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ArcBest Corp. of Fort Smith on Thursday reported it lost $5.5 million in the fourth quarter of fiscal 2019, compared to the $15.3 million profit it reported a year ago.
Earnings per diluted share was a loss of 22 cents; it was 57 cents for the fourth quarter of fiscal 2018.
Revenue was $717.4 million, down from $774.3 million.
The quarterly results include a previously announced non-cash impairment charge of $26.5 million (pre-tax), or $19.8 million (after-tax) and 75 cents per diluted share.
Excluding certain items in both periods, non-GAAP net income was $14.8 million, or 56 cents per diluted share, compared to non-GAAP net income of $28.3 million, or $1.06 per diluted share, in the same quarter last year.
“Overall, 2019 represented a solidly profitable year for ArcBest filled with ongoing innovation and customer-centric initiatives,” said Chairman, President and CEO Judy R. McReynolds in a news release.
“While conditions were not as favorable as those seen in 2018, our team succeeded in providing customers with valued expertise, a better experience and the full suite of logistics services they require,” she continued. “As a result of our expansion and investments in recent years, our cross-sold accounts have become larger in size and are growing faster than single-service accounts. Importantly, they also have higher rates of retention, which is a more stable foundation for future growth.”
ArcBest’s full year 2019 revenue was $3 billion, compared to $3.1 billion in fiscal 2018.
Net income was $40 million, or $1.51 per diluted share, compared to net income of $67.3 million, or $2.51 per diluted share.
On a non-GAAP basis, ArcBest had 2019 net income of $76.3 million, or $2.88 per diluted share compared to net income of $107.4 million, or $4.02 per diluted share in 2018.
McReynolds said returning the asset-based business to historic margins has been a long-term goal. Payment of a profit-sharing bonus to union-represented employees as provided for in the 2018 collective bargaining agreement by achieving a 95.2 percent ABF Freight operating ratio in 2019 represented a significant milestone, the company said.
In ArcBest’s biggest segment, its asset-based division, fourth quarter revenue was $513.3 million, down from $548.9 million in the same quarter last year, a per-day decrease of 6.5%. Shipments per day was down 7.3%.
The company’s asset-light segment posted revenue of $237 million, down from $243.8 million in the same quarter last year.