Fort Smith-based ArcBest Corp. announced an increase in its quarterly cash dividend to 8 cents per share, up from six cents in previous quarters.
The next dividend is to be paid by the transportation and logistics holding company Nov. 19 to shareholders of record as of Nov. 5. Previously, ArcBest’s quarterly cash dividend was six cents ($0.06) per share.
The ArcBest Board of Directors also voted to extend the company’s share buyback effort, which will total $50 million available for the program.
Company shares (NASDAQ: ARCB) closed Thursday (Oct. 22) at $27.51, down 31 cents. During the past 52 weeks the share price has ranged from a $47.52 high to a $24.80 low.
The company is set to announce third quarter earnings on Oct. 30. The consensus analyst estimate is that the company will report net income of 81 cents per share on toal revenue of $714.89 million. In the 2014 third quarter, the company posted net income of 74 cents per share on total revenue of $711.3 million.