ArcBest reported record quarterly results Tuesday before the market opened with each of its segments posting double-digit revenue growth. Adjusted earnings per share of $2.59 beat analysts' expectations by 14 cents and were more than double the year-ago quarter.
ArcBest ARCB reached more than $1 billion in consolidated revenue in the quarter with its asset-based segment, which includes less-than-truckload operations, recording 21.2% year-over-year growth at $681 million.
Daily tonnage was up 2.4% from the 2020 third quarter with revenue per hundredweight surging 17.1% higher to $41.79. The segment posted an 86.7% operating ratio, 570 basis points better year-over-year.
Higher demand for expedited and truckload services pushed asset-light revenue 38.8% higher year-over-year at $372 million. Operating income in the unit doubled to $11.5 million.
ArcBest announced Monday night that it had closed on the acquisition of truckload brokerage MoLo Solutions.
The company will host a call at 9:30 a.m EDT Tuesday with analysts to discuss results. Stayed tuned to FreightWaves for more earnings coverage of ArcBest.
Table: ArcBest's key performance indicators
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