Revenue Performance - Consolidated revenues decreased by 5.8% and 4.8% for the three and nine months ended September 30, 2024, compared to the same prior-year periods, primarily due to lower market rates and decreased tonnage levels [109]. - Asset-Based revenues declined by 4.2% and 3.1% for the three and nine months ended September 30, 2024, while Asset-Light revenues decreased by 8.1% and 7.1% for the same periods [109]. - The Asset-Light segment generated approximately 35% and 36% of total revenues for the three and nine months ended September 30, 2024, respectively [111]. - The Asset-Based segment revenues for the three months ended September 30, 2024, totaled $709.7 million, a decrease of 4.2% compared to $741.2 million for the same period in 2023 [134]. - Total shipments decreased by 0.7% for the three months ended September 30, 2024, compared to the same period in 2023, reflecting a softer freight environment [136]. - Tonnage per day decreased by 11.3% for the three months ended September 30, 2024, compared to the same period in 2023, contributing to the revenue decline [134]. Income and Operating Results - Total consolidated operating income increased to $134.993 million for the three months ended September 30, 2024, compared to $45.091 million for the same period in 2023 [108]. - Net income from continuing operations was $100.314 million for the three months ended September 30, 2024, up from $34.927 million in the prior year [108]. - Consolidated net income for the three months ended September 30, 2024, was $100.3 million, compared to $34.9 million for the same period in 2023, representing a significant increase [122]. - Adjusted EBITDA from continuing operations for the three months ended September 30, 2024, was $86.4 million, down from $101.6 million in the prior year, indicating a decrease of approximately 14.9% [122]. - The Asset-Based segment generated operating income of $64.0 million and $190.3 million for the three and nine months ended September 30, 2024, respectively, compared to $74.8 million and $165.6 million for the same periods of 2023 [139]. - The Asset-Light segment operating income totaled $84.8 million and $60.0 million for the three and nine months ended September 30, 2024, compared to an operating loss of $3.7 million and $4.6 million for the same periods of 2023 [157]. Expenses and Impairments - Innovative technology costs decreased consolidated operating results by $8.5 million (pre-tax) for the third quarter of 2024, compared to $14.1 million (pre-tax) for the same period in 2023 [113]. - A one-time, noncash impairment charge of $21.6 million (after-tax) was recognized for the nine months ended September 30, 2024, related to the equity investment in Phantom Auto [115]. - Lease impairment charges reduced operating results by $30.2 million (pre-tax) for the three months ended September 30, 2023 [118]. - Changes in the fair value of contingent earnout consideration reduced expenses by $91.9 million and $80.7 million for the three and nine months ended September 30, 2024, compared to $17.8 million and $12.8 million for the same periods of 2023 [157]. - Labor costs represented 50.5% and 50.4% of Asset-Based segment revenues for the three and nine months ended September 30, 2024, compared to 48.2% and 48.0% for the same periods of 2023 [140]. Cash Flow and Capital Expenditures - Cash provided by operating activities for the nine months ended September 30, 2024, was $229.0 million, an increase of 18.0% compared to $194.0 million in the same prior-year period [183]. - Capital expenditures for the nine months ended September 30, 2024, totaled $163.7 million, with an estimated total for 2024 projected at approximately $300.0 million [184][195]. - Cash, cash equivalents, and short-term investments decreased by $139.0 million from December 31, 2023, to September 30, 2024 [181]. - As of September 30, 2024, cash and cash equivalents decreased to $150.5 million from $262.2 million as of December 31, 2023 [186]. - The company repurchased 478,315 shares of common stock for an aggregate cost of $56.1 million during the nine months ended September 30, 2024 [185][201]. Taxation - The effective tax rate for continuing operations was 26.6% for the three months ended September 30, 2024, compared to 25.5% for the same period in 2023 [211]. - The total provision for income taxes for the nine months ended September 30, 2024, was $36,390 thousand, compared to $25,735 thousand for the same period in 2023 [217]. - The company made federal, state, and foreign tax payments totaling $29.2 million during the nine months ended September 30, 2024 [216]. - The effective tax rate for the nine months ended September 30, 2023, was 23.1%, indicating a decrease in the effective tax rate year-over-year [217]. - The company’s tax benefit from vested RSUs increased significantly due to vesting of RSUs granted in prior years [213]. Market Conditions and Economic Factors - Economic conditions are impacted by higher interest rates, supply chain volatility, and a slowing labor market, with potential disruptions from geopolitical conflicts [166]. - The consumer price index (CPI) increased by 2.4% year-over-year in September 2024, indicating ongoing inflationary pressures [170]. - The soft freight environment resulted in a year-over-year decline in market pricing for many Asset-Light services compared to the first nine months of 2023 [169]. - The estimated settlement expense related to the classification of certain Asset-Light employees under the Fair Labor Standards Act is $9.5 million, with preliminary court approval expected by year-end [179].

Financial Data and Key Metrics Changes - Consolidated revenue decreased by 6% year-over-year to $1.1 billion in Q3 2024 [26] - Non-GAAP operating income from continuing operations was $55 million, down from $75 million in the prior year [26] - Adjusted earnings per share were $1.64, down from $2.31 in Q3 2023 [26] Business Line Data and Key Metrics Changes - Asset-Based segment revenue was $710 million, a daily decrease of 6% [27] - Asset-Light segment revenue was $385 million, a daily decrease of 10% year-over-year [36] - Asset-Based non-GAAP operating ratio increased by 220 basis points year-over-year to 91% [27] Market Data and Key Metrics Changes - Daily shipments in the Asset-Based segment saw a slight decline of less than 1% year-over-year, with weight per shipment decreasing by 11% [28] - Revenue per hundredweight increased by 7% in Q3 2024, with a 5.9% general rate increase implemented on September 9 [30] Company Strategy and Development Direction - The company remains committed to growth, efficiency, and innovation, investing in people, solutions, and technologies [7] - Focus on improving service levels and operational efficiency to enhance margins and customer satisfaction [17][19] - Long-term facility roadmap includes opening remodeled facilities and expanding capacity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth despite a challenging macro environment, citing strong customer relationships and ongoing service improvements [13] - The company anticipates a moderation in year-over-year revenue decreases, expecting mid-single-digit declines for the quarter [35] - Management highlighted the importance of maintaining pricing discipline and operational efficiency to counteract rising costs [31] Other Important Information - The company returned $65 million to shareholders through share buybacks and dividends year-to-date [41] - Capital expenditure estimates for the year have been revised downward to approximately $300 million [41] Q&A Session Summary Question: Trends in pricing environment and customer retention - Management noted that pricing trends remained consistent throughout the quarter, with good retention rates among customers [45][47] Question: Service improvements and cost implications - Management emphasized that service improvements have been achieved without significantly increasing costs, focusing on efficiency and productivity [49][50] Question: Revenue per day expectations - Management indicated that revenue per day is expected to improve as the quarter progresses, driven by easier year-over-year comparisons [54] Question: Weight per shipment dynamics - Management explained that lower weight per shipment is influenced by a shift of higher weight LTL shipments to the truckload market and lower household goods moves due to economic conditions [61][62] Question: Asset-Light segment profitability - Management discussed strategies to improve profitability in the Asset-Light segment, including focusing on account-level profitability and cost control measures [92][96]

ArcBest and and the state of the state of the state of the states of | --- | --- | |----------|-------| | | | | Earnings | | | --- ...

For the quarter ended September 2024, ArcBest (ARCB) reported revenue of $1.06 billion, down 5.8% over the same period last year. EPS came in at $1.64, compared to $2.31 in the year-ago quarter.The reported revenue represents a surprise of -0.37% over the Zacks Consensus Estimate of $1.07 billion. With the consensus EPS estimate being $1.84, the EPS surprise was -10.87%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...

ArcBest (ARCB) came out with quarterly earnings of $1.64 per share, missing the Zacks Consensus Estimate of $1.84 per share. This compares to earnings of $2.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.87%. A quarter ago, it was expected that this freight transportation and logistics company would post earnings of $2.03 per share when it actually produced earnings of $1.98, delivering a surprise of -2.46%.Over the la ...

Exhibit 99.1 Investor Relations Contact: Amy Mendenhall Media Contact: Autumnn Mahar Phone: 479-785-6200 Phone: 479-494-8221 Email: invrel@arcb.com Email: amahar@arcb.com ArcBest Announces Third Quarter 2024 Results ● Continued focus on cost control initiatives to mitigate headwinds from challenging freight environment ● Productivity gains from technology, training, and network design ● Service improvements, including Mastio recognizing ABF for exceeding the industry benchmark on service FORT SMITH, Arkansa ...

The market expects ArcBest (ARCB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released o ...

DALLAS, Aug. 06, 2024 (GLOBE NEWSWIRE) -- TriumphPay announced today the addition of ArcBest® (NASDAQ:ARCB), a multibillion-dollar integrated logistics company offering one of the largest freight brokerages in North America, to TriumphPay as a full audit and payments network participant. ArcBest, a leader in the transportation and logistics industry, joins the network as part of its strategy to better serve carriers, improve operational efficiency and enhance payment security. This customer alliance builds ...

DALLAS, Aug. 06, 2024 (GLOBE NEWSWIRE) -- TriumphPay announced today the addition of ArcBest® (Nasdaq: ARCB), a multibillion-dollar integrated logistics company offering one of the largest freight brokerages in North America, to TriumphPay as a full audit and payments network participant. ArcBest, a leader in the transportation and logistics industry, joins the network as part of its strategy to better serve carriers, improve operational efficiency and enhance payment security. This customer alliance builds ...

Financial Data and Key Metrics Changes - ArcBest reported second quarter revenue of $1.1 billion, a slight 2% decrease compared to the previous year. However, non-GAAP operating income from continuing operations rose by 28% to $64 million [18] - Adjusted earnings per share increased to $1.98, up from $1.54 in the second quarter of 2023 [18] - The Asset-Based business saw a $21 million increase in non-GAAP operating income compared to the same period last year, despite lower revenue [18] Business Line Data and Key Metrics Changes - The Asset-Based segment's second quarter revenue was $713 million, a per day decrease of 2%. The non-GAAP operating ratio improved by 300 basis points to 89.8% compared to the second quarter of last year [19] - Tonnage per day decreased by 20%, while daily shipments were 5% below prior year levels. However, core LTL shipments grew by 14% year-over-year [20] - The Asset-Light segment reported second quarter revenue of $396 million, a daily decrease of approximately 4% year-over-year, with shipments per day increasing by 13% [25] Market Data and Key Metrics Changes - The sales pipeline increased by nearly 40% since January, indicating growing demand for services [8] - Despite a softer market environment, the company maintained solid customer retention, with over 80% of revenues coming from long-term customers [8] - The company anticipates that daily tonnage levels for the third quarter of 2024 will be below the prior year due to shifts in core business and competition [23] Company Strategy and Development Direction - ArcBest's strategy focuses on growth, efficiency, and innovation, with significant investments in technology and operational improvements [7][12] - The company is enhancing its service capabilities through facility expansions and technology projects, such as AI-driven route optimization [15] - The management emphasizes the importance of maintaining a strong customer value proposition and adapting to market conditions [12][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic challenges, citing a strong sales pipeline and improved operational metrics [37] - The company is well-positioned to succeed in any environment, with a focus on cost efficiencies for customers [37] - Management noted that while the economy is soft, they are optimistic about future growth opportunities as they continue to enhance service levels and operational efficiency [80] Other Important Information - ArcBest returned $37 million to shareholders through share buybacks and dividends in the first half of 2024, maintaining a strong financial position with a $57 million net cash position [28] - The company has been recognized for its sustainability efforts and workplace culture, receiving accolades from various organizations [29] Q&A Session Summary Question: What is the outlook for tonnage in Q3 excluding project business? - Management acknowledged that the tonnage decline is partly due to project business but also attributed it to customers shifting to lower-cost providers [32] Question: How is the company positioned regarding potential recession impacts? - Management indicated that they are well-positioned to navigate economic challenges, with a strong sales pipeline and focus on cost efficiencies [37] Question: What are the pricing trends and expectations for the back half of the year? - Management confirmed disciplined pricing strategies, achieving a 5.1% increase in customer contract renewals, and expects continued pricing improvements [42][43] Question: How does the company view the overall freight market and competition? - Management noted that while competition has increased, they believe their service improvements and strategic investments will help maintain their market position [52][56] Question: What is the current mix of spot versus contract business in the Asset-Light segment? - The current mix is approximately 60% contract versus 40% spot in the truckload business, with ongoing improvements in productivity [64]