ArcBest reported third quarter 2024 revenue of $1.06 billion, a 5.8% decrease compared to $1.13 billion in the third quarter of 2023. GAAP net income was $100.3 million, or $4.23 per diluted share, which included a $69.1 million after-tax benefit from a reduction in contingent consideration.
On a non-GAAP basis, third quarter 2024 net income was $38.8 million, or $1.64 per diluted share, down from $56.7 million, or $2.31 per diluted share, in the prior year. The Asset-Based segment's non-GAAP operating income decreased by $18.8 million year-over-year, primarily due to a 10.7% decrease in weight per shipment.
The Asset-Light segment's revenues were impacted by lower revenue per shipment and a higher mix of managed transportation business, with shipments per day slightly lower by 0.7%. Productivity initiatives improved shipments per employee per day by 19.5%, but the soft freight environment continued to affect results.
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