ArcBest Stock Gains On Strong Q2 Earnings Beat, Shipment Growth

ArcBest Corp ARCB reported second-quarter revenue growth of 51.3% year-over-year to $948.97 million, beating the consensus estimate of $915.95 million.
Adjusted EPS improved to $1.97 from $0.67 in 2Q20, beating consensus estimates of $1.61.
Sales by segments: Asset-Based $652.83 million (+41.9% Y/Y), ArcBest $270.75 million (+78.8% Y/Y) and FleetNet $59.55 million (+28.2% Y/Y).
The operating income increased by 263.8Y/Y to $74.3 million, and the margin expanded by 460 bps to 7.8%.
Asset-Based reported total tonnage per day increased 22.7%, total shipments per day increased 13.5%, including a 13.7% increase in LTL-rated shipments per day and an increase of 10.8% LTL-rated weight per shipment.
Total billed revenue per hundredweight increased 15.4% and reflecting the positive impact of higher fuel surcharges.
Adjusted EBITDA increased by 95.2% Y/Y to $109.2 million, and margin expanded by300 bps to 11.5%.
ArcBest generated cash from operating activities year-to-date of $145.9 million, compared to $82.07 million a year ago.
Price action: ARCB shares are up 4.11% at $61.54 on the last check Monday.

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