Business
ArcBest® Announces Fourth Quarter 2019 And Full Year 2019 Results
- Fourth quarter 2019 revenue of $717.4 million, and a net loss of $5.5 million, or $0.22 per diluted share. On a non-GAAP(1) basis, fourth quarter 2019 net
About this update from Arcbest Corporation
[{"type":"text","content":"- Fourth quarter 2019 revenue of $717.4 million, and a net loss of $5.5 million, or $0.22 per diluted share. On a non-GAAP(1) basis, fourth quarter 2019 net income was $14.8 million, or $0.56 per diluted share.\n - Asset-Based profitability continues to benefit from yield initiatives and focused account management\n - Profit-sharing bonus to union-represented ABF Freight employees of $5.1 million for 2019\n - Asset-light results impacted by weaker demand\n\n\nFORT SMITH, Ark., Jan. 30, 2020 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leading logistics company with creative problem solvers who deliver innovative solutions, today reported fourth quarter 2019 revenue of $717.4 million compared to fourth quarter 2018 revenue of $774.3 million. ArcBest had a fourth quarter 2019 operating loss of $11.2 million compared to operating income of $37.2 million last year, and a net loss of $5.5 million, or $0.22 per diluted share compared to fourth quarter 2018 net income of $15.3 million, or $0.57 per diluted share. Fourth quarter 2019 results include a previously announced noncash impairment charge of $26.5 million (pre-tax), or $19.8 million (after-tax) and $0.75 per diluted share.\n\n \n \n\n \nExcluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP operating income was $20.2 million in fourth quarter 2019 compared to fourth quarter 2018 operating income of $39.9 million. On a non-GAAP basis, net income was $14.8 million, or $0.56 per diluted share, in fourth quarter 2019 compared to fourth quarter 2018 net income of $28.3 million, or $1.06 per diluted share. \n\"Overall, 2019 represented a solidly profitable year for ArcBest filled with ongoing innovation and customer-centric initiatives,\" said Chairman, President and CEO Judy R. McReynolds. \"While conditions were not as favorable as those seen in 2018, our team succeeded in providing customers with valued expertise, a better experience and the full suite of logistics services they require. As a result of our expansion and investments in recent years, our cross-sold accounts have become larger in size and are growing faster than single-service accounts. Importantly, they also have higher rates of retention, which is a more stable foundation for future growth.\"\nArcBest's full year 2019 revenue totaled $3.0 billion compared to $3.1 billion...