Stock Monitor: P.A.M. Transportation Services Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 21, 2018 / Active-Investors.com has just released a free earnings report on ArcBest Corp. (NASDAQ: ARCB). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ARCB. ArcBest reported its fourth quarter and fiscal 2017 operating and financial results on January 31, 2018. The freight transportation and logistics Company surpassed earnings expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
ArcBest reported Q4 2017 revenue of $710.7 million, up 3.3% compared to Q4 2016 revenue of $688.2 million. The Company's reported numbers lagged behind analysts' estimates of $722.5 million
During Q4 2017, ArcBest's operating income was $16.7 million compared to operating income of $1.2 million in Q4 2016. On a non-GAAP basis, the Company's operating income totaled $18.5 million in the reported quarter compared to operating income of $12.1 million in the year ago same period.
For Q4 2017, ArcBest reported net income of $36.6 million, or $1.37 per diluted share compared to Q4 2016 net income of $1.6 million, or $0.06 per diluted share. Due to the lower corporate tax rate under the Tax Reform Act, the Company's reported quarter net income reflected the impact of a $24.5 million reduction of income tax liabilities. Excluding certain items in both periods, ArcBest's non-GAAP net income was $11.2 million, or $0.42 per diluted share, in Q4 2017 compared to Q4 2016 amount of $7.3 million, or $0.28 per diluted share. The Company's earnings beat Wall Street's estimates of $0.35 per share.
For full year (FY) 2017, ArcBest's revenue totaled $2.8 billion compared to $2.7 billion in FY16. The Company's FY17 net income was $59.7 million, or $2.25 per diluted share, compared to net income of $18.7 million, or $0.71 per diluted share, in FY16. On a non-GAAP basis, ArcBest had FY17 net income of $35.6 million, or $1.33 per diluted share, compared to net income of $24.3 million, or $0.92 per diluted share, in FY16.
ArcBest's Segment Result
Asset-Based - During Q4 2017, the Asset-based division reported revenue of $497.0 million compared to $482.1 million in Q4 2016, reflecting a per-day increase of 2.3%. For Q4 2017, the segment's Tonnage per day decreased 4.7%, while Shipments per day dropped 8.1%.
For the reported quarter, Asset-Based unit's total billed revenue per hundredweight increased 7.6% on a y-o-y basis and was positively impacted by Asset-Based pricing initiatives and higher fuel surcharges. The segment recorded operating income of $18.0 million and an operating ratio of 96.4% in Q4 2017 compared to operating income of $7.1 million and an operating ratio of 98.5% in Q4 2016. On a non-GAAP basis, the segment had operating income of $19.4 million and an operating ratio of 96.1% versus operating income of $8.7 million and an operating ratio of 98.2% in the prior year's same quarter.
Asset-Light - During Q4 2017, the Asset-Light division's revenue totaled $222.2 million compared to $211.2 million in Q4 2016, driven by strong revenue per shipment growth in expedite and truckload related to higher customer demand and tightened capacity in the marketplace.
The segment's operating income was $5.2 million for the reported quarter compared to an operating loss of $0.9 million in the year earlier same quarter. On a non-GAAP basis, operating income totaled $5.4 million in Q4 2017 compared to $7.4 million in Q4 2016. The decline in operating income was attributed to lower net revenue margins, reductions in the military moving business and the handling of fewer consumer moving loads requiring out-of-network resources and the costs, and related business loss associated with customer bankruptcies.
During FY17, ArcBest's total net capital expenditures equaled $146 million, including $95 million of revenue equipment, the majority of which was for ArcBest's Asset-Based operation. Depreciation and amortization (D&A) costs on property, plant, and equipment were $99 million for FY17.
For FY18, ArcBest is forecasting total net capital expenditures to range from $155 million to $165 million, including revenue equipment purchases of approximately $100 million primarily for ArcBest's Asset-Based operation. The Company's D&A costs on property, plant, and equipment in FY18 are estimated to be in a range of $100 million to $105 million.
Stock Performance Snapshot
February 20, 2018 - At Tuesday's closing bell, ArcBest's stock dropped 3.74%, ending the trading session at $32.20.
Volume traded for the day: 304.77 thousand shares, which was above the 3-month average volume of 288.45 thousand shares.
Stock performance in the previous six-month period – up 23.85%; and past twelve-month period – up 3.87%
After yesterday's close, ArcBest's market cap was at $813.05 million.
Price to Earnings (P/E) ratio was at 365.91.
The stock has a dividend yield of 0.99%.
The stock is part of the Services sector, categorized under the Trucking industry.
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