ArcBest Corp

Latest Results (14.08.2024):

Net Income

ArcBest Corp reported a net income of $48.8 million, or $2.01 per diluted share, for the fourth quarter of 2023. On a non-GAAP basis, the net income was $60.0 million, or $2.47 per diluted share. For the full year 2023, the net income from continuing operations was $142.2 million, or $5.77 per diluted share, with a non-GAAP net income of $194.1 million, or $7.88 per diluted share.

Revenue

ArcBest Corp's revenue from continuing operations for the fourth quarter of 2023 was $1.1 billion, compared to $1.2 billion in the same period of 2022. For the full year 2023, the revenue totaled $4.4 billion, down from $5.0 billion in 2022. This decline reflects the challenges faced in the market environment.

Operating Income

In the fourth quarter of 2023, ArcBest Corp achieved an operating income from continuing operations of $64.3 million, up from $50.2 million in the fourth quarter of 2022. On a non-GAAP basis, the operating income was $81.7 million, nearly unchanged from $81.6 million in the prior-year period. For the full year 2023, the operating income was $253.2 million, with a non-GAAP operating income of $275.5 million.

Shareholder Returns

ArcBest Corp returned $103 million to shareholders in 2023 through share repurchases and quarterly cash dividends. The company's board has also increased the share repurchase program authorization to $125 million, reflecting a commitment to returning value to shareholders.

Capital Expenditures

In 2023, ArcBest Corp's total net capital expenditures, including equipment financed, were $245 million. This included $144 million for revenue equipment, primarily for the Asset-Based operation. Some capital expenditures were delayed due to supply chain-related manufacturing delays and are expected to occur in 2024.