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• Continued productivity gains driven by technology, training, and network design
• Record Managed solution shipment levels despite challenging freight environment
• Over $24 million returned to shareholders through share repurchases and dividends

FORT SMITH, Ark.--(BUSINESS WIRE)-- ArcBest^庐 (Nasdaq: ARCB), a leader in supply chain logistics, today reported first quarter 2025 revenue of $967.1 million, compared to $1.0 billion in first quarter 2024. Net income from continuing operations was $3.1 million, or $0.13 per diluted share, compared to a net loss of $2.9 million, or $0.12 per diluted share in the prior year. On a non-GAAP basis, first quarter 2025 net income was $11.9 million, or $0.51 per diluted share, compared to $32.3 million, or $1.34 per diluted share in the prior year.

"I want to thank our employees for their commitment to excellence as they serve customers,鈥� said Judy R. McReynolds, ArcBest Chairman and CEO. 鈥淐ustomers need trusted partners to help them navigate the ever-changing environment, and I鈥檓 proud of our employees for working hand-in-hand with customers to develop solutions, solve challenges and build trust.鈥�

Results of Operations Comparisons

Asset-Based

First Quarter 2025 Versus First Quarter 2024

• Revenue of $646.3 million compared to $671.5 million, a per-day decrease of 3.0 percent
• Total tonnage per day decrease of 4.3 percent
• Total shipments per day were flat
• Total billed revenue per hundredweight increase of 1.7 percent
• Operating income of $26.4 million and an operating ratio of 95.9 percent, compared to $53.5 million and an operating ratio of 92.0 percent

Asset-Based first quarter tonnage declines were driven by a 3.9 percent decrease in weight per shipment and flat daily shipments. Prolonged manufacturing sector weakness continues to negatively impact weight per shipment metrics and profitability. Productivity improvements of 1.1 percent and other cost initiatives helped mitigate the impact of the soft market environment, higher insurance and healthcare costs, and annual labor cost increases associated with ABF鈥檚 union contract.

Customer contract renewals and deferred pricing agreements saw an average increase of 4.9 percent during the quarter. Price improvements were offset by declining fuel costs. Excluding fuel surcharges, revenue per hundredweight increased in the low- to mid-single digits, year-over-year. Overall, LTL industry pricing remains rational.

Compared sequentially to the fourth quarter of 2024, first quarter 2025 revenue per day decreased 3.9 percent. Weight per shipment declined 1.7 percent and shipments per day declined by 1.1 percent, resulting in a 2.7 percent decrease in tonnage per day. Billed revenue per hundredweight was flat. Lower tonnage, offset in part by cost savings, resulted in the operating ratio increase of 390 basis points sequentially, which was within the historical seasonality range of a 350 to 400 basis point increase.

Asset-Light

First Quarter 2025 Versus First Quarter 2024

• Revenue of $356.0 million compared to $396.4 million, a per-day decrease of 9.5 percent
• Operating loss of $4.4 million compared to operating loss of $15.3 million
• On a non-GAAP basis, operating loss of $1.2 million compared to operating loss of $4.7 million
• Adjusted earnings before interest, taxes, depreciation and amortization (鈥淎djusted EBITDA鈥�), as defined in the attached non-GAAP reconciliation tables, of $0.2 million compared to negative $2.9 million

Compared to the first quarter of 2024, Asset-Light revenues were impacted by lower revenue per shipment associated with the soft rate environment and a higher mix of managed transportation business, which has smaller shipment sizes and lower revenue per shipment metrics. Shipments per day were lower by 3.7 percent, from a strategic reduction in less profitable truckload volumes, which offset the continued strength in shipment growth for our Managed solution. The segment benefitted from improved margins, lower operating costs and productivity improvements, as shipments per employee per day improved 23.6 percent, on a year-over-year basis. However, the soft freight environment and excess truckload capacity continued to impact results.

Compared sequentially to fourth quarter 2024, first quarter 2025 daily revenue was down 7.4 percent, as shipments per day decreased 1.4 percent, and revenue per shipment decreased 6.1 percent. Shipments per employee per day improved 5.0 percent, margins expanded, and operating costs were managed lower, resulting in a $4.7 million improvement in the non-GAAP operating loss.

Conference Call

ArcBest will host a conference call with company executives to discuss the quarterly results. The call will be today, Tuesday, April 29, 2025, at 9:30 a.m. EDT (8:30 a.m. CDT). Interested parties are invited to listen by calling (800) 715鈥�9871 or by joining the webcast which can be found on ArcBest鈥檚 website at . Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on April 29, 2025, will be posted and available to download on the company鈥檚 website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on May 13, 2025. To listen to the playback, dial (800) 770-2030. The conference call ID for the live conference call and the playback is 6423434. The conference call and playback can also be accessed through May 13, 2025, on ArcBest鈥檚 website at .

About ArcBest

ArcBest^庐 (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 14,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need 鈥� from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like 鈩�, one of the TIME Best Inventions of 2023. For more information, visit .

The following is a 鈥渟afe harbor鈥� statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release may constitute 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渃ould,鈥� 鈥渄esigned,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渇orecast,鈥� 鈥渇oresee,鈥� 鈥渋ntend,鈥� 鈥渓ikely,鈥� 鈥渕ay,鈥� 鈥減lan,鈥� 鈥減redict,鈥� 鈥減roject,鈥� 鈥渟cheduled,鈥� 鈥渟eek,鈥� 鈥渟hould,鈥� 鈥渨ould,鈥� and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management鈥檚 beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems, including but not limited to licensed software; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; establishing and maintaining adequate internal controls over financial reporting; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight鈥檚 collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, health epidemics, geopolitical conflicts, acts of war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers鈥� access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation鈥檚 public filings with the Securities and Exchange Commission (鈥淪EC鈥�).

For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest^庐 and its reportable segments.

ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, net income (loss) or earnings per share, as determined under GAAP.

ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES 鈥� Continued

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)

Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light segment, changes in the fair values of contingent consideration and equity investment, which are significant expenses or gains resulting from strategic decisions or other factors rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income (loss) from continuing operations, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating loss, as other income (costs), income taxes, and net income (loss) from continuing operations are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.

ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES 鈥� Continued

Notes to Non-GAAP Financial Tables

The following footnotes apply to the non-GAAP financial tables presented in this press release.