ArcBest reported fourth quarter 2024 revenue of $1.0 billion, a decrease from $1.1 billion in the fourth quarter of 2023. GAAP net income was $29.0 million, or $1.24 per diluted share, compared to $48.8 million, or $2.01 per diluted share, in the prior year.
On a non-GAAP basis, fourth quarter 2024 net income was $31.2 million, or $1.33 per diluted share, down from $60.0 million, or $2.47 per diluted share, in the prior year. For the full year 2024, total revenue was $4.2 billion, compared to $4.4 billion in 2023.
The Asset-Based segment's operating income decreased by $35.2 million year-over-year in Q4, driven by a 6.3% decrease in weight per shipment and a 1.1% decrease in daily shipments. The Asset-Light segment's revenues were impacted by lower revenue per shipment and a higher mix of managed transportation business, with its non-GAAP operating loss increasing by $2.0 million sequentially.
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