Business
ArcBest® Announces Fourth Quarter 2020 And Full Year 2020 Results
- Fourth quarter 2020 revenue of $816.4 million, and net income of $23.9 million, or $0.89 per diluted share. On a non-GAAP(1) basis, fourth quarter 2020 net
About this update from Arcbest Corporation
[{"type":"text","content":"- Fourth quarter 2020 revenue of $816.4 million, and net income of $23.9 million, or $0.89 per diluted share. On a non-GAAP(1) basis, fourth quarter 2020 net income of $26.0 million, or $0.97 per diluted share.\n - ArcBest non-GAAP operating income is the second-best since 2006.\n - Profit-sharing bonus to union-represented ABF Freight employees for the second year in a row.\n - As recently announced, share repurchase amount restored to $50 million.\n\n\nFORT SMITH, Ark., Feb. 2, 2021 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported fourth quarter 2020 revenue of $816.4 million compared to fourth quarter 2019 revenue of $717.4 million. ArcBest's fourth quarter 2020 operating income was $30.3 million compared to an operating loss of $11.2 million the previous year, and net income of $23.9 million, or $0.89 per diluted share compared to a fourth quarter 2019 net loss of $5.5 million, or $0.22 per diluted share. The 2019 fourth quarter results included a 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 \n \n \n\n \nExcluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP operating income was $37.5 million in fourth quarter 2020 compared to fourth quarter 2019 operating income of $20.2 million. On a non-GAAP basis, net income was $26.0 million, or $0.97 per diluted share in fourth quarter 2020 compared to fourth quarter 2019 net income of $14.8 million, or $0.56 per diluted share. \n\"Year-over-year fourth quarter revenue growth of nearly 14 percent and non-GAAP operating income growth of nearly 86 percent reflects improvements in the demand for our integrated capacity solutions in this environment, and effective cost management,\" said ArcBest chairman, president and CEO, Judy R. McReynolds.\nArcBest's full year 2020 revenue totaled $2.9 billion compared to $3.0 billion in 2019. Net income was $71.1 million, or $2.69 per diluted share, compared to net income of $40.0 million, or $1.51 per diluted share in 2019. On a non-GAAP basis, ArcBest's 2020 net income was $85.4 million, or $3.23 per diluted share, compared to net income of $76.3 million, or $2.88 per diluted share, in 2019. \nABF Freight will pay a profit-sharing bonus to union-represented employees. As provided f...