Welcome to our dedicated page for Arcbest news (Ticker: ARCB), a resource for investors and traders seeking the latest updates and insights on Arcbest stock.
ArcBest Corporation reports news about an integrated logistics business that connects shippers with transportation and supply chain services across ground, air and ocean freight. Its updates commonly discuss Asset-Based operations led by ABF Freight less-than-truckload services, and Asset-Light services such as expedite, intermodal, managed transportation, warehousing and distribution, and international freight.
Recurring ArcBest announcements cover quarterly and annual results, shipment and tonnage trends, pricing and revenue-per-shipment measures, Asset-Light profitability, capital allocation through dividends and share repurchases, board composition, sustainability reporting and ABF Freight operating recognition.
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.
ArcBest (Nasdaq: ARCB) announced the retirement of CFO David Cobb, effective October 2023, concluding a 17-year tenure with the company. Under Cobb's leadership since 2015, ArcBest's revenues surged from $1.9 billion in 2006 to over $5 billion recently. His contributions strengthened ArcBest’s financial functions significantly. A formal search for his successor is underway. CEO Judy R. McReynolds commended Cobb's dedication and collaborative spirit, emphasizing his impact on the company's transition into a leading logistics provider.
ArcBest® (Nasdaq: ARCB) announced a hiring event for full-time city drivers at its ABF Freight® service center in Avenel, NJ, on November 15-16, 2022. The company offers a $15,000 signing bonus available on the first day of employment. Interested candidates can attend from 7 a.m. to 7 p.m. without an appointment, with opportunities for job offers on-site. Full-time drivers receive competitive wages and benefits, including 100% company-paid health insurance and a pension plan. With over 10,000 employees, ABF is a leading less-than-truckload carrier.
ArcBest (Nasdaq: ARCB) announced a hiring event for full-time road drivers at its ABF Freight division, scheduled for November 12 in Dayton, OH. Candidates can receive a $10,000 signing bonus on their first day of employment. The event will take place from 7 a.m. to 7 p.m. at 8051 Center Point 70 Boulevard. Attendees can expect assistance with job applications, interviews, and potential job offers that day. ABF Freight operates across North America with over 10,000 employees and offers competitive benefits including health insurance and a pension plan.
ArcBest (Nasdaq: ARCB) reported Q3 2022 revenue of $1.4 billion, up 33% from Q3 2021. Net income rose to $88.8 million, or $3.50 per diluted share. On a non-GAAP basis, net income was $96.4 million, or $3.80 per diluted share. Each operating segment saw double-digit revenue growth. The Asset-Based segment had revenue of $791.5 million, a 16.2% increase, while the Asset-Light segment rose 62.6% to $604.5 million. ArcBest aims to surpass $5 billion in annual revenue for the first time. The strong performance reflects strategic growth despite economic challenges.