ArcBest reported record quarterly results Tuesday before the market opened with each of its segments posting double-digit revenue growth. Adjusted earnings per share of $2.59 beat analysts’ expectations by 14 cents and were more than double the year-ago quarter.
ArcBest (NASDAQ: ARCB) reached more than $1 billion in consolidated revenue in the quarter with its asset-based segment, which includes less-than-truckload operations, recording 21.2% year-over-year growth at $681 million.
Daily tonnage was up 2.4% from the 2020 third quarter with revenue per hundredweight surging 17.1% higher to $41.79. The segment posted an 86.7% operating ratio, 570 basis points better year-over-year.
Higher demand for expedited and truckload services pushed asset-light revenue 38.8% higher year-over-year at $372 million. Operating income in the unit doubled to $11.5 million.