ArcBest(ARCB) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter 2025 revenue was $967.1 million, a decrease from $1.0 billion in the same quarter of 2024[2] - Net income from continuing operations was $3.1 million, or $0.13 per diluted share, compared to a net loss of $2.9 million, or $0.12 per diluted share in the prior year[2] - Total consolidated revenues from continuing operations decreased to $967.1 million in Q1 2025, down 6.7% from $1,036.4 million in Q1 2024[21] - Net income for Q1 2025 was $3.1 million, a significant improvement compared to a net loss of $2.3 million in Q1 2024[20] - Operating income for the first quarter was $6.6 million, down from $22.4 million in the prior year[17] - Operating income from continuing operations was $6.6 million in Q1 2025, down from $22.4 million in Q1 2024[21] - ArcBest Corporation reported a GAAP operating income of $6,630 thousand for Q1 2025, down from $22,435 thousand in Q1 2024, reflecting a decrease of 70.5%[25] - Non-GAAP operating income for Q1 2025 was $17,335 thousand, compared to $42,645 thousand in Q1 2024, representing a decline of 59.4%[25] - The net income on a GAAP basis for Q1 2025 was $3,131 thousand, a significant improvement from a net loss of $2,912 thousand in Q1 2024[25] - Diluted earnings per share (EPS) on a GAAP basis increased to $0.13 in Q1 2025 from a loss of $0.12 in Q1 2024[25] Revenue and Tonnage - Asset-Based first quarter tonnage declined by 3.9% due to a decrease in weight per shipment and flat daily shipments[3] - Revenue per day decreased by 3.9% compared to the fourth quarter of 2024, with a 2.7% decrease in tonnage per day[5] - Asset-Light revenues were impacted by lower revenue per shipment, with shipments per day down by 3.7%[8] - Total billed revenue per hundredweight increased by 1.7% year-over-year[7] - Average billed revenue per hundredweight (CWT) increased by 1.7% to $49.40 in Q1 2025, while billed revenue per shipment decreased by 2.3% to $530.49[38] - The company reported a decrease in tonnage per day by 4.3% to 10,466 in Q1 2025, alongside a slight decrease in shipments per day by 0.4% to 19,491[38] Assets and Liabilities - Cash and cash equivalents at the end of Q1 2025 were $74.1 million, a decrease of 42% from $172.9 million at the end of Q1 2024[20] - Total current assets decreased to $625.2 million in Q1 2025, down from $675.6 million in Q4 2024[19] - Total liabilities decreased to $1,112.4 million in Q1 2025, compared to $1,115.4 million in Q4 2024[19] Operating Expenses - Operating expenses from continuing operations totaled $960.4 million in Q1 2025, a decrease from $1,014.0 million in Q1 2024[21] Shareholder Returns - Over $24 million was returned to shareholders through share repurchases and dividends[6] Technology Development - The company is developing new technology, including Vaux™, recognized as one of TIME's Best Inventions of 2023[11] Segment Performance - The asset-based segment reported revenues of $646.3 million in Q1 2025, down from $671.5 million in Q1 2024[21] - The asset-light segment's revenues decreased to $356.0 million in Q1 2025, compared to $396.4 million in Q1 2024[21] - The Asset-Based segment reported an operating income of $26,417 thousand with an operating ratio of 95.9% in Q1 2025, compared to $53,456 thousand and 92.0% in Q1 2024[27] - The Asset-Light segment experienced an operating loss of $4,380 thousand in Q1 2025, an improvement from a loss of $15,258 thousand in Q1 2024[27] EBITDA - Consolidated Adjusted EBITDA from continuing operations for Q1 2025 was $73,332 thousand, up from $49,276 thousand in Q1 2024, marking a 48.9% increase[32] Tax Rate - The effective tax rate for continuing operations on a GAAP basis was 25.0% in Q1 2025, compared to a negative rate of (37.7)% in Q1 2024[29]