ArcBest announces 3-cent quarterly dividend

by The City Wire staff ( 5 views 

The Board of Directors of Fort Smith-based ArcBest Corp. (formerly Arkansas Best) announced Thursday (July 24) of 3 cents per share payable Aug. 21 to shareholders of record Aug. 7.

ArcBest shares (Nasdaq: ARCB) closed Thursday (July 24) at $43.21, up 47 cents. During the past 52 weeks the share price has ranged from a $45.68 high to a $19.40 low.

ArcBest Corp., the parent company of less-than-truckload carrier ABF Freight System, closed the second quarter at $43.51, up 28.65% compared to the Jan. 2 closing price of $33.82.

The company is set to issue second quarter earnings on July 31. The consensus estimate among the 14 analysts who follow ArcBest estimate $642.6 million in revenue for the quarter, more than 11% above the $576.9 million in the second quarter of 2013.

ArcBest officials have said growth in the non-asset businesses are necessary to diversify the company’s revenue stream and to help reach a goal of $3 billion in revenue in 2014.