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Jun 30, 2020
ArcBest Q2 2020 Earnings Report
ArcBest's financial performance was significantly affected by the COVID-19 pandemic in the second quarter of 2020, but cost management efforts partially offset the impact of revenue and business declines.
Key Takeaways
ArcBest reported a decrease in revenue and net income for the second quarter of 2020 compared to the same period in 2019, primarily due to the impact of the COVID-19 pandemic. However, cost management initiatives helped to mitigate some of the negative effects.
Second quarter 2020 revenue was $627.4 million, compared to $771.5 million in the second quarter of 2019.
Net income for the second quarter of 2020 was $15.9 million, or $0.61 per diluted share.
On a non-GAAP basis, second quarter 2020 net income was $17.6 million, or $0.67 per diluted share.
COVID-19 pandemic significantly impacted second quarter business levels and financial results.
ArcBest
ArcBest
ArcBest Revenue by Segment
Revenue by Segment
Asset-Based Revenue
CapyFin.comAsset-Light Revenue
CapyFin.com Forward Guidance
ArcBest expects some cost reductions will be restored beginning in the third quarter of 2020, including the restoration of nonunion salaries, the 401(k) company match, and the board fees. The company anticipates that the third quarter 2020 expense associated with these cost restorations will be in an approximate range of $10 million to $15 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income