Business
ArcBest® Announces Record Third Quarter 2021 Results
Successful growth strategy driving superior performance Advancing strategic vision to better serve customers and further enhance value for shareholders -
About this update from Arcbest Corporation
[{"type":"text","content":"Successful growth strategy driving superior performance\n Advancing strategic vision to better serve customers and further enhance value for shareholders\n - Third quarter 2021 revenue of $1.0 billion increased 27.9 percent over third quarter 2020.\n - Net income improved to $63.7 million, or $2.38 per diluted share. On a non-GAAP basis, third quarter 2021 net income was $69.2 million, or $2.59 per diluted share.\n - Highest quarterly revenue and operating income in ArcBest's history.\n\n\n\n FORT SMITH, Ark., Nov. 2, 2021 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2021 revenue of $1.0 billion compared to third quarter 2020 revenue of $795.0 million. Each of ArcBest's operating segments achieved double-digit percentage revenue growth over the prior year. ArcBest's third quarter 2021 operating income was $87.6 million and net income was $63.7 million, or $2.38 per diluted share, compared to third quarter 2020 operating income of $39.8 million and net income of $29.4 million, or $1.11 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 $96.1 million in third quarter 2021 compared to $45.8 million in the prior year period. On a non-GAAP basis, net income was $69.2 million, or $2.59 per diluted share, in third quarter 2021 compared to $32.4 million, or $1.22 per diluted share, in third quarter 2020. \n\"ArcBest continues to capitalize on the power of our integrated solutions to respond to today's rapidly evolving market environment,\" said Judy R. McReynolds, ArcBest chairman, president and CEO. \"Our strategic vision, which is centered on accelerating growth through targeted investments in innovation, technology, logistics solutions and our people, continues to pay off. Furthering these efforts, yesterday's closing of the MoLo Solutions acquisition is expected to build and amplify our powerful portfolio of shipping and logistics services to help our customers drive the economy forward and unlock incremental value for our shareholders.\" \nMcReynolds added, \"We wouldn't be where we are today – announcing record quarterly results – without ArcBest's talented and committed people, who are at the heart of our success. Our proven ability to operate safely and ...