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.
“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.