ArcBest (ARCB) Tops Q2 EPS by 67c, Revenues Miss

ArcBest (NASDAQ: ARCB) reported Q2 EPS of $0.67, $0.67 better than the analyst estimate of $0.00. Revenue for the quarter came in at $627.4 million versus the consensus estimate of $642.54 million.

• Second quarter 2020 revenue of $627.4 million compared to second quarter 2019 revenue of $771.5 million.
• Second quarter 2020 operating income was $20.4 million compared to operating income of $35.2 million in the same period last year.
• Net income was $15.9 million, or $0.61 per diluted share, compared to second quarter 2019 net income of $24.4 million, or $0.92 per diluted share.
• Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP operating income was $25.1 million in second quarter 2020 compared to second quarter 2019 non-GAAP operating income of $38.8 million.
• On a non-GAAP basis, net income was $17.6 million, or $0.67 per diluted share, in second quarter 2020 compared to second quarter 2019 net income of $27.4 million, or $1.04 per diluted share.
• At June 30, 2020, ArcBest's consolidated cash and short-term investments, less debt, were $41 million net cash compared to the $3 million net debt position at March 31, 2020, reflecting a $44 million improvement during the second quarter.

"The successes of the second quarter are rooted in the strength of our employees and the culture that we have cultivated here that unites all of us behind a set of shared values that drive excellence," said Judy R. McReynolds, Chairman, President and CEO of ArcBest. "I am incredibly proud of our employees, especially our front-line teams, who continue to work hard and serve our customers in the face of a global pandemic that continues to affect so many aspects of the economy."

For earnings history and earnings-related data on ArcBest (ARCB) click here.

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