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Mar 31, 2023
ArcBest Q1 2023 Earnings Report
ArcBest's first quarter results were announced, revealing a decrease in revenue compared to the previous year, but the company grew shipments despite softer market backdrop.
Key Takeaways
ArcBest reported first quarter 2023 revenue from continuing operations of $1.1 billion, compared to $1.3 billion in the first quarter of 2022. Net income from continuing operations was $18.8 million, or $0.75 per diluted share. The company completed the sale of FleetNet America, strengthening the balance sheet and allowing for accelerated return of capital to shareholders.
Net income, including discontinued operations, was $71.3 million, or $2.84 per diluted share, including an after-tax gain on the sale of FleetNet America® of $51.4 million, or $2.05 per diluted share.
Net income from continuing operations was $18.8 million, or $0.75 per diluted share.
Non-GAAP net income from continuing operations of $39.5 million, or $1.58 per diluted share.
Launched Vaux freight movement technology.
ArcBest
ArcBest
ArcBest Revenue by Segment
Revenue by Segment
Asset-Based Revenue
CapyFin.comAsset-Light Revenue
CapyFin.com Forward Guidance
ArcBest expects that actions taken to further reduce cartage, purchased transportation, equipment rentals and other outside resources are expected to positively impact second quarter operating expenses. Additional reductions will be implemented in employee-related and outside services costs to better align with business levels. When compared to first quarter 2023, these cost reductions are expected to be in a range of $2 million to $3 million for second quarter 2023, provided the measures are maintained throughout the quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income