ArcBest Announces First Quarter 2017 Results

• Revenue of $464.4 million compared to $439.1 million, a per-day increase of 4.9 percent.
• Tonnage per day decrease of 0.7 percent.
• Shipments per day increase of 5.7 percent.
• Total billed revenue per hundredweight increased 6.3 percent and was positively impacted by changes in shipment profile and higher fuel surcharges.  Excluding fuel surcharge, the percentage increase on ArcBest's Asset-Based LTL freight was in the low-single digits.
• Operating loss of $10.0 million and an operating ratio of 102.2 percent compared to an operating loss of $9.0 million and an operating ratio of 102.0 percent.  On a non-GAAP basis, an operating loss of $8.5 million and an operating ratio of 101.9 percent compared to an operating loss of $8.3 million and an operating ratio of 101.8 percent.

Despite a slight decrease in daily freight tonnage, first quarter revenue for ArcBest's Asset-Based services improved versus the same period last year due to solid increases in revenue per hundredweight.  Asset-Based services maintained pricing discipline, and average shipment rates were positively impacted by changes in freight profile and increases in fuel surcharge.  Recent trends of Asset-Based shipment growth continued, resulting in the need for increased amounts of freight handling labor and purchased transportation resources.  Equipment repositioning costs continued to be meaningfully below last year while first quarter freight handling productivity improved slightly.  Though first quarter equipment maintenance expenses were higher, new replacement tractors, scheduled to be delivered throughout the second quarter, are expected to further improve linehaul equipment efficiencies, positively impact maintenance costs and contribute to lower city pickup and delivery costs.  Increased severity of healthcare claims unfavorably affected those costs during the quarter.  Asset-Based cost controls resulting from the enhanced market approach were in-line with expectations.

Asset-Light^‡

Results of Operations

First Quarter 2017 Versus First Quarter 2016

• Revenue of $193.1 million compared to $186.0 million.
• Operating income of $1.9 million compared to operating income of $1.0 million. On a non-GAAP basis, operating income of $2.8 million compared to $1.0 million.
• Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") of $6.3 million compared to Adjusted EBITDA of $4.7 million.

The increase in Asset-Light revenue was the result of growth in expedited services and the impact of additional dedicated truckload business related to a second half 2016 acquisition.  The improvement in non-GAAP operating income reflects cost management initiatives, including expense reductions associated with the previously announced corporate restructuring.  Net revenue margins were compressed as a result of increased market rates for purchased transportation.  Compared to a strong prior year quarter, ArcBest's international revenue and margins were weaker due to the lingering effects of disruption in the ocean shipping market.  Though it handled fewer customer events, FleetNet's first quarter operating income was comparable to last year because of improved labor efficiencies and positive changes in customer mix.

Closing Comments

"We remain cautiously optimistic that the 2017 operating environment will improve going forward," said McReynolds. "Regardless of the environment, our entire team is singularly focused on delivering an excellent customer experience and broadening awareness of the full scope of solutions we provide.  This includes the recent launch of our new "Welcome to Simplistics" advertising campaign, in which we underscore and highlight ArcBest's expert ability to simplify our customers' supply chain challenges."

Conference Call

ArcBest Corporation will host a conference call with company executives to discuss the 2017 first quarter results. The call will be today, Friday, May 5, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 684-9134. Following the call, a recorded playback will be available through the end of the day on June 15, 2017. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21849557. The conference call and playback can also be accessed, through June 15, 2017, on ArcBest's website at arcb.com.

About ArcBest

ArcBest^SM (Nasdaq: ARCB) is a logistics company with creative problem solvers who have The Skill and the Will® to deliver integrated logistics solutions.  At ArcBest, We'll Find a Way to deliver knowledge, expertise and a can-do attitude with every shipment and supply chain solution, household move or vehicle repair.  For more information, visit arcb.com.

Forward-Looking Statements

Certain statements and information in this press release concerning results for the three months ended March 31, 2017 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "foresee," "intend," "may," "plan," "predict," "project," "scheduled," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management's 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. 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: a failure of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely, data breach, and/or cybersecurity incidents; not achieving some or all of the expected financial and operating benefits of our corporate restructuring or incurring additional costs or operational inefficiencies as a result of the restructuring; relationships with employees, including unions, and our ability to attract and retain 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's collective bargaining agreement; competitive initiatives and pricing pressures; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer plans; the cost, integration, and performance of any recent or future acquisitions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers' access to adequate financial resources; governmental regulations; environmental laws and regulations, including emissions-control regulations; the loss or reduction of business from large customers; litigation or claims asserted against us; the cost, timing, and performance of growth initiatives; the loss of key employees or the inability to execute succession planning strategies; 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; default on covenants of financing arrangements and the availability and terms of future financing arrangements; timing and amount of capital expenditures; self-insurance claims and insurance premium costs; 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; increased prices for and decreased availability of new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance and fuel and related taxes; potential impairment of goodwill and intangible assets; maintaining our intellectual property rights, brand, and corporate reputation; seasonal fluctuations and adverse weather conditions; regulatory, economic, and other risks arising from our international business;  antiterrorism and safety measures; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest's public filings with the Securities and Exchange Commission ("SEC").

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with 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.

NOTE

 ‡ - The ArcBest and FleetNet reportable segments, combined, represent Asset-Light operations.

Financial Data and Operating Statistics

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

ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
		Three Months Ended
		March 31
		2017			2016
		(Unaudited)
		($ thousands, except share and per share data)
REVENUES		$	651,088		$	621,455
OPERATING EXPENSES			663,341			630,720
OPERATING LOSS			(12,253)			(9,265)
OTHER INCOME (COSTS)
Interest and dividend income			274			401
Interest and other related financing costs			(1,315)			(1,247)
Other, net			647			366
			(394)			(480)
LOSS BEFORE INCOME TAXES			(12,647)			(9,745)
INCOME TAX BENEFIT			(5,240)			(3,642)
NET LOSS		$	(7,407)		$	(6,103)
LOSS PER COMMON SHARE(1)
Basic		$	(0.29)		$	(0.24)
Diluted		$	(0.29)		$	(0.24)
AVERAGE COMMON SHARES OUTSTANDING
Basic			25,684,475			25,822,522
Diluted			25,684,475			25,822,522
CASH DIVIDENDS DECLARED PER COMMON SHARE		$	0.08		$	0.08
(1) ArcBest uses the two-class method for calculating earnings per share. This method, as calculated below for diluted earnings per     share, requires an allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock     for calculating per share amounts.
NET LOSS		$	(7,407)		$	(6,103)
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