ArcBest Corporation Announces Improved Fourth Quarter 2014 Results And Full Year 2014 Results

Wednesday, February 4, 2015

  • Fourth quarter 2014 net income increased 41 percent to $14.5 million, or $0.53 per share. Excluding certain identified items, fourth quarter 2014 net income increased 71 percent.
  • Solid fourth quarter business growth at ABF FreightSM resulted in an 11 percent increase in revenue and improved operating margins.
  • Fourth quarter revenue at ArcBest’s emerging businesses increased by 25 percent from the previous year and EBITDA increased by 14 percent.
  • Full year 2014 revenue at ArcBest Corporation increased 14 percent to $2.6 billion with 27 percent of the total revenue generated by the emerging businesses.
  • Full year 2014 net income was $46.2 million, nearly three times full year 2013 net income of $15.8 million.

FORT SMITH Arkansas, February 4, 2015 – ArcBest Corporation (Nasdaq: ARCB) today reported improved fourth quarter 2014 results reflecting improvements at ABF Freight and continued strong revenue growth at its emerging businesses – ABF Logisticssm, Panther Premium Logisticssm, FleetNet America® and ABF Movingsm.

Fourth Quarter 2014 Results

ArcBest’s revenue was $664.8 million compared to revenue of $578.5 million in the fourth quarter of 2013, an increase of 15 percent. Net income increased 41 percent to $14.5 million, or $0.53 per share compared to fourth quarter 2013 net income of $10.3 million, or $0.38 per share. As shown in the attached reconciliation tables, both of these periods were impacted by favorable effective tax rates and adjustments for certain other items. On an adjusted basis, ArcBest’s fourth quarter 2014 net income increased 71 percent compared to fourth quarter 2013 net income of $8.4 million, or $0.31 per share.

ABF Freight’s revenue was $485.9 million, an 11 percent increase over fourth quarter 2013 revenue of $436.7 million. Operating income increased to $14.7 million from $9.9 million in fourth quarter 2013. ABF Freight’s operating ratio was 97.0 percent versus 97.7 percent in 2013. Excluding adjustments for certain other items in the attached reconciliation table, operating income increased to $15.8 million from $7.7 million in fourth quarter 2013, and ABF Freight’s fourth quarter 2014 operating ratio was 96.8 percent versus 98.2 percent in the year-ago period.

Revenue for ArcBest’s emerging, non-asset-based businesses increased 25 percent over the same period of 2013. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) at the non-asset-based businesses increased 14 percent to $9.4 million compared to EBITDA of $8.2 million in fourth quarter 2013. The percentage of year-over-year EBITDA improvement is below that of the first three quarters of 2014. This is related to personnel and IT investments made to enhance continued growth in these businesses and due to a particularly strong fourth quarter result last year at Panther.

Read more at: abfs.com

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