- First quarter 2021 revenue of $829.2 million, and net income of $23.4 million, or $0.87 per diluted share. On a non-GAAP1 basis, first quarter 2021 net income of $27.2 million, or $1.01 per diluted share.

- Record quarterly revenue that increased 18% over last year.

- First quarter operating income, which increased more than three times over first quarter 2020, was the best in ArcBest's history.

"We're pleased to report our best-ever operating income for the first quarter as well as increased revenue and profitability in what is historically the most challenging quarter of the year, "said Judy R. McReynolds, ArcBest chairman, president and CEO.” These strong results reflect our ability to create solutions to support our customers as they continue to face supply chain challenges associated with their rebound from the COVID-19 pandemic."

First Quarter Results of Operations Comparisons

Asset-Based

First Quarter 2021 Versus First Quarter 2020

* Revenue of $556.3 million compared to $515.7 million, a per-day increase of 9.6 percent.

* Total tonnage per day increase of 1.8 percent, with a mid-single-digit percentage increase in LTL-rated tonnage partially offset by a double-digit percentage decrease in TL-rated spot shipment tonnage moving in the Asset-Based network.

* Total shipments per day increase of 2.6 percent including a 3.0 percent increase in LTL-rated shipments per day and an increase of 2.6 percent in LTL-rated weight per shipment which was positively impacted by first quarter freight mix changes.

* Total billed revenue per hundredweight increased 8.8 percent and was negatively impacted by lower fuel surcharges. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, improved by a percentage in the mid–single digits.

* Operating income of $30.1 million and an operating ratio of 94.6 percent compared to the prior year quarter operating income of $13.2 million and an operating ratio of 97.4 percent. On a non-GAAP basis, operating income of $36.9 million and an operating ratio of 93.4 percent compared to the prior year quarter operating income of $17.8 million and an operating ratio of 96.5 percent.

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