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ArcBest Lifts Asset-Light Guidance as August Tonnage Gains Accelerate

ArcBest raised third-quarter expectations for its asset-light operations Monday while maintaining margin guidance for its asset-based division, which includes ABF Freight. The asset-based unit posted 9% year-over-year revenue growth per day in August, up from 7.7% in July, driven by a 9% tonnage increase with flat yields excluding fuel. Diesel costs jumped 46% year-over-year in August versus 31% in July. Shipment weights climbed 14% year-over-year, pressuring per-unit yields but typically improving margins. The company's individual shipments fell 4% year-over-year, though revenue per shipment rose 14% due to heavier loads and fuel surcharges. Two-year stacked tonnage comparisons reached cycle highs, up 11%. Manufacturing PMI remained in expansion for an eighth consecutive month in August, signaling continued industrial demand strength.