ArcBest Reports Historic Second-Quarter Revenue
ArcBest Corp. reported second-quarter 2018 revenue of $793.4 million compared with second-quarter 2017 revenue of $720.4 million.
The revenue represented a record level of quarterly consolidated revenue in ArcBest’s history, a news release states.
Second-quarter 2018 operating income, including the $37.9 million multiemployer pension charge, was $3.2 million compared with operating income of $25.8 million in the same quarter last year.
Net income was $1.2 million, or 5 cents per diluted share, compared with second-quarter 2017 net income of $15.8 million, or 6 cents per diluted share.
“We were pleased to report a very solid second quarter, once again recording growth in revenue and operating income, particularly in our asset-based business,” CEO Judy McReynolds said in the release. “While shipment levels were down amid slightly lower freight tonnage in our asset-based business, our pricing remained strong and we were pleased to see continued growth in revenue per hundredweight. Our asset-light business also experienced strong revenue growth on higher pricing, with operating results impacted by higher purchased transportation costs reflecting tight capacity conditions.”
ArcBest ranks No. 13 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
