ArcBest Board approves 6-cent per share quarterly dividend

by The City Wire staff ([email protected]) 126 views 

The board of directors of ArcBest Corp. on Tuesday (July 28) declared a quarterly cash dividend of 6 cents per share to shareholders as of Aug. 11 and payable on Aug. 25.

The Fort Smith-based transportation holding company is scheduled to report second quarter earnings on Aug. 3. The consensus estimate is that the company will post per share earnings of 73 cents per share on revenue of $691.99 million. Both estimates, if realized, would top earnings and revenue during the same quarter of 2014.

First quarter net income of $745,000 for ArcBest was below what the market expected, but it was the company’s first first-quarter profit for the first time in seven years and a wide swing from the first quarter 2014 loss of $5.19 million. First quarter revenue for ArcBest was $613.276 million, up 6.1% compared to the first quarter of 2014.

The company has posted two consecutive years in the black. Full year net income in 2014 was $46.177 million, up 192% compared to the $15.811 million in 2013, and a wide swing from the $7.7 million loss in 2012. Total revenue during 2014 for the publicly held company (NASDAQ: ARCB) was $2.612 billion, up 13.6% compared to 2013.

Company shares (NASDAQ: ARCB) closed Tuesday at $30.69, up $1.16. During the past 52 weeks the share price has ranged from a $47.52 high to a $29.39 low.