On this page of StockholderLetter.com we present the latest annual shareholder letter from ARCBEST CORP /DE/ — ticker symbol ARCB. Reading current and past ARCB letters to shareholders can bring important insights into the investment thesis.

 •  3/14/2025 Letter Continued (Full PDF)
 •  3/17/2023 ARCB Stockholder Letter
 •  3/15/2024 ARCB Stockholder Letter
 •  More "Trucking" Category Stockholder Letters
 •  ARCB Benford's Law Stock Score = 83

ARCB Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Message from the Chairman
As ArcBest begins
its second century,
the Company is
better positioned
than ever to
capitalize on its
market leadership
in supply chain
logistics and deep
relationships with
customers to solve
their most complex logistics challenges.
Despite continued soft freight markets and
a challenging industrial economy in 2024, we
navigated these conditions with resilience
and agility, demonstrating the power of our
strategy and commitment to customers.
As a result, we achieved customer growth,
realized signi   cant operational ef   ciencies
and introduced award-winning innovations.
We also set records in our Managed
Transportation business, and once again, ABF
Freight exceeded Mastio   s industry benchmark
for service.
Our achievements in 2024 were due to the
hard work and dedication of our talented
employees. Their continued effort and
expertise, combined with ArcBest   s spirit of
innovation and breadth of solutions, is what
continues to set the Company apart     in the
trucking and logistics industries and beyond.
This year reinforced our belief in our Mission:
To connect and positively impact the world
through solving logistics challenges.
ArcBest   s Strategy and Strength
More than 100 years ago, ArcBest began as a
local Arkansas freight company. Today we are
a logistics powerhouse, using differentiated
technology, expertise and scale to connect
shippers with the solutions they need. Our
strategy     centered on growth, ef   ciency
and innovation     combined with    nancial
stability, strong customer relationships
and investments in people, solutions
and technology, have established a solid
foundation for continued pro   table growth.
We have consistently focused on longterm strategy, disciplined cost control and
balanced capital allocation and revenue
mix. This approach enabled us to end the
year in a position of    nancial strength,
poised to continue navigating market
challenges effectively while creating value
for our customers, stockholders and other
stakeholders.
   We   ll    nd a way    is the motto everyone at
ArcBest lives by. It embodies our commitment
to doing hard things well and is deeply
embedded in our culture. This commitment,
along with our ability to provide multiple
transport mode options and the best logistics
solutions with an optimal balance of speed,
cost and reliability, enables us to deliver
industry-leading service and foster trusted
partnerships that deliver long-term value.
Investing in Innovation, Equipment
& Facilities to Accelerate Growth
Innovation is a key pillar of our strategy
to maintain and accelerate growth. We   re
developing leading-edge solutions focused
on meeting customers    needs, enhancing
employee ef   ciency and preparing every
facet of our organization for the future.
In 2024, we made great progress in this area.
We improved shipment visibility, achieving
approximately 30% better accuracy in our
ETA calculations. We also launched the
beta testing phase of ArcBest View   , our
new digital platform designed to make it
easier than ever for customers to manage
their shipments. Additionally, we launched
Vaux Smart Autonomy   , our groundbreaking
autonomous material handling technology.
We continue to implement new ways to
further enhance ef   ciency through the use
of various forms of AI, including generative
AI. Building on our City Route Optimization
project, in 2024 we began using a new city
pick-up augmentation process to predict
daily demand, optimize pickup routes and
respond to quote requests.
To further enhance our service excellence,
we   ve implemented new dock management
software and advanced labor planning tools,
striving to ensure optimal staf   ng to support
growth objectives.
We   ve also progressed on our long-term
ABF facility roadmap and strategically added
capacity. We completed more than 30
remodel projects and added approximately
300 new doors, expanding our door count to
9,500     strengthening our ability to handle
more freight with greater productivity.
And we aren   t stopping there. We are
investing in equipment to maintain one of
the youngest and most ef   cient    eets in
the industry. A modern    eet reduces our
total cost of ownership and underscores our
commitment to operational excellence and
long-term sustainability.
In 2025, we intend to continue investing
in technology, facilities and equipment,
enhancing the ef   ciency of our customers   
businesses and our own.
Our People-First Culture
Our ability to navigate even the most
challenging markets re   ects the talent and
commitment of ArcBest   s people. We strive
to foster a supportive work environment to
ensure that all employees are equipped to do
their jobs well and serve our customers with
excellence.
By providing the right tools, training and
support, we enhance our employees    ability
to deliver exceptional value to our customers
and can also achieve signi   cant cost savings.
Last year alone, the operations experts
deployed to our largest ABF facilities saved
the company $12.4 million, and we expect
even more savings as we expand these efforts
into 2025.
In terms of leadership, we continue
to enhance our strong bench talent at
ArcBest. Seth Runser   s promotion to
President of ArcBest and Matt Godfrey   s
promotion to President of ABF Freight
highlight our con   dence in their ability to
drive the Company   s continued success.
Additionally, Dennis Anderson   s new role
as Chief Innovation Of   cer emphasizes our
commitment to forward-thinking leadership
and value creation through innovation.
2025 and Beyond
We remain focused on managing what is
within our control, providing industryleading service and operating ef   ciently.
The market opportunity for ArcBest is
signi   cant, and with our skilled team,
leading-edge technology,    nancial strength
and commitment to excellence, I   m con   dent
in the Company   s future. ArcBest is well
positioned to navigate market challenges
while also pursuing our proven strategy for
long-term growth and sustained pro   tability.
Judy R. McReynolds
Chairman &
Chief Executive Officer
Certain statements contained herein may be considered
   forward-looking statements.   
See    Forward-Looking Statements    in ArcBest   s 2024 Annual
Report on Form 10-K for additional information.

Our Company
ArcBest   is a multibillion-dollar integrated
logistics company that leverages
technology and a full suite of shipping and
logistics solutions to meet our customers   
supply chain needs and help keep the
global supply chain moving.
Using our technology, expertise and scale,
we connect shippers with the solutions
they need     from ground, air and ocean
transportation to fully managed supply
chain solutions     serving our customers
as a single logistics resource.
We started in 1923 as a local Arkansas
freight hauler. Today, we are
a publicly traded logistics
powerhouse with global reach
and 14,000 employees across
250 campuses and service
centers. This transformation is
the result of organic growth,
strategic acquisitions, visionary
leadership and skilled, resilient
people who are driven to    nd
a way to get the job done.
ArcBest is a trusted advisor to some of
the world   s largest and most recognizable
brands. Our Vision is to be the leading
logistics partner and innovator, working
with customers to build better supply
chains across the globe. We put ourselves
in our customers    shoes, get to know
their business, and constantly look for
opportunities to optimize. The solutions
and strategies we recommend align with
their goals. And when the unexpected
happens, we   re there to help them quickly
pivot to overcome disruptions and keep
their supply chain moving.
Our long history of innovation enriches
these deep customer relationships. With
innovation as a pillar of our strategy, we   re
committed to helping our customers
navigate their logistics challenges now
and in the future, and we encourage
our employees to think creatively and
challenge the status quo.
Our people are at the heart of our
success, and we are deeply focused on a
culture that is grounded in the company   s
core values of Creativity, Integrity,
Collaboration, Growth, Excellence and
Wellness. We support employees by
providing a workplace where people with
unique experiences and perspectives can
grow and make a lasting impact.
solving logistics challenges, ArcBest
leverages sustainability-related data
to increase operational
ef   ciency. This allows us to
better meet our customers   
needs and solve their
most complex logistics
challenges, all while
reducing our collective
environmental impact. By
harnessing the power of
innovation and prioritizing
responsible business practices, we create
long-term value while building a safer,
more resilient company.
Some of the
environmental progress
we   ve made in 2024
includes:
Added over 700 new
Class 7 and 8 trucks,
replacing older models
to improve overall
fuel ef   ciency and
reduce greenhouse
gas emissions (GHG),
striving to ensure our    eet remains one
of the youngest and most ef   cient in the
industry
Expanded our electric    eet with additional
forklifts and yard tractors
Advanced our Facility Enhancement and
Growth Roadmap, completing over 30
additional remodels and renovations.
Upgrades include LED light replacement
to reduce electricity consumption and
new    xtures to reduce water usage. Our
facility expansion also allows us to handle
more freight with improved productivity
and better service
Partnered with FoodLoops for the second
year to reduce waste at corporate events,
diverting over 1,400 lbs. of waste from
land   lls through recycling and composting
Selected as a 2024 Inbound Logistics
Green (G75) Supply Chain Partner for the
13th time
Named a 2024 BNSF Railway Sustainability
Award winner
Held our 2nd annual Earth Day campus
clean-up event, expanding to a second
corporate campus
Some of the Corporate Social
Responsibility (CSR) progress we made in
2024 includes:
Welcome to ArcBest.
Our Commitment to
Sustainability
In pursuit of our Mission to connect
and positively impact the world through
Supported communities across the
country by partnering with disaster
relief organizations and participating in
community wellness initiatives including
Toys for Tots, Almost Home Shelter and
Rescue and more
Invested in our employees and their
families through    nancial support for higher
education by launching
our Employee
Dependent Scholarship
Program in partnership
with Scholarship
America
Broadened our talent
pipeline through events
like ABTech School
Days, encouraging local
students to pursue careers in STEM    elds
Named a 2024-2025 U.S. News & World
Report Best Company to Work for in the
transportation category and one of America   s
Most Responsible Companies 2025 by
Newsweek and Statista

2024
2023
($ thousands, except per share data)
Operations for the Year (Continuing Operations)
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,179,019

4,427,443
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

244,434

172,619
Non-GAAP Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

203,007

258,312
Earnings per diluted common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.28

5.77

6.28

7.88
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,429,731

2,485,094
Current portion of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

63,978

66,948
Long-term debt (including notes payable, excluding current portion). . . . . . .

125,156

161,990
Stockholders    equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,314,362

1,242,363
(1)
(1)
Non-GAAP Earnings per diluted common share . . . . . . . . . . . . . . . . . . . . . .
Information at Year End
Number of common shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23,287
23,564
(1) See reconciliations of GAAP to Non-GAAP financial measures on the inside back cover.
Stock Performance Graph
The comparisons assume $100 was invested on
December 31, 2019, in ArcBest   s Common Stock with
reinvestment of dividends. All calculations have been
prepared by Zacks Investment Research, Inc. The
stockholder return shown on the graph is not necessarily
indicative of future performance.
The following graph and data table show a comparison of
the cumulative total return for ArcBest, the Russell 2000  
Index and a peer group index selected by ArcBest for the
   ve-year period ending December 31, 2024:
ArcBest is an integrated logistics company that provides
freight transportation services and logistics solutions.
Accordingly, it is important that ArcBest   s performance
be compared to that of other companies with similar
operations. Therefore, the new peer group (used for
2024) includes the following diversi   ed mix of ArcBest   s
transportation and logistics related competitors:
Covenant Logistics Group, Inc., Forward Air Corporation,
Hub Group, Inc., J.B. Hunt Transport Services, Inc.,
Knight-Swift Transportation Holdings Inc., Landstar
System, Inc., Old Dominion Freight Line, Inc., RXO, Inc.,
Saia, Inc., Schneider National, Inc., TFI International Inc.,
Werner Enterprises, Inc., and XPO, Inc. As compared to
the old peer group (used for 2023), the new peer group
re   ects the addition of RXO, Inc. and XPO, Inc.
ASSUMES $100 INVESTED ON DEC. 31, 2019
ASSUMES DIVIDEND REINVESTED
FISCAL YEAR ENDING DEC. 31, 2024
Cumulative Total Return
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
12/31/24
ArcBest Corporation . . . . . . $ 100.00
$ 156.55
$ 441.63
$ 259.47
$ 447.38
$ 348.68

Russell 2000 Index . . . . . . . $ 100.00
$ 119.96
$ 137.74
$ 109.58
$ 128.14
$ 142.92
New Peer Group. . . . . . . . . . $ 100.00
$ 133.23
$ 209.49
$ 172.36
$ 234.79
$ 226.81
Old Peer Group. . . . . . . . . . . $ 100.00
$ 130.88
$ 216.63
$ 180.19
$ 235.83
$ 216.56



 3/14/2025 Letter Continued (Full PDF)