July 31, 2019 5:30 PM, EDT

ArcBest Posts Net Income of $24.4 Million in 2Q; Net Revenue Dips

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ArcBest reported second-quarter income of $24.4 million, or 92 cents per share, compared with $1.2 million, or 5 cents a share, in the same period last year, when the company took an after-tax charge for pension costs.

Revenue for the period ending June 30 dropped 2.8% to $771.5 million, compared with second-quarter 2018 revenue of $793.4 million.

Officials for ArcBest, based in Fort Smith, Ark., said the less-than-truckload business saw some mild challenges in the second quarter.

ArcBest logo

“Once again, we saw that business conditions, while still relatively healthy, moderated in the second quarter from last year’s record-setting levels, but on an overall historical basis, the quarter was solid with a rational underlying pricing environment,” CEO Judy McReynolds said. “Revenue improved month to month for our asset-based business while our asset-light business continued to see softer expedited services conditions on increased available truckload capacity.”

Tonnage per day decreased 3.4%, the company reported. Shipments per day decreased 1.2%.

ArcBest ranks No. 14 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, and No. 7 on TT’s list of Top LTL carriers.