Arcbest Corp Stock Price, News & Analysis

ArcBest (Nasdaq: ARCB) announced that five of its ABF Freight service centers have received the prestigious President's Quality Award for 2020, marking a significant recognition in supply chain logistics. The award highlights service centers in Carlisle, Pennsylvania; Charleston, South Carolina; Fort Myers, Florida; Hagerstown, Maryland; and Montreal, Quebec, Canada. ABF Freight has prioritized quality through ongoing employee training and performance evaluations, ensuring a commitment to safe freight handling and excellent customer experiences.

ArcBest (Nasdaq: ARCB) announced the positive implications of the American Rescue Plan Act of 2021, specifically HR1319, which includes financial assistance for multiemployer pension plans. CEO Judy R. McReynolds emphasized that this act is a significant step toward securing the retirement benefits of ABF Freight Teamster drivers, dockworkers, and retirees. The financial security of these employees is crucial for the company, and the grants enable retirees to receive full pension benefits they have earned throughout their careers.

ArcBest (Nasdaq: ARCB), a leader in supply chain logistics, has been awarded a Bronze medal by EcoVadis for its sustainability performance in 2021. This rating signifies that ArcBest ranks in the top half of sustainability performance among global companies. EcoVadis evaluates sustainability across four themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement. Judy R. McReynolds, ArcBest's CEO, expressed the company's commitment to responsible corporate citizenship and sustainable practices, highlighting their ongoing efforts to minimize their environmental footprint.

ArcBest® (Nasdaq: ARCB) has announced the selection of its 2021 ABF Freight Load Team, comprising freight-handling professionals from service centers across North America. This elite group is recognized for their exceptional skills in optimizing load procedures and maintaining safety standards. Established in 1994, the Load Team celebrates outstanding performance and customer service, reflecting ArcBest's commitment to innovative logistics solutions.

ArcBest (Nasdaq: ARCB) reported strong fourth quarter 2020 results, with revenue reaching $816.4 million, a 14% increase from $717.4 million in Q4 2019. Operating income turned positive at $30.3 million, up from an operating loss of $11.2 million the previous year. Net income was $23.9 million, or $0.89 per diluted share, versus a loss in Q4 2019. For the full year, 2020 revenue totaled $2.9 billion, down from $3.0 billion in 2019. The company announced a profit-sharing bonus for employees, driven by improved operating ratios.

ArcBest has declared a quarterly cash dividend of $0.08 per share, payable on February 25, 2021. Additionally, the company extended its share repurchase program by authorizing $50 million for buying back its common stock, increasing from $6.6 million remaining from the previous program. The repurchase aims to offset stock issuance dilution and enhance long-term shareholder value. This strategic move underscores ArcBest's commitment to returning value to shareholders amid market fluctuations.

ArcBest (Nasdaq: ARCB) announced the retirement of Tim Thorne, president of ABF Freight, effective June 30, 2021, after 31 years at the company. Seth Runser, currently vice president of linehaul operations, will succeed him as COO on February 1, 2021, and become president on July 1, 2021. Under Thorne’s leadership, ABF achieved significant milestones including ratifying a labor agreement with the Teamsters and paying profit-sharing bonuses. Judy R. McReynolds, ArcBest's CEO, expressed gratitude for Thorne's contributions, emphasizing a smooth transition with Runser at the helm.