Arcbest Reports Slow First Quarter, $7.4 Million Loss
ArcBest Corp. reported first-quarter revenue of $651.1 million compared to 2016 first-quarter revenue of $621.5 million.
The first quarter 2017 Generally Accepted Accounting Principles, or GAAP, operating loss was $12.3 million compared to an operating loss of $9.3 million last year. The net loss in this year's first quarter was $7.4 million compared to a first quarter 2016 net loss of $6.1 million.
Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP net loss was $5.8 million in first quarter compared to a first quarter 2016 net loss of $5.9 million.
ArcBest ranks No. 12 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
On a non-GAAP basis, the operating loss was $8.7 million in first quarter compared to a first quarter 2016 operating loss of $8.4 million. The consolidated non-GAAP operating results comparison was impacted by a $2 million increase in the "Other and eliminations" loss driven by previously highlighted investments in technology development toward enhancing the ArcBest customer experience and the ability to offer comprehensive transportation and logistics services across multiple operating segments.
"The first quarter — typically the most challenging of the year — saw revenue growth in both our asset-based and asset-light businesses but also experienced some changing freight characteristics on the less-than-truckload side and a degree of weaker demand, particularly in the truckload sector," said ArcBest CEO Judy McReynolds in a news release. "Our enhanced market approach, in which we now offer most services under the ArcBest brand, became fully operational in the first quarter. We continue to see positive reception from customers about our heightened focus on meeting all of their supply chain needs. Customers also recognize the value we bring to their own businesses with our ability to manage even the most complex logistics challenges."
