ArcBest released results for the first quarter of 2022 on Friday. Highlights include:
- First quarter 2022 revenue of $1.3 billion increased 61.0 percent over first quarter 2021.
- Net income improved to $69.6 million, or $2.68 per diluted share. On a non-GAAP basis, first quarter 2022 net
income was $79.8 million, or $3.08 per diluted share. - Continued significant investments in technology, customer solutions and people to drive revenue growth.
ArcBest reported first quarter 2022 revenue of $1.3 billion, reflecting an increase of $505.9 million compared to first quarter 2021. Each of the company’s operating segments achieved double-digit percentage revenue growth over the prior year period. First quarter 2022 results include the impact of the acquisition of MoLo Solutions, LLC, which was completed in Nov. 2021.
ArcBest’s first quarter 2022 operating income was $94.9 million and net income was $69.6 million, or $2.68 per diluted share, compared to operating income of $32.2 million and net income of $23.4 million, or $0.87 per diluted share, in the first quarter of 2021.
Excluding certain items in both periods as identified in the attached reconciliation tables, first quarter non-GAAP operating income was $108.6 million, compared to $40.8 million in the prior-year period. On a non-GAAP basis, net income was $79.8 million, or $3.08 per diluted share, compared to $28.5 million, or $1.06 per diluted share, in the first quarter of 2021.
“Our outstanding first quarter results, including record profitability, demonstrate our success in transforming ArcBest and positioning it as one of the country’s leading integrated logistics companies,” said Judy R. McReynolds, ArcBest chairman, president and CEO. “Our strategy is working, underscored by improved operating margins across the business, and we are aggressively investing in our vision to ensure we continue innovating, developing our talent, enhancing our ability to serve customers and driving incremental revenue growth. As announced yesterday, our strong cash flow allows us to return more capital to shareholders by increasing both our share repurchase program and our dividend. We are confident our talented team is poised to execute on our clearly defined strategy, which will accelerate our growth trajectory while positioning ArcBest to operate even more efficiently and consistently for years to come.”
Full ArcBest Earnings Release Report for the 1st Quarter 2022 is available here.