Stock Monitor: Patriot Transportation Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 15, 2017 / Active-Investors free earnings report on ArcBest Corp. (NASDAQ: ARCB) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=ARCB. The Company reported its third quarter fiscal 2017 operating results on November 03, 2017. The freight transportation and logistics Company reported better than expected earnings results. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Patriot Transportation Holding, Inc. (NASDAQ: PATI), which also belongs to the Services sector as the Company ArcBest. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, ArcBest most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=ARCB
Earnings Highlights and Summary
ArcBest reported revenues of $744.3 million in Q3 2017, up 4.3% compared to revenues of $713.9 million in Q3 2016. The Company's revenue numbers fell short of analysts' estimates of $746.2 million.
During Q3 2017, ArcBest's operating income was $24.3 million compared to $20.4 million in Q3 2016. On a non-GAAP basis, the Company's operating income was $27.0 million in the reported quarter compared to $21.7 million in the prior year's same quarter.
ArcBest reported a net income of $14.8 million, or $0.56 per diluted share, in Q3 2017 compared to $12.9 million, or $0.49 per diluted share, in Q3 2016. The Company's non-GAAP net income totaled $15.5 million, or $0.59 per diluted share, for the reported quarter versus $12.6 million, or $0.48 per diluted share, in the year-earlier comparable quarter.
Operating Results
Asset-Based - During Q3 2017, ArcBest's Asset-Based segment's revenue totaled $517.4 million compared to $509.0 million in Q3 2016, reflecting a per-day increase of 4.1%. The segment's tonnage per day dropped 3.0% on a y-o-y basis, and shipments per day fell 1.4% compared to the year-ago corresponding period.
For Q3 2017, ArcBest's Asset-Based segment's total weight per shipment was 1,198 pounds, reflecting a 1.6% drop on a y-o-y basis. The segment's average length of haul on shipments was 1,027 miles in Q3 2017, representing a 1% decrease from a length of haul of 1,040 miles in Q3 2016.
For Q3 2017, the Asset-Based segment's total billed revenue per hundredweight increased 6.6% to $32.53 on a y-o-y basis, positively impacted by changes in the shipment profile and higher fuel surcharges. The Company noted that yield management actions implemented throughout 2017, including the space-based pricing initiative in the reported quarter, resulted in higher revenue per hundredweight and improved revenue per shipment.
The segment recorded an operating income of $21.8 million, and an operating ratio of 95.8% in Q3 2017, compared to an operating income of $18.1 million, and an operating ratio of 96.5% in Q3 2016. On a non-GAAP basis, the segment's operating income was $23.5 million, and the operating ratio totaled 95.5% in the reported quarter compared to an operating income of $18.6 million, and an operating ratio of 96.4% in the year-earlier same quarter.
Asset-Light - During Q3 2017, ArcBest's Asset-Light segment's revenue grew 12% to $235.3 million compared to $210.1 million in Q3 2016. The segment's operating income totaled $8.5 million in the reported quarter versus $6.4 million in the previous year's comparable quarter. On a non-GAAP basis, the segment's operating income was $8.7 million compared to $6.4 million in Q3 2016. The increases in ArcBest's Asset-Light segment's revenue and operating income were driven by a growth in expedite services and y-o-y business increases associated with the early September 2016 acquisition of a dedicated truckload Company.
Cash Matters
ArcBest ended Q3 2017 with unrestricted cash and short-term investments of $166 million. Combined with the available resources in the Company's recently amended credit revolver, amended receivables securitization agreement, and their associated accordion features, ArcBest's total liquidity equaled $482 million at the end of the reported quarter.
ArcBest's total debt was $263 million at the end of Q3 2016, including a $70 million balance on its credit revolver; $45 million borrowed on receivables securitization; and $148 million of notes payable and capital leases, primarily on the Company's equipment for asset-based operations. The composite interest rate on all of ArcBest's debt was 2.6% at the end of Q3 2017.
During Q3 2017, ArcBest repurchased 92,000 shares for a total amount of $2.4 million. Under its existing repurchase program, the Company has approximately $32 million of purchase availability.
Stock Performance Snapshot
December 14, 2017 - At Thursday's closing bell, ArcBest's stock ended the trading session flat at $35.35.
Volume traded for the day: 207.23 thousand shares.
Stock performance in the last month – up 10.47%; previous three-month period – up 24.47%; past twelve-month period – up 17.44%; and year-to-date – up 27.85%
After yesterday's close, ArcBest's market cap was at $907.51 million.
Price to Earnings (P/E) ratio was at 37.85.
The stock has a dividend yield of 0.91%.
The stock is part of the Services sector, categorized under the Trucking industry.
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