ArcBest Clocks 61% Revenue Growth In Q1, Beats Street Expectation

  • ArcBest Corp ARCB reported first-quarter FY22 revenue growth of 61% year-over-year to $1.34 billion, beating the consensus of $1.26 billion.
  • Adjusted EPS improved to $3.08 from $1.06 in 1Q21, beating the consensus of $2.15.
  • Sales by segments: Asset-Based $705.31 million (+26.8% Y/Y), and Asset-Light $673.66 million (+116.3% Y/Y).
  • The operating income increased to $94.93 million from $32.19 million a year ago, and the margin expanded by 323 bps to 7.1%.
  • Asset-Based total tonnage per day increased by 3.6%, including a rise of 0.9% in LTL-rated weight per shipment. Total shipments per day increased by 0.2%.
  • Total billed revenue per hundredweight increased 21.1% YY, positively impacted by higher fuel surcharges.
  • Adjusted EBITDA increased by 99.5% Y/Y to $132.6 million, and margin expanded by 191 bps to 9.9%.
  • ArcBest's cash used in operating activities for Q1 totaled $11.25 million, compared to cash generated of $22.53 million a year ago.
  • Buyback and Dividend: Recently, the company increased its buyback program to $75 million and raised its quarterly dividend by 50%, from $0.08 to $0.12/share. The dividend will be paid on May 25, 2022, to holders of record on May 11, 2022.
  • Price Action: ARCB shares are trading lower by 3.77% at $73.55 on the last check Friday.
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