ArcBest Corporation Announces Second Quarter 2015 Results

- Second quarter 2015 revenue was $696.1 million, an improvement of 5.7 percent compared to second quarter 2014.

- Second quarter 2015 diluted earnings per share increased 17 percent versus second quarter 2014.

- ABF Freight's adjusted second quarter operating ratio improved to 94.3 percent

- ArcBest's asset-light logistics businesses increased revenue by 15 percent and operating income by 48 percent versus the prior year's second quarter.

Aug 03, 2015, 03:00 ET from ArcBest Corporation

FORT SMITH, Ark., Aug. 3, 2015 /PRNewswire/ -- ArcBest Corporation (Nasdaq: ARCB) today reported second quarter 2015 net income of $20.0 million, or $0.74 per diluted share compared to second quarter 2014 net income of $17.2 million, or $0.63 per diluted share, as all operating companies experienced improved profitability from the year-ago period. Excluding pension settlement charges for both periods, second quarter 2015 net income was $20.3 million, or $0.75 per diluted share compared to second quarter 2014 net income of $17.8 million, or $0.65 per diluted share.

"ArcBest posted strong results this quarter, with our highest second quarter revenue ever," said ArcBest President and CEO Judy R. McReynolds. "I am pleased that our strategic investments in an expanded set of service offerings are resulting in a greater percentage of customers turning to the ArcBest companies for solutions to their supply chain challenges."

Freight Transportation (ABF Freight)

Results of Operations

Second Quarter 2015

  • Revenue of $504.4 million compared to $492.9 million in second quarter 2014, an increase of 2.3 percent.
  • Tonnage per day increase of 1.9 percent versus second quarter 2014.
  • Total billed revenue per hundredweight increase of 0.4 percent compared to the prior year.
  • Excluding adjustments for pension settlement charges, operating income of $28.5 million and operating ratio of 94.3 percent compared to operating income of $23.5 million and an operating ratio of 95.3 percent in second quarter 2014.

ABF Freight experienced second quarter revenue growth resulting from greater tonnage combined with continued positive trends in account pricing.  Efficient management of purchased transportation and equipment resources also contributed to improved operating margins.  Throughout the quarter, ABF Freight maintained its focus on offering customized services to meet the specific needs of its customers.  Total second quarter pricing yields were slightly positive despite year-over-year reductions in fuel surcharge due to lower fuel prices.   

Asset-Light Logistics

Results of Operations

Second Quarter 2015

  • Revenue of $204.9 million compared to $178.1 million in second quarter 2014, an increase of 15 percent.
  • These businesses equaled 29 percent of total consolidated revenue compared to 27 percent during the same period last year.
  • Second quarter 2015 earnings before interest, taxes, depreciation and amortization ("EBITDA") of $13.5 million compared to EBITDA in second quarter 2014 of $10.2 million.

Revenue growth for ArcBest's asset-light logistics businesses was positively impacted by strong increases at ABF Logistics and ABF Moving. Truckload brokerage activity drove the second quarter revenue and margin increases at ABF Logistics as additional business was added with both new and existing shippers.  ABF Moving's revenue and margins benefited from increased market opportunities associated with the beginning of the traditional summer moving season.  Panther's second quarter profitability improved over the previous year due to moderately higher shipment gross margins and cost management.  Compared to last year, FleetNet's increase in second quarter revenue and operating income was the result of additional event activity across its services and improved labor efficiencies.

Conference Call

ArcBest Corporation will host a conference call with company executives to discuss the 2015 second quarter results. The call will be today, Monday, August 3, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 926-6349. Following the call, a recorded playback will be available through the end of the day on September 15, 2015. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21771575. The conference call and playback can also be accessed, through September 15, 2015, on ArcBest's website at arcb.com.

About ArcBest

ArcBest Corporationsm (Nasdaq: ARCB) solves complex logistics and transportation challenges. Our companies and brands – ABF Freightsm, ABF Logisticssm, Panther Premium Logistics®, FleetNet America®, U-Pack® and ArcBest Technologies – apply the skill and the will with every shipment and supply chain solution, household move or vehicle repair. ArcBest finds a way.

For more information, visit arcb.com, abf.com, pantherpremium.com, fleetnetamerica.com and upack.com. ArcBest Corporationsm. The Skill & The Willsm.

Forward-Looking Statements

Certain statements and information in this press release concerning results for the three months ended June 30, 2015 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "foresee," "intend," "may," "plan," "predict," "project," "scheduled," "should," "would" and similar expressions and the negatives of such terms are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effect on us. Although management believes that these forward-looking statements are reasonable, as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and management's present expectations or projections. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include, but are not limited to: costs of continuing investments in technology, a failure of our information systems and the impact of cyber incidents; disruptions or failures of services essential to the operation of our business or the use of information technology platforms in our business; governmental regulations and policies; litigation or claims asserted against us; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer pension plans; competitive initiatives, pricing pressures, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates and the inability to collect fuel surcharges; general economic conditions and related shifts in market demand that impact the performance and needs of industries served by ArcBest Corporation's subsidiaries and/or limit our customers' access to adequate financial resources; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight's collective bargaining agreement; relationships with employees, including unions, and our ability to attract and retain employees and/or independent owner operators; availability of fuel; default on covenants of financing arrangements and the availability and terms of future financing arrangements; availability and cost of reliable third-party services; increased competition from freight transportation service providers outside the motor carrier freight transportation industry; timing and amount of capital expenditures, increased prices for and decreased availability of new revenue equipment and decreases in value of used revenue equipment; future costs of operating expenses such as maintenance and fuel and related taxes; self-insurance claims and insurance premium costs; environmental laws and regulations, including emissions-control regulations; potential impairment of goodwill and intangible assets; the impact of our brands and corporate reputation; the cost, timing and performance of growth initiatives; the cost, integration and performance of any future acquisitions; weather conditions; and other financial, operational and legal risks and uncertainties detailed from time to time in ArcBest Corporation's Securities and Exchange Commission public filings. 

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

 

Investor Relations Contact: David Humphrey

Media Contact: Kathy Fieweger

Title: Vice President – Investor Relations

Title: Chief Marketing Officer

Phone: 479-785-6200

Phone: 479-719-4358

Email: dhumphrey@arcb.com

Email: kfieweger@arcb.com

 

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest Corporationsm and its subsidiary companies.

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

June 30

Six Months Ended

June 30

2015

2014

2015

2014

(Unaudited)

($ thousands, except share and per share data)

REVENUES

$

696,115

$

658,646

$

1,309,391

$

1,236,550

OPERATING EXPENSES

662,649

631,694

1,274,645

1,218,300

OPERATING INCOME

33,466

26,952

34,746

18,250

OTHER INCOME (COSTS)

Interest and dividend income

271

194

505

384

Interest and other related financing costs

(1,025)

(725)

(2,027)

(1,533)

Other, net

197

950

597

1,315

(557)

419

(925)

166

INCOME BEFORE INCOME TAXES

32,909

27,371

33,821

18,416

INCOME TAX PROVISION

12,942

10,163

13,109

6,401

NET INCOME

$

19,967

$

17,208

$

20,712

$

12,015

EARNINGS PER COMMON SHARE(1)

Basic

$

0.76

$

0.63

$

0.79

$

0.44

Diluted

$

0.74

$

0.63

$

0.77

$

0.44

AVERAGE COMMON SHARES OUTSTANDING

Basic

26,021,874

26,005,105

26,036,375

25,941,370

Diluted

26,593,451

26,005,105

26,592,615

25,942,046

CASH DIVIDENDS DECLARED   PER COMMON SHARE

$

0.06

$

0.03

$

0.12

$

0.06

(1)  ArcBest uses the two-class method for calculating earnings per share. This method, as calculated below, requires an allocation of dividends paid and a portion of undistributed net income to unvested restricted stock for calculating per share amounts.

NET INCOME

$

19,967

$

17,208

$

20,712

$

12,015

EFFECT OF UNVESTED RESTRICTED   STOCK AWARDS

(203)

(848)

(227)

(602)

ADJUSTED NET INCOME FOR CALCULATING   EARNINGS PER COMMON SHARE

$

19,764

$

16,360

$

20,485

$

11,413

 

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS

June 30

2015

December 31

2014

(Unaudited)

Note

($ thousands, except share data)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

192,016

$

157,042

Short-term investments

53,836

45,909

Restricted cash

1,387

1,386

Accounts receivable, less allowances (2015 – $5,983; 2014 – $5,731)

245,039

228,056

Other accounts receivable, less allowances (2015 – $962; 2014 – $1,701)

7,083

6,582

Prepaid expenses

19,219

20,906

Deferred income taxes

35,661

40,220

Prepaid and refundable income taxes

2,592

9,920

Other

5,072

4,968

        TOTAL CURRENT ASSETS

561,905

514,989

PROPERTY, PLANT AND EQUIPMENT

Land and structures

267,046

251,836

Revenue equipment

655,013

633,455

Service, office, and other equipment

137,296

136,145

Software

120,256

116,112

Leasehold improvements

24,649

24,377

1,204,260

1,161,925

Less allowances for depreciation and amortization

779,813

752,075

424,447

409,850

GOODWILL

81,258

77,078

INTANGIBLE ASSETS, net

71,270

72,809

OTHER ASSETS

53,168

52,896

$

1,192,048

$

1,127,622

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable

$

147,781

$

120,325

Income taxes payable

4,869

527

Accrued expenses

187,821

194,674

Current portion of long-term debt

24,024

25,256

TOTAL CURRENT LIABILITIES

364,495

340,782

LONG-TERM DEBT, less current portion

136,821

102,474

PENSION AND POSTRETIREMENT LIABILITIES

39,620

42,418

OTHER LIABILITIES

12,295

16,667

DEFERRED INCOME TAXES

59,613

64,398

STOCKHOLDERS' EQUITY

Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2015: 27,784,760 shares; 2014: 27,722,010 shares

278

277

Additional paid-in capital

307,268

303,045

Retained earnings

356,360

338,810

Treasury stock, at cost, 2015: 1,841,165 shares; 2014: 1,677,932 shares

(63,752)

(57,770)

Accumulated other comprehensive loss

(20,950)

(23,479)

TOTAL STOCKHOLDERS' EQUITY

579,204

560,883

$

1,192,048

$

1,127,622

Note: The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

June 30

2015

2014

(Unaudited)

($ thousands)

OPERATING ACTIVITIES

Net income

$

20,712

$

12,015

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

42,630

39,540

Amortization of intangibles

2,218

2,137

Pension settlement expense

1,716

4,600

Share-based compensation expense

4,233

3,668

Provision for losses on accounts receivable

627

1,032

Deferred income tax benefit

(2,559)

(2,358)

Gain on sale of property and equipment

(1,049)

(249)

Changes in operating assets and liabilities:

Receivables

(16,560)

(34,888)

Prepaid expenses

1,691

1,383

Other assets

385

(1,482)

Income taxes

12,306

2,226

Accounts payable, accrued expenses, and other liabilities

8,316

30,019

NET CASH PROVIDED BY OPERATING ACTIVITIES

74,666

57,643

INVESTING ACTIVITIES

Purchases of property, plant and equipment, net of financings

(34,205)

(15,570)

Proceeds from sale of property and equipment

2,690

1,241

Purchases of short-term investments

(10,780)

(2,967)

Proceeds from sale of short-term investments

2,967

2,940

Business acquisition, net of cash acquired

(5,219)

(2,663)

Capitalization of internally developed software

(4,099)

(3,859)

NET CASH USED IN INVESTING ACTIVITIES

(48,646)

(20,878)

FINANCING ACTIVITIES

Borrowings under credit facilities

70,000

Borrowings under accounts receivable securitization program

35,000

Payments on long-term debt

(84,555)

(16,528)

Net change in book overdrafts

(1,522)

3,602

Net change in restricted cash

(1)

517

Deferred financing costs

(824)

(61)

Payment of common stock dividends

(3,162)

(1,635)

Purchases of treasury stock

(5,982)

Proceeds from the exercise of stock options

1,136

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

8,954

(12,969)

NET INCREASE IN CASH AND CASH EQUIVALENTS             

34,974

23,796

Cash and cash equivalents at beginning of period

157,042

105,354

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

192,016

$

129,150

NONCASH INVESTING ACTIVITIES

Accruals for equipment received

$

8,972

$

6,869

Equipment financed

$

12,670

$

22,842

 

 

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Three Months Ended

Six Months Ended

June 30

June 30

2015

2014

2015

2014

(Unaudited)

($ thousands, except percentages)

FREIGHT TRANSPORTATION (ABF FREIGHT)

Operating Income ($) Operating Ratio (% of revenues)

­

Amounts on a GAAP basis

$

28,092

94.4%

$

22,835

95.4%

$

28,135

97.0%

$

10,653

98.8%

Pension settlement expense

448

(0.1)%

708

(0.1)%

1,288

(0.1)%

3,598

(0.4)%

Non-GAAP amounts

$

28,540

94.3%

$

23,543

95.3%

$

29,423

96.9%

$

14,251

98.4%

Three Months Ended

Six Months Ended

June 30

June 30

2015

2014

2015

2014

(Unaudited)

($ thousands, except per share data)

ARCBEST CORPORATION – CONSOLIDATED

Operating Income

Amounts on a GAAP basis

$

33,466

$

26,952

$

34,746

$

18,250

Pension settlement expense, pre-tax

597

909

1,716

4,600

Non-GAAP amounts

$

34,063

$

27,861

$

36,462

$

22,850

Net Income

Amounts on a GAAP basis

$

19,967

$

17,208

$

20,712

$

12,015

Pension settlement expense, after-tax

364

556

1,048

2,811

Non-GAAP amounts

$

20,331

$

17,764

$

21,760

$

14,826

Diluted Earnings Per Shares

Amounts on a GAAP basis

$

0.74

$

0.63

$

0.77

$

0.44

Pension settlement expense, after-tax

0.01

0.02

0.04

0.11

Non-GAAP amounts

$

0.75

$

0.65

$

0.81

$

0.55

 

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Three Months Ended

June 30

Six Months Ended

June 30

Adjusted Earnings Before Interest, Taxes, Depreciation    and Amortization (Adjusted EBITDA)

2015

2014

2015

2014

(Unaudited)

($ thousands)

ARCBEST CORPORATION – CONSOLIDATED

Net income

$

19,967

$

17,208

$

20,712

$

12,015

Interest and other related financing costs

1,025

725

2,027

1,533

Income tax provision

12,942

10,163

13,109

6,401

Depreciation and amortization

22,617

21,225

44,848

41,677

Amortization of share-based compensation

2,586

2,100

4,233

3,668

Amortization of actuarial losses of benefit plans    and pension settlement expense(1)

1,665

1,625

3,858

5,893

$

60,802

$

53,046

$

88,787

$

71,187

(1) Consolidated pension settlement expense totaled $0.6 million (pre-tax) and $0.9 million (pre-tax) for the three months ended June 30, 2015 and 2014, respectively, and $1.7 million (pre-tax) and $4.6 million (pre-tax) for the six months ended June 30, 2015 and 2014, respectively.

Earnings Before Interest, Taxes, Depreciation    and Amortization (EBITDA)

Three Months Ended June 30 2015

Three Months Ended June 30 2014

(Unaudited)

($ thousands)

ASSET-LIGHT LOGISTICS

Operating

Income

Depreciation

and Amortization

EBITDA

Operating Income

Depreciation

and Amortization

EBITDA

Premium Logistics (Panther)(2)

$

4,838

$

2,939

$

7,777

$

4,358

$

2,838

$

7,196

Emergency & Preventative Maintenance (FleetNet)

1,017

276

1,293

700

237

937

Transportation Management (ABF Logistics)

1,808

246

2,054

854

252

1,106

Household Goods Moving Services (ABF Moving)

1,997

338

2,335

623

346

969

Total asset-light logistics

$

9,660

$

3,799

$

13,459

$

6,535

$

3,673

$

10,208

Earnings Before Interest, Taxes, Depreciation    and Amortization (EBITDA)

Six Months Ended June 30 2015

Six Months Ended June 30 2014

(Unaudited)

($ thousands)

ASSET-LIGHT LOGISTICS

Operating

Income

Depreciation and Amortization

EBITDA

Operating Income

Depreciation

and Amortization

EBITDA

Premium Logistics (Panther)(2)

$

6,033

$

5,863

$

11,896

$

7,722

$

5,574

$

13,296

Emergency & Preventative Maintenance (FleetNet)

2,187

559

2,746

2,101

411

2,512

Transportation Management (ABF Logistics)

2,583

530

3,113

1,389

469

1,858

Household Goods Moving Services (ABF Moving)

1,634

688

2,322

(218)

695

477

Total asset-light logistics

$

12,437

$

7,640

$

20,077

$

10,994

$

7,149

$

18,143

(2) Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships and software associated with the June 15, 2012 acquisition of Panther.

 

Non-GAAP Financial Measures. ArcBest Corporation ("ArcBest") reports its financial results in accordance with generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide financial statement users meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, ArcBest's reported results. Management believes EBITDA and Adjusted EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure financial performance and ability to service debt obligations. However, these financial measures should not be construed as better measurements than operating income, operating cash flow, net income or earnings per share, as defined by GAAP. Other companies may calculate EBITDA differently, and therefore, ArcBest's EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

 

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

(Unaudited)

($ thousands, except percentages)

REVENUES

Freight Transportation (ABF Freight)

$

504,371

$

492,857

$

945,578

$

921,728

Premium Logistics (Panther)

80,271

81,425

155,563

153,651

Emergency & Preventative Maintenance (FleetNet)

42,015

38,307

84,504

80,006

Transportation Management (ABF Logistics)

50,419

35,493

97,791

65,210

Household Goods Moving Services (ABF Moving)

32,225

22,855

50,793

37,605

Total asset-light logistics

204,930

178,080

388,651

336,472

Other and eliminations

(13,186)

(12,291)

(24,838)

(21,650)

Total consolidated revenues

$

696,115

$

658,646

$

1,309,391

$

1,236,550

OPERATING EXPENSES

Freight Transportation (ABF Freight)

Salaries, wages, and benefits

$

301,639

59.8%

$

279,372

56.7%

$

580,010

61.3%

$

540,527

58.6%

Fuel, supplies, and expenses

79,647

15.8

93,277

18.9

158,673

16.8

184,067

20.0

Operating taxes and licenses

12,322

2.4

11,770

2.4

24,318

2.6

23,263

2.5

Insurance

6,267

1.2

5,966

1.2

12,052

1.3

11,361

1.2

Communications and utilities

3,766

0.8

3,731

0.8

7,751

0.8

7,973

0.9

Depreciation and amortization

18,286

3.6

16,841

3.4

35,686

3.8

33,178

3.6

Rents and purchased transportation

52,380

10.4

55,549

11.3

94,224

10.0

102,969

11.2

Gain on sale of property and equipment

(594)

(0.1)

(40)

(838)

(0.1)

(243)

Pension settlement expense(1)

448

0.1

708

0.1

1,288

0.1

3,598

0.4

Other

2,118

0.4

2,848

0.6

4,279

0.4

4,382

0.4

476,279

94.4%

470,022

95.4%

917,443

97.0%

911,075

98.8%

Premium Logistics (Panther)

Purchased transportation

$

58,510

72.9%

60,185

73.9%

114,554

73.6%

114,759

74.7%

Depreciation and amortization(2)

2,939

3.7

2,838

3.5

5,863

3.8

5,574

3.6

Salaries, benefits, insurance, and other

13,984

17.4

14,044

17.2

29,113

18.7

25,596

16.7

75,433

94.0%

77,067

94.6%

149,530

96.1%

145,929

95.0%

Emergency & Preventative Maintenance (FleetNet)

$

40,998

37,607

82,317

77,905

Transportation Management (ABF Logistics)

48,611

34,639

95,208

63,821

Household Goods Moving Services (ABF Moving)

30,228

22,232

49,159

37,823

Total asset-light logistics(1)

195,270

171,545

376,214

325,478

Other and eliminations(1)

(8,900)

(9,873)

(19,012)

(18,253)

Total consolidated operating expenses(1)

$

662,649

$

631,694

$

1,274,645

$

1,218,300

(1) Pension settlement expense totaled $0.6 million (pre-tax) and $0.9 million (pre-tax) on a consolidated basis for the three months ended June 30, 2015 and 2014, respectively, and $1.7 million (pre-tax) and $4.6 million (pre-tax) for the six months ended June 30, 2015 and 2014, respectively. For the three months ended June 30, 2015 and 2014, pre-tax pension settlement expense of $0.4 million and $0.7 million, respectively, was reported by ABF Freight; $0.1 million and $0.2 million, respectively, was reported in Other and eliminations; and less than $0.1 million was reported by the asset-light logistics segments. For the six months ended June 30, 2015 and 2014, pre-tax pension settlement expense of $1.3 million and $3.6 million, respectively, was reported by ABF Freight; $0.3 million and $0.9 million, respectively, was reported in Other and eliminations; and $0.1 million was reported by the asset-light logistics segments.

 

(2) Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships and software associated with the June 15, 2012 acquisition of Panther.

 

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS – Continued

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014

(Unaudited)

($ thousands)

OPERATING INCOME

Freight Transportation (ABF Freight)(1)

$

28,092

$

22,835

$

28,135

$

10,653

Premium Logistics (Panther)

4,838

4,358

6,033

7,722

Emergency & Preventative Maintenance (FleetNet)

1,017

700

2,187

2,101

Transportation Management (ABF Logistics)

1,808

854

2,583

1,389

Household Goods Moving Services (ABF Moving)

1,997

623

1,634

(218)

Total asset-light logistics

9,660

6,535

12,437

10,994

Other and eliminations(2)

(4,286)

(2,418)

(5,826)

(3,397)

Total consolidated operating income

$

33,466

$

26,952

$

34,746

$

18,250

(1) ABF Freight's operating profit for all periods presented was impacted by pension settlement expense. (See reconciliations of GAAP operating income to non-GAAP operating income in the Freight Transportation table previously presented in the Reconciliations of GAAP to Non-GAAP Financial Measures section of this release.)

(2) For the three and six months ended June 30, 2015, "Other" corporate costs include additional investments in enterprise customer solutions to provide an improved platform for revenue growth and for offering ArcBest services across multiple operating segments, as disclosed in the Form 8-K filed by ArcBest in June 2015.

 

ARCBEST CORPORATION

OPERATING STATISTICS

Three Months Ended

Six Months Ended

June 30

June 30

2015

2014

% Change

2015

2014

% Change

(Unaudited)

Freight Transportation (ABF Freight)

Workdays

63.5

63.5

126.0

126.5

Billed Revenue(1) / CWT        

$

29.04

$

28.91

0.4%

$

28.57

$

28.01

2.0%

Billed Revenue(1) / Shipment           

$

385.16

$

393.11

(2.0)%

$

379.18

$

387.78

(2.2)%

Shipments                               

1,318,566

1,261,670

4.5%

2,507,363

2,395,002

4.7%

Shipments / Day

20,765

19,869

4.5%

19,900

18,933

5.1%

Tonnage (Tons)                      

874,330

857,892

1.9%

1,663,661

1,657,703

0.4%

Tons / Day

13,769

13,510

1.9%

13,204

13,104

0.8%

(1) Revenue for undelivered freight is deferred for financial statement purposes in accordance with ABF Freight's revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes. Billed revenue has been adjusted to exclude intercompany revenue that is not related to freight transportation services.

 

 

SOURCE ArcBest Corporation



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