FORT SMITH, Ark. — In addition to celebrating 100 years in business during 2023, ArcBest saw one of its highest-ever revenue performances. The Arkansas-based company operates LTL carrier ABF Freight, along with ArcBest Technologies (an in-house IT solutions group), ABF Logistics, Panther Premium Logistics and FleetNet America.
For the fourth quarter of 2023, ArcBest reported revenue from continuing operations of $1.1 billion compared to $1.2 billion in the fourth quarter of 2022. The company’s fourth quarter 2023 operating income from continuing operations was $64.3 million compared to $50.2 million in the fourth quarter of 2022, and net income from continuing operations was $48.8 million compared to $36.5 million, or $1.45 per diluted share, in the prior-year period.
“2023 was a milestone year for ArcBest as we celebrated our 100-year anniversary and again delivered solid financial results,” said Judy R. McReynolds, ArcBest chairman, president and CEO.
“In a year marked by market disruptions and increased supply chain complexity, our people remained a critical driver of our success, helping us achieve the second-best revenue performance in ArcBest’s history,” she continued.
Excluding certain items in both periods, the company’s fourth quarter 2023 non‑GAAP (generally accepted accounting principles) operating income from continuing operations was $81.7 million compared to $81.6 million in the prior‑year period. On a non-GAAP basis, net income from continuing operations showed a slight drop at $60 million compared to $60.8 million in fourth quarter 2022.
ArcBest’s full year 2023 revenue from continuing operations totaled $4.4 billion compared to $5 billion in 2022. Net income from continuing operations was $142.2 million compared to net income of $294.6 million in 2022. On a non-GAAP basis, ArcBest’s 2023 net income from continuing operations was $194.1 million compared to net income of $344.7 million in 2022.
“In addition to significant operational and efficiency improvements in 2023, we are proud to have renewed our five-year labor agreement and received recognition for our innovation efforts and commitment to service excellence,” McReynolds said. “These achievements are supported by our customer-led growth strategy and focus on shareholder value. We look forward to accelerating growth, increasing efficiency and fostering innovation as we look ahead to even greater success in our next hundred years.”
Since retiring from a career as an outdoor recreation professional from the State of Arkansas, Kris Rutherford has worked as a freelance writer and, with his wife, owns and publishes a small Northeast Texas newspaper, The Roxton Progress. Kris has worked as a ghostwriter and editor and has authored seven books of his own. He became interested in the trucking industry as a child in the 1970s when his family traveled the interstates twice a year between their home in Maine and their native Texas. He has been a classic country music enthusiast since the age of nine when he developed a special interest in trucking songs.
