ArcBest to Acquire MoLo Solutions for $235 Million

TL;DR

ArcBest buying MoLo Solutions for $235M to boost logistics biz.

AI Summary

ArcBest Corporation announced on June 7, 2024, that it has entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of MoLo Solutions, LLC. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions. MoLo Solutions is a rapidly growing third-party logistics provider specializing in truckload, LTL, and final mile services.

Why It Matters

This acquisition significantly expands ArcBest's logistics capabilities and market reach, particularly in the truckload sector, positioning the company for accelerated growth.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions and integration risks inherent in combining two companies.

Key Numbers

• $235 Million — Acquisition Price (Total cost for acquiring MoLo Solutions)

Key Players & Entities

• ArcBest Corporation (company) — Acquiring company
• MoLo Solutions, LLC (company) — Acquired company
• $235 Million (dollar_amount) — Acquisition price
• June 7, 2024 (date) — Date of announcement
• Third quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock $0.01 Par Value ARCB Nasdaq Indicate by

Filing Documents

• arcb-20240607x8k.htm (8-K) — 110KB
• 0001558370-24-008985.txt ( ) — 231KB
• arcb-20240607.xsd (EX-101.SCH) — 3KB
• arcb-20240607_lab.xml (EX-101.LAB) — 15KB
• arcb-20240607_pre.xml (EX-101.PRE) — 10KB
• arcb-20240607x8k_htm.xml (XML) — 4KB

01 – REGULATION FD DISCLOSURE

ITEM 7.01 – REGULATION FD DISCLOSURE ArcBest (Nasdaq: ARCB) is providing an update on the most recent information related to its second quarter 2024 financial results and business trends. Summary Operating and Financial Impacts Statistics for May 2024 have not been finalized and are preliminary. There were 22.0 workdays in April 2024 and 19.5 workdays in April 2023. There were 22.0 workdays in May 2024 and May 2023. Quarter to date 2024 compares April and May 2024 to April and May 2023. Asset-Based Operating Segment Year-over-Year Monthly Business Trends: April 2024 May 2024 QTD 2024 Billed Revenue/Day (1) -2.2 % -2 % -2 % Total Tons/Day -21.5 % -22 % -22 % Total Shipments/Day -6.6 % -3 % -5 % Total Billed Revenue/CWT +24.6 % +26 % +25 % Total Billed Revenue/Shipment +4.7 % +2 % +3 % Total Weight/Shipment -16.0 % -19 % -18 % 1) Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue per day has not been adjusted for the portion of revenue deferred for financial statement purposes. In May 2024, Asset-Based total shipments and tonnage declined, primarily due to strategic price adjustments implemented on LTL transactional business. These adjustments led to a reduction in heavier, transactional shipments, as core shipments increased. Daily core shipments and tonnage for May 2024 saw a year-over-year increase of approximately 14% and 11%, respectively. This compares to the year-over-year increases of 13% and 9%, respectively, for April 2024. The rise in revenue per hundredweight in May 2024 can be attributed to higher prices on transactional business and an increased proportion of core business, which typically has a higher revenue per hundredweight. There was a year-over-year decrease in weight per shipment in May 2024, primarily due to a reduction in tra

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Se ARCBEST CORPORATION (Registrant) Date: June 7, 2024 /s/ Michael R. Johns Michael R. Johns Chief Legal Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR