Arcbest Corp Stock Price, News & Analysis

FleetNet America, an ArcBest company (Nasdaq: ARCB), has achieved a significant milestone by completing its 100,000th electronic dispatch via the sureEcosystem platform on Sept. 10, 2020. This platform enhances communication between service providers and FleetNet, allowing real-time updates and efficient data sharing, thus improving customer experience. Vice President Don Doty emphasized the platform's benefits, including greater visibility into equipment status and enhanced communication tools for service providers.

On September 1, 2020, ArcBest (Nasdaq: ARCB) announced key organizational changes to enhance its supply chain logistics services. Dennis Anderson has been promoted to chief customer officer, overseeing sales, marketing, and customer service. Meanwhile, Danny Loe will become president of asset-light logistics while continuing his role as chief yield officer. The company aims to grow its asset-light business to 50% of overall revenues, addressing customer needs with a focus on yield management and operational efficiency. CEO Judy R. McReynolds emphasized the importance of these changes for delivering superior customer service.

ArcBest (Nasdaq: ARCB) has been recognized as one of the 100 Great Supply Chain Partners for the fifth consecutive year, according to SupplyChainBrain. This accolade stems from a poll conducted among supply chain professionals, acknowledging companies that enhance efficiency and customer service. ArcBest’s less-than-truckload carrier, ABF Freight, has also received similar recognition in previous years. Judy R. McReynolds, the company’s CEO, expressed pride in this acknowledgment, emphasizing their commitment to excellence in supply chain solutions.

ArcBest (Nasdaq: ARCB) has announced the selection of 15 professional drivers for its 2020-2021 ABF Freight Road Team. These drivers, chosen based on their exemplary records and a minimum of 10 years of experience, will serve as ambassadors for the company and the trucking industry at large. The ABF Road Team was established in 1990 and aims to promote driving safety and the image of truck drivers. Tim Thorne, president of ABF Freight, praised the selected drivers for their professionalism and commitment to safety.

ArcBest (Nasdaq: ARCB), based in Fort Smith, Arkansas, has received five 2020 Quest for Quality Awards, affirming its leadership in supply chain logistics. Recognized for excellence in categories like National LTL Carrier and Truckload Expedited Motor Carrier, ABF Freight has now secured these awards multiple times over the years. The awards, determined by over 4,500 logistics decision-makers, highlight ArcBest's commitment to customer satisfaction across various services including U-Pack and Panther Premium Logistics. This recognition underlines the company's continuous efforts to provide high-quality service.

ArcBest (Nasdaq: ARCB) announced that six of its ABF Freight service centers were awarded the prestigious President's Quality Award for their performance in 2019. Recognized locations include Akron, Bedford Park, Brattleboro, Carlisle, Colorado Springs, and Toronto. This award highlights the commitment to quality and customer experience at these centers. ArcBest's Quality Process, in place since 1984, ensures continuous improvement through employee training and performance evaluations. The President's Quality Awards have been presented annually since 1993, emphasizing ArcBest's dedication to excellence.

ArcBest (Nasdaq: ARCB) reported second quarter 2020 revenue of $627.4 million, down from $771.5 million in Q2 2019. Operating income decreased to $20.4 million from $35.2 million, while net income was $15.9 million, or $0.61 per diluted share, compared to $24.4 million, or $0.92 per diluted share in the previous year. The company improved its net cash position to $41 million from $3 million net debt in March 2020. Despite challenges posed by the pandemic, positive trends in customer payments and sequential revenue growth in June were noted, with plans to restore costs in Q3 2020.