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ArcBest cruises past expectations in 3rd quarter

Asset-based segment posts an 86.7% OR

ArcBest achieves record results again in third quarter (Photo: Jim Allen/FreightWaves)

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.

Click for full article – “ArcBest sees improvement beyond record Q3 performance”

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.

ArcBest announced Monday night that it had closed on the acquisition of truckload brokerage MoLo Solutions.

Click for full article – “ArcBest sees improvement beyond record Q3 performance”

Table: ArcBest’s key performance indicators

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.