The following is a summary of the ArcBest Corporation (ARCB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ArcBest reported Q1 revenue of $1 billion, a decrease of 6% compared to the previous year.

• The non-GAAP operating income was nearly $43 million, compared to $52 million in the same quarter the previous year.

• Adjusted earnings per share decreased from $1.58 in Q1 2023 to $1.34 in Q1 2024.

• Asset-based business generated $672 million in revenue, a per day decrease of 3%.

• In the first year of their new labor contract, ArcBest saw a wage increase of about 13% and a health, welfare, and pension cost increase of about 7% in Q1 2024.

Business Progress:

• ArcBest has seen strong demand for its services, with a pipeline that has grown by 35% since the start of the year.

• The company has made key investments to accelerate its growth and increase operational efficiency.

• ArcBest is working on several active pilots, in collaboration with Fortune 50 and Fortune 500 companies, focused on innovative freight movement systems and autonomous solutions.

• There are several optimization projects underway including investment in labor tools and various city route optimization phases.

• ArcBest has plans to make strategic investments in their fleet, which is positioned to respond to expected market improvements.

More details: ArcBest IR

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