In a March 4 press release, Old Dominion Freight Line (NASDAQ: ODFL) reported a small decline in revenue compared to the year-ago period.The less-than-truckload (LTL) carrier reported a 1% year-over-year decline in revenue per day for the month of February as daily LTL tonnage declined 5.2%, partially offset by an increase in revenue per hundredweight, (revenue/cwt) or yield. LTL shipments were 3.7% lower and weight per shipment was down 1.5% in February."We are off to a good start in 2020, and our revenue trends for the first two months of the year are in alignment with our initial expectations. While our revenue for February was down on a year-over-year basis, our volume trends were consistent and yields also continued to improve," said Old Dominion President and CEO Greg Gantt.The company reported a 0.2% decline in revenue per day for January in its annual 10-k filing with the U.S. Securities and Exchange Commission, which was filed on February 26. The filing stated that daily tonnage was 3.6% lower year-over-year as shipments declined 2.5% and weight per shipment was down 1.1%.Most LTL carriers continue to navigate softer demand as industrial markets remain under pressure.The PMI, a survey of manufacturing supply executives, has hovered near or below the all-important 50% level since breaching this threshold for the first time during this cycle in August 2019. A sub-50% reading implies contraction in the U.S. manufacturing sector.ISM's Purchasing Managers Index – SONAR: ISM.PMIManufactured goods can represent nearly 85% of total tonnage for some LTL carriers.While LTL volumes have been a headwind to revenue for most carriers, the group appears to have maintained rate discipline during the demand downturn.In the press release, Old Dominion reported a 4.3% year-over-year increase in revenue/cwt, up 4.5% excluding fuel surcharges, through the first two months of 2020.Old Dominion implemented a 4.9% general rate increase (GRI) effective March 2.Regarding the month of February and macroeconomic concerns, Gantt continued, "Our revenue accelerated throughout the month, and we expect to see continued acceleration through the end of the quarter. We are mindful, however, of increased risks to the domestic economy and the potential impact on the demand for our services."Updates From Other LTL Carriers Yesterday, LTL carrier Saia, Inc. (NASDAQ: SAIA) reported a 7.7% year-over-year increase in tonnage during January as LTL shipments grew by 8% and weight per shipment was only 0.3% lower. However, the company reported only a 0.4% increase in February tonnage with shipments up 1.5% and weight per shipment declining 1.1%.Saia's robust tonnage growth rates have started to slow. The carrier launched an aggressive Northeast expansion project in 2017, opening 18 terminals in the region since the program's inception. Its efforts accelerated with the closure of New England Motor Freight, Inc. (NEMF) in February 2019. However, Saia said that it plans to scale back expansion plans in 2020 during its fourth-quarter 2019 earnings call, which was held on February 3.In its 10-k filing on February 28, LTL carrier ArcBest Corporation (NASDAQ: ARCB) reported that its asset-based revenue had increased 1.5% year-over-year in the first quarter of 2020 through late February. The carrier reported a 6% increase in tonnage, which was partially offset by a 4.5% decline in revenue/cwt. The filing went on to show that LTL tonnage increased by a "low single-digit percentage" with spot truckload (TL) shipments climbing double-digit percentages. LTL weight per shipment increased approximately 3% in the period.ArcBest reported that LTL revenue/cwt so far in 2020 has been flat year-over-year excluding the impacts from fuel surcharges. The company implemented a 5.9% GRI on February 24 that will affect approximately one-third of its asset-based revenue.Lastly, YRC Worldwide Inc. (NASDAQ: YRCW) reported a 0.8% decline in tonnage in its freight division with a 3.7% tonnage decline in its regional segment during its fourth-quarter earnings call on February 4.Image Sourced from PixabaySee more from Benzinga * Today's Pickup: CN Will Bounce Back From Rail Blockades, CEO Says * President Trump Signs Bill To Add CBP Ag Specialists To Ports * Navistar Swings To Loss On Lower Truck Sales(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

ArcBest® (Nasdaq: ARCB) will announce its first quarter 2020 financial results prior to the opening market on Tuesday, May 5, 2020. A conference call with company executives will be held that day at 9:30 a.m. EDT (8:30 a.m. CDT) to discuss these results. Interested parties are invited to listen by calling (800) 404‑8174.

Q1 2020 ArcBest Corp Earnings Call

Logistics provider ArcBest Corporation (NASDAQ: ARCB) reported significantly better than expected results in the first quarter of 2020, posting adjusted earnings per share of $0.36 compared to consensus estimate calling for an $0.11 per share loss.The company's asset-based division, which includes less-than-truckload (LTL), reported a 1.9% year-over-year increase in revenue to $516 million as tonnage per day increased 4.6%, mostly offset by a 4.3% decline in revenue per hundredweight, or yield. Excluding fuel surcharges, which were lower in the period as diesel prices declined year-over-year, LTL yield increased in the low single digit percentage range compared to the first quarter of 2019.The asset-light division reported a 4.1% year-over-year revenue decline at $217 million and an operating loss of $369,000. Declines in demand for expedited delivery options and truckload brokerage were cited as the reasons.ArcBest reported a "significant" decline in business during April, resulting in a 20% drop in consolidated revenue compared to April 2019. The company has implemented $15 million to $20 million in cost reduction initiatives, including workforce reductions, a 15% cut to non-union employee salaries, a decrease in board compensation and suspended the 401k match.The company reported undisclosed, but positive earnings before interest, taxes, depreciation and amortization (EBITDA) for the month of April.View more earnings on ARCBAt the end of March, the company drew down the remaining $180 million available on its revolving credit facility and borrowed $45 million under its accounts receivable securitization program to bolster its liquidity. ArcBest also lowered its net capital expenditures (net capex) by 30% to a range of $95 million to $105 million to preserve capital. The company plans to spend $18 million less on equipment purchases than originally anticipated.ArcBest ended April with $12 million more in cash and short-term investments than it had in debt.The company will host a conference call to discuss these results with analysts and investors at 9:30 a.m. Eastern time.Key Performance Indicators – ArcBestSee more from Benzinga * YRC Receives Grace Period For Union Benefits Amid 'Sharp Decline' * P.A.M. Transportation Lays off 75 Employees, Mostly Nondrivers * Trucking Stocks Are Doing About As Miserable As The Broader Stock Market(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Image source: The Motley Fool. ArcBest Corp (NASDAQ: ARCB)Q1 2020 Earnings CallMay 5, 2020, 9:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGreetings, and welcome to the ArcBest First Quarter 2020 Earnings Conference Call.

ArcBest® (Nasdaq: ARCB), a leading logistics company with creative problem solvers who deliver innovative solutions, is pleased to announce its employee training program placed 12th among Training magazine's 2020 Top 125.

ArcBest Corporation (NASDAQ:ARCB), which is in the transportation business, and is based in United States, received a...

ArcBest® (the "Company") (Nasdaq: ARCB), announced today that, taking into consideration the emerging public health impact of the coronavirus outbreak (COVID-19) and the increasingly severe protocols that federal, state and local governments have imposed, the location and format of its 2020 Annual Meeting of Stockholders (the "Annual Meeting") will change from an in-person meeting to a virtual-only meeting format. As previously announced, the Annual Meeting will be held on Friday, May 1, 2020 at 8:00 a.m. (CDT).

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The Board of Directors of ArcBest® (Nasdaq: ARCB) has declared a quarterly cash dividend of eight cents ($0.08) per share to holders of record of its Common Stock, $0.01 par value, on May 15, 2020, payable on May 29, 2020.

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Shares of logistics provider ArcBest Corporation (NASDAQ: ARCB) are surging on a much better than expected first quarter 2020 earnings report.In the period, the company reported adjusted earnings per share of $0.36, well ahead of the consensus estimate of an $0.11 per share loss. The result excluded $0.14 per share in costs associated with its freight handling pilot test program and included a similar amount from adjustments in its life insurance program.The company mostly escaped the freight falloff which began for most carriers in the middle of March. However, demand in April has fallen materially.April Down 20% ArcBest reported a 20% year-over-year consolidated revenue decline for the month of April. On its earnings call with analysts and investors, management said that they didn't really see much of a difference in volume declines from one week to the next throughout the month. They indicated that similar declines have continued into May.The 20% decline is in line with the revenue dip seen by less-than-truckload (LTL) competitor Old Dominion Freight Line, Inc. (NASDAQ: ODFL). On its first quarter call, the carrier said that revenue per day was down close to 20% with shipments trending a little worse in April.While ArcBest's books aren't officially closed for April, asset-based daily billed revenue was down 21% year-over-year as tonnage declined 14% and shipments were off 16%. Revenue per hundredweight, or yield, was down 7.5%, but contractual renewals have been up by a percentage similar to the first quarter's 4.3% year-over-year increase. Lower fuel surcharge revenue, a change in freight mix and lower rates on spot truckload shipments have resulted in the yield declines.Management said that they have brought in more transactional LTL business to fill empty trucks, but the yields aren't as strong as those seen in their contractual business. They did say that these loads are incrementally profitable.Chairman, President and CEO of ArcBest Judy McReynolds said that the pricing environment is "rationale." She said that while there has been a delay in some contractual price negotiations, it's "nothing dramatic."The asset-based division's operating ratio, inverse of operating margin representing operating expenses as a percentage of revenue or OR, normally improves sequentially from first quarter to second. However, given the sharp decline in revenue, the company doesn't expect OR to follow historic trends this year.McReynolds said that she expects most automotive manufacturers to come back online in mid-May, but they haven't heard much discussion from the rest of their manufacturing customer base regarding the resumption of operations.Asset-light revenue was down 17% in April, but profitability has improved given the cost reduction initiatives as well as an increase in expedited opportunities in the division, which carry favorable margins. Unlike the first quarter, an 18% decline in purchased transportation expense outpaced the decline in revenue, providing a modest bump in margin as the cost of capacity declined faster than reductions in loads and revenue per load.Revenue at the company's commercial vehicle maintenance and repair unit, FleetNet, was down approximately 10% in April.In response to COVID-19-related volume declines, ArcBest implemented cost savings initiatives in early April. The company believes workforce reductions, a 15% cut to non-union employee salaries, a decrease in board compensation and suspending the 401k match will provide roughly $15 million to $20 million in year-over-year cost reduction. Additionally, the company has reduced headcount of road drivers by 12% and dock and city workers by 14%.Management expects consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to remain positive for the month of April.First Quarter 2020 The company's asset-based division, which includes LTL operations, reported a 1.9% year-over-year increase in revenue to $516 million as tonnage per day increased 4.6%, mostly offset by a 4.3% decline in yield. Daily tonnage was up 5.7% in January, 7.5% in February, but only 1% in March. Excluding fuel surcharges, LTL yield increased in the low single digit percentage range compared to the first quarter of 2019. Modestly better revenue and cost efficiencies resulted in a 40-basis point improvement in OR at 96.5%.The asset-light division reported a 4.1% year-over-year revenue decline to $217 million and an operating loss of $369,000. The ArcBest segment of the asset-light division saw a 9.8% year-over-year decline in shipments per day and a 3.3% decline in revenue per shipment. Declines in demand for expedited delivery options and truckload brokerage due to excess truck capacity available in the market for the bulk of the quarter were cited as the reasons. Also, the decline in revenue outpaced the decline in purchased transportation costs leading to margin degradation, a trend that reversed during April. Key Performance Indicators – ArcBestLiquidity and Balance Sheet ArcBest reported $559 million in liquidity on the call. The company previously drew down the remaining $180 million available on its revolving credit facility and borrowed $45 million under its accounts receivable securitization program to increase its resources. ArcBest ended April with $12 million more in cash and short-term investments than it had in debt.ArcBest lowered its net capital expenditures (net capex) guidance by 30% to a range of $95 million to $105 million to further preserve capital. The company plans to spend $18 million less on equipment purchases than originally anticipated.Shares of ARCB are up more than 15% in midday trading.See more from Benzinga * Expeditors International Sees First Quarter Net Income Fall 12.5% * FreightWaves LIVE @HOME: Obama White House Official Says COVID-19 Response Depends On Logistics Sector * Barge Giant Kirby: Signs Of Life But Too Soon To Call Bottom(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Shares of ArcBest (NASDAQ:ARCB) were unchanged at $19.24 after the company reported Q1 results.Quarterly Results Earnings per share rose 111.76% over the past year to $0.36, which may not compare to the estimate of ($0.11).Revenue of $701,399,000 lower by 1.47% from the same period last year, which missed the estimate of $706,020,000.Guidance Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: May 05, 2020View more earnings on ARCBTime: 02:05 PM ETWebcast URL: https://event.webcasts.com/starthere.jsp?ei=1298021&tp_key=bbf668d3e2Recent Stock Performance 52-week high: $32.45Company's 52-week low was at $13.54Price action over last quarter: down 13.76%Company Description ArcBest Corp is engaged in logistics operations. The company operates in three business segments namely Asset-Based, ArcBest and FleetNet. The company generates maximum revenue from its asset-based operations.See more from Benzinga * Recap: Vishay Precision Group Q1 Earnings * US Concrete: Q1 Earnings Insights * Recap: Mallinckrodt Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.