Business
ArcBest® Announces Third Quarter 2020 Results
- Third quarter 2020 revenue of $795.0 million, and net income of $29.4 million, or $1.11 per diluted share. On a non GAAP¹ basis, third quarter 2020 net
About this update from Arcbest Corporation
[{"type":"text","content":"- Third quarter 2020 revenue of $795.0 million, and net income of $29.4 million, or $1.11 per diluted share. On a non GAAP¹ basis, third quarter 2020 net income was $32.4 million, or $1.22 per diluted share.\n - Improving business trends contribute to increased Asset-Based and Asset-Light profitability\n\n\nFORT SMITH, Ark., Nov. 3, 2020 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2020 revenue of $795.0 million compared to third quarter 2019 revenue of $787.6 million. Third quarter 2020 operating income was $39.8 million compared to operating income of $31.2 million in the same period last year. Net income was $29.4 million, or $1.11 per diluted share, compared to third quarter 2019 net income of $16.3 million, or $0.62 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 $45.8 million in third quarter 2020 compared to third quarter 2019 non-GAAP operating income of $38.1 million. On a non-GAAP basis, net income was $32.4 million, or $1.22 per diluted share, in third quarter 2020 compared to third quarter 2019 net income of $27.0 million, or $1.02 per diluted share. \nAt September 30, 2020, ArcBest's consolidated cash and short-term investments, less debt, were $59 million net cash compared to the $41 million net cash position at June 30, 2020, reflecting an $18 million improvement during the third quarter.\n\"I am incredibly proud of our employees and how they have performed on behalf of customers as we navigate through the pandemic together,\" said Judy R. McReynolds, chairman, president and CEO of ArcBest. \"Throughout the third quarter and into October the ArcBest team, enabled by technology and assured capacity options, is providing much-needed flexibility to customer supply chains while also improving operational efficiency. Our company was built on strong customer relationships and it is our goal to ensure those customers are positioned well to succeed.\"\nThird Quarter Results of Operations Comparisons\nAsset-Based\nThird Quarter 2020 Versus Third Quarter 2019\nRevenue of $561.9 million compared to $565.6 million, a per-day decrease of 1.4 percent. Total tonnage per day increase of 1.2 percent, with a mid-single-digit percentage increase in LTL-ra...