QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 31, 2019

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE P – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The tables below present unaudited quarterly financial information for 2019 and 2018.

2019

First

Second

Third

Fourth

Quarter

(in thousands, except share and per share data)

Revenues

711,839

771,490

787,563

717,418

Operating expenses⁽¹⁾

703,248

736,290

756,355

728,647

Operating income (loss)⁽¹⁾

8,591

35,200

31,208

(11,229)

Other income (costs)⁽²⁾

(1,995)

(1,640)

(7,866)

(798)

Income tax provision (benefit)

1,708

9,184

7,072

(6,478)

Net income (loss)⁽¹⁾⁽²⁾

4,888

24,376

16,270

(5,549)

Earnings (loss) per common share⁽³⁾

Basic⁽¹⁾⁽²⁾

0.19

0.95

0.64

(0.22)

Diluted⁽¹⁾⁽²⁾

0.18

0.92

0.62

(0.22)

Average common shares outstanding

Basic

25,570,415

25,554,286

25,527,982

25,490,393

Diluted

26,512,349

26,431,592

26,416,595

25,490,393


	2018
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except share and per share data)
Revenues	$	700,001	$	793,350	$	826,158	$	774,279
Operating expenses⁽⁴⁾		687,276		790,194		770,103		737,117
Operating income⁽⁴⁾		12,725		3,156		56,055		37,162
Other income (costs)⁽²⁾		(3,734)		(2,422)		(2,064)		(16,492)
Income tax provision (benefit)		(963)		(499)		13,215		5,371

Net income⁽²⁾⁽⁴⁾	$	9,954	$	1,233	$	40,776	$	15,299

Earnings per common share⁽³⁾
Basic⁽²⁾⁽⁴⁾	$	0.39	$	0.05	$	1.58	$	0.59
Diluted⁽²⁾⁽⁴⁾	$	0.37	$	0.05	$	1.52	$	0.57

Average common shares outstanding
Basic		25,642,871		25,670,325		25,697,509		25,707,335
Diluted		26,596,376		26,699,549		26,795,659		26,682,262

(1)

Fourth quarter 2019 includes a noncash impairment charge of $26.5 million (pre-tax), or $19.8 million (after-tax) and $0.78 per diluted share, related to a portion of the goodwill, customer relationship intangible assets, and revenue equipment associated with the acquisition of truckload and truckload-dedicated businesses within the ArcBest segment. See Note D.

(2)

Includes nonunion pension expense, including settlement, for each quarter of 2018 and 2019. Pension settlements related to termination of the nonunion defined benefit pension plan began in fourth quarter 2018 and continued through third quarter 2019. In third quarter 2019, when the benefit obligation of the plan was settled, nonunion defined benefit pension expense, including settlement and termination expense, totaled $6.7 million (pre-tax), or $6.0 million (after-tax) and $0.23 diluted share. In fourth quarter 2018, when the pension settlements related to plan termination began, nonunion defined benefit pension expense, including settlement, totaled $12.6 million (pre-tax), or $9.4 million (after-tax) and $0.35 per diluted share. See Nonunion Defined Benefit Pension Plan disclosures within Note I for annual amounts of nonunion pension expense, including settlement and termination expense.

(3)	The Company uses the two-class method for calculating earnings per share. See Note L.

(4)	Second quarter 2018 includes a multiemployer pension fund withdrawal liability charge of $37.9 million (pre-tax), or $28.2 million (after-tax) and $1.05 per diluted share. See Multiemployer Plans within Note I.