Arcbest Corp Stock Price, News & Analysis

ArcBest has appointed Matt Beasley as its new Chief Financial Officer and Treasurer, effective May 14, 2023. Beasley, who has been with ArcBest since early 2022, will replace David Cobb, who is retiring after a 17-year career but will remain on as a senior advisor. Beasley brings over 20 years of financial experience, having held key roles in treasury and financial planning. He was instrumental in renegotiating the company's revolving credit facility and the sale of FleetNet America. Beasley holds degrees in finance and an MBA from notable universities. ArcBest is a leading logistics company with a long history, committed to enhancing its growth strategy.

ArcBest (NASDAQ: ARCB) will announce its Q1 2023 financial results before market opening on April 28, 2023. A conference call with executives will take place at 9:30 AM EDT to discuss these results, with playback available until June 15, 2023. Interested participants can join the call by dialing (800) 734-8592. The event will also be webcast live on ArcBest's website, with the option to access the recorded version afterward. The company, established in 1923, employs over 15,000 people and operates nearly 250 service centers, providing comprehensive logistics solutions.

ArcBest (Nasdaq: ARCB) has launched Vaux™, a cutting-edge freight movement technology aimed at enhancing supply chain efficiency. This innovative system allows entire trailer contents to be unloaded in under five minutes, providing full visibility of freight movement within warehouses and transport. The Vaux Freight Movement System includes a customizable mobile platform, the Vaux MP™, and proprietary software, Vaux OS™, which integrates with existing warehouse management systems for optimized operations. By addressing supply chain challenges such as dock congestion and freight damage, Vaux is positioned to transform logistics operations across various industries.

ArcBest (NASDAQ: ARCB) announced the sale of FleetNet America to Cox Automotive for $100 million, effective February 28, 2023. After expenses and taxes, ArcBest expects to net approximately $75 million and realize an after-tax gain of around $50 million. This transaction aligns with ArcBest's focus on core logistics services, as indicated by CEO Judy R. McReynolds. Furthermore, the board has increased the share repurchase authorization to $125 million, aiming to enhance shareholder returns through accelerated capital distribution.

ArcBest (ARCB) reported a strong performance for Q4 2022, achieving a net income of $37.3 million, or $1.48 per diluted share, despite a decline in operating income to $51.2 million from $86.9 million in Q4 2021. Full-year revenue set a record at $5.3 billion, up from $4.0 billion in 2021, with a net income of $298.2 million for the year. The company returned $76 million to shareholders through stock buybacks and dividends. Challenges in Q4 included a 5.5% drop in total tonnage per day, reflecting market conditions, yet solid pricing during prior quarters supports ongoing profitability.

Looking ahead, ArcBest aims to leverage its 100-year legacy for future growth.

ArcBest (Nasdaq: ARCB) has appointed Salvatore A. Abbate to its Board of Directors, effective January 30, 2023. Abbate, the CEO of Veritiv Corporation (NYSE: VRTV) since October 2020, fills the vacancy left by Steve Gorman's departure in August 2022, restoring the board to nine members. Known for his B2B expertise and emphasis on sustainability, Abbate will contribute strategically to ArcBest's long-term growth. He joins the Compensation Committee and the Nominating/Corporate Governance Committee. Abbate is set for re-election at the 2023 annual shareholders’ meeting.

ArcBest® (Nasdaq: ARCB) has announced a quarterly cash dividend of $0.12 per share for its Common Stock, with a record date of February 14, 2023. The dividend is scheduled for payment on February 28, 2023. This decision underscores ArcBest's commitment to returning value to its shareholders while maintaining strong operational performance as a leader in integrated logistics.

ArcBest® (Nasdaq: ARCB) has launched a newly redesigned website aimed at enhancing user experience through streamlined design and improved navigation. The site offers engaging content to better inform customers, carriers, investors, and employees about the company's logistics solutions and services. Positive feedback from the testing phase preceded the launch. The redesign emphasizes self-service capabilities, quick access to shipment tracking, and relevant tools. Enhanced functionality for investor relations and career sections will be introduced throughout 2023.

ArcBest (Nasdaq: ARCB) will release its fourth quarter 2022 financial results on February 3, 2023, before market opening. A conference call with executives will follow at 9:30 a.m. EST to discuss the outcomes. Interested listeners can join via phone at (877) 231-8701. A recorded playback will be available until March 15, 2023. The call will also be accessible through a live webcast on ArcBest's website. Founded in 1923, ArcBest is a leading logistics firm with over 15,000 employees across more than 250 campuses.