world through customers’ eyes has positioned our company as the partner of choice for integrated logistics solutions for 100 years,” said Judy R. McReynolds, ArcBest chairman, president and CEO. “Our success is underpinned by the ability to efficiently solve logistics challenges and help customers navigate market disruptions, rapidly changing economic conditions, and increased supply chain complexity.”\n\n\nThird Quarter Results of Operations Comparisons\n\n\nAsset-Based\n\n\nThird Quarter 2023 Versus Third Quarter 2022\n\n\n\nRevenue of $741.2 million compared to $791.5 million, a per-day decrease of 4.1 percent.\n\n\n\nTotal tonnage per day decreased 6.3 percent; LTL-rated weight per shipment decreased 6.4 percent.\n\n\n\nTotal shipments per day increased 1.5 percen...