ArcBest on Monday reported its highest ever quarterly revenue and operating income in company history with 2021 second quarter revenue of $949 million.
Operating income was $74.3 million and net income $61 million, $2.27 per diluted share, compared to 2020’s $627.4 million in second-quarter revenue and $15.9 million in net income the same period last year.
“We’re very pleased to report record results for the second consecutive quarter,” said Judy R. McReynolds, ArcBest chairman, president and CEO, in a statement. “Our strong results for the first half of 2021 reflect our tireless execution in a period of extremely tight capacity and high demand. We put the customer at the center of everything we do, and we’re seeing our approach pay off as we work alongside shippers and capacity providers to solve their complex challenges.”
Second quarter numbers grew year to date. Second-quarter operating income in 2020 was $20.4 million with net income of $15.9 million, or $0.61 per diluted share. Non-GAAP operating income was $74.8 million in second quarter 2021 compared to second quarter 2020 operating income of $25.1 million, according to company officials. Non-GAAP net income was $53.1 million, or $1.97 per diluted share in the second quarter 2021, compared to second quarter 2020 net income of $17.6 million, or $0.67 per diluted share.
Other highlights from the ArcBest 2Q report, available here, include:
- Revenue of $652.8 million compared to $460.1 million, a per-day increase of 41.9 percent.
- Total tonnage per day increase of 22.7 percent, with double-digit percentage increases in both LTL-rated tonnage and TL-rated spot shipment tonnage moving in the asset-based network.
- Total shipments per day increase of 13.5 percent including a 13.7 percent increase in LTL-rated shipments per day and an increase of 10.8 percent in LTL-rated weight per shipment.
- Total billed revenue per hundredweight increased 15.4 percent and was positively impacted by higher fuel surcharges. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, improved by a percentage in the mid-single digits.
ArcBest’s Asset-Light operations (ArcBest and FleetNet reportable segments combined) saw improvement as well:
- Revenue of $330.3 million compared to $197.9 million, a per-day increase of 66.9 percent.
- Operating income of $16.3 million compared to the prior year quarter operating income of $2.1 million. Operating income includes a $6.9 million gain on the sale of the labor services portion of the Asset-Light moving business.
“We are experiencing a strong start to 2021 and I’m proud of the work our leaders and employees are doing on behalf of our customers as their businesses normalize,” McReynolds said. “Providing assured capacity is a shared mindset of employees across our organization.”
The Fort Smith transportation-logistics firm provides less-than-truckload services through ABF Freight, ground-expedite services through Panther Premium Logistics, household moving services through the U-Pack brand and vehicle maintenance and repair through FleetNet America.
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