Successful growth strategy driving superior performance
Advancing strategic vision to better serve customers and further enhance value for shareholders
- Third quarter 2021 revenue of $1.0 billion increased 27.9 percent over third quarter 2020.
- Net income improved to $63.7 million, or $2.38 per diluted share. On a non-GAAP basis, third quarter 2021 net income was $69.2 million, or $2.59 per diluted share.
- Highest quarterly revenue and operating income in ArcBest's history.
FORT SMITH, Ark., Nov. 2, 2021 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2021 revenue of $1.0 billion compared to third quarter 2020 revenue of $795.0 million. Each of ArcBest's operating segments achieved double-digit percentage revenue growth over the prior year. ArcBest's third quarter 2021 operating income was $87.6 million and net income was $63.7 million, or $2.38 per diluted share, compared to third quarter 2020 operating income of $39.8 million and net income of $29.4 million, or $1.11 per diluted share.
Third Quarter Results of Operations Comparisons
Asset-Based
Third Quarter 2021 Versus Third Quarter 2020
• Revenue of $681.2 million compared to $561.9 million, a per-day increase of 21.2 percent.
• Total tonnage per day increase of 2.4 percent, including an increase of 2.5 percent in LTL-rated weight per shipment.
• Total shipments per day increase of 0.5 percent.
• Total billed revenue per hundredweight increased 17.1 percent and was positively impacted by higher fuel surcharges. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, improved by a percentage in the double digits.
• Operating income of $83.6 million and an operating ratio of 87.7 percent compared to the prior-year quarter operating income of $36.6 million and an operating ratio of 93.5 percent. On a non-GAAP basis, operating income of $90.5 million and an operating ratio of 86.7 percent compared to the prior-year quarter operating income of $42.8 million and an operating ratio of 92.4 percent.
Strong shipper demand and a solid pricing environment coupled with ArcBest's deep understanding of customer needs resulted in the third record-setting quarter in a row this year for ArcBest's Asset-Based business. Year-over-year tonnage and shipment growth was the result of an emphasis on allocating network resources to serving core LTL customers. Shippers have continued to benefit from ArcBest's assets and facilities throughout its Asset-Based network being used to help solve supply chain challenges. Third quarter 2021 operating income more than doubled compared to the prior-year period and reflected a healthy sequential increase compared to the recent second quarter.
Asset-Light‡
Third Quarter 2021 Versus Third Quarter 2020
• Revenue of $371.7 million compared to $267.8 million, a per-day increase of 38.8 percent.
• Operating income of $11.5 million compared to the prior-year quarter operating income of $5.8 million.
• Adjusted earnings before interest, taxes, depreciation and amortization („Adjusted EBITDA”) of $14.2 million compared to the prior-year quarter Adjusted EBITDA of $8.6 million, as detailed in the attached non-GAAP reconciliation tables.
Positive momentum in the ArcBest segment continued in the third quarter with record-setting quarterly revenue and operating income. The ability to positively respond to strong customer demand with innovative solutions contributed to solid revenue growth in the ArcBest segment. Increased demand for expedited and truckload logistics services resulted in higher shipment levels and higher average revenue per shipment. Customers' needs for managed transportation solutions also contributed to third quarter revenue growth and improved operating results. The increase in operating income reflects the benefits of higher revenue, partially offset by increased personnel costs in response to shipment growth and continued investments in technology.
Increased business volume combined with higher revenue per event contributed to record quarterly revenue for the FleetNet segment and an increase in operating income over the prior year's third quarter.
https://www.prnewswire.com/news-rele...301413615.html
Advancing strategic vision to better serve customers and further enhance value for shareholders
- Third quarter 2021 revenue of $1.0 billion increased 27.9 percent over third quarter 2020.
- Net income improved to $63.7 million, or $2.38 per diluted share. On a non-GAAP basis, third quarter 2021 net income was $69.2 million, or $2.59 per diluted share.
- Highest quarterly revenue and operating income in ArcBest's history.
FORT SMITH, Ark., Nov. 2, 2021 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2021 revenue of $1.0 billion compared to third quarter 2020 revenue of $795.0 million. Each of ArcBest's operating segments achieved double-digit percentage revenue growth over the prior year. ArcBest's third quarter 2021 operating income was $87.6 million and net income was $63.7 million, or $2.38 per diluted share, compared to third quarter 2020 operating income of $39.8 million and net income of $29.4 million, or $1.11 per diluted share.
Third Quarter Results of Operations Comparisons
Asset-Based
Third Quarter 2021 Versus Third Quarter 2020
• Revenue of $681.2 million compared to $561.9 million, a per-day increase of 21.2 percent.
• Total tonnage per day increase of 2.4 percent, including an increase of 2.5 percent in LTL-rated weight per shipment.
• Total shipments per day increase of 0.5 percent.
• Total billed revenue per hundredweight increased 17.1 percent and was positively impacted by higher fuel surcharges. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, improved by a percentage in the double digits.
• Operating income of $83.6 million and an operating ratio of 87.7 percent compared to the prior-year quarter operating income of $36.6 million and an operating ratio of 93.5 percent. On a non-GAAP basis, operating income of $90.5 million and an operating ratio of 86.7 percent compared to the prior-year quarter operating income of $42.8 million and an operating ratio of 92.4 percent.
Strong shipper demand and a solid pricing environment coupled with ArcBest's deep understanding of customer needs resulted in the third record-setting quarter in a row this year for ArcBest's Asset-Based business. Year-over-year tonnage and shipment growth was the result of an emphasis on allocating network resources to serving core LTL customers. Shippers have continued to benefit from ArcBest's assets and facilities throughout its Asset-Based network being used to help solve supply chain challenges. Third quarter 2021 operating income more than doubled compared to the prior-year period and reflected a healthy sequential increase compared to the recent second quarter.
Asset-Light‡
Third Quarter 2021 Versus Third Quarter 2020
• Revenue of $371.7 million compared to $267.8 million, a per-day increase of 38.8 percent.
• Operating income of $11.5 million compared to the prior-year quarter operating income of $5.8 million.
• Adjusted earnings before interest, taxes, depreciation and amortization („Adjusted EBITDA”) of $14.2 million compared to the prior-year quarter Adjusted EBITDA of $8.6 million, as detailed in the attached non-GAAP reconciliation tables.
Positive momentum in the ArcBest segment continued in the third quarter with record-setting quarterly revenue and operating income. The ability to positively respond to strong customer demand with innovative solutions contributed to solid revenue growth in the ArcBest segment. Increased demand for expedited and truckload logistics services resulted in higher shipment levels and higher average revenue per shipment. Customers' needs for managed transportation solutions also contributed to third quarter revenue growth and improved operating results. The increase in operating income reflects the benefits of higher revenue, partially offset by increased personnel costs in response to shipment growth and continued investments in technology.
Increased business volume combined with higher revenue per event contributed to record quarterly revenue for the FleetNet segment and an increase in operating income over the prior year's third quarter.
https://www.prnewswire.com/news-rele...301413615.html
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