When we think of autonomous vehicles, forklifts are usually not the first image that comes to mind. However, Arkansas-based company ArcBest is changing that perception with their latest product, Vaux Smart Autonomy. This innovative logistics solution leverages self-driving forklifts and reach trucks to increase efficiency in warehouses. Vaux Smart Autonomy is an add-on to ArcBest’s Vaux Freight Movement System, which was unveiled in 2023 and has already dramatically reduced the time it takes to load and unload trucks.
Traditionally, a forklift driver would have to manually remove each pallet from a semi-truck trailer. However, with the Vaux Freight Movement System, all the pallets are consolidated onto a single movable tray. This means that instead of handling each individual pallet, the forklift driver can simply move the tray, significantly speeding up the unloading process.
Witnessing a forklift effortlessly unload a truck using these trays is truly eye-opening. One might wonder why it took so long to develop such a solution. According to CEO Judy McReynolds, it was all thanks to the innovative thinking of one employee back in 2014. They realized that there had to be a more efficient way to handle this process and set out to make it a reality. It took time to develop, test, and perfect the necessary hardware and software, but the result is truly impressive.
With Vaux Smart Autonomy, the unloading process can be further expedited. This can be achieved by utilizing either autonomous forklifts or forklifts operated by drivers sitting in a control center. These advancements are part of ArcBest’s commitment to helping warehouses run smoother and safer.
It’s worth mentioning that ArcBest is a well-established company with over 100 years of experience and a workforce of more than 15,000 employees. Their dedication to innovation and improving warehouse operations is evident in this new offering. With Vaux Smart Autonomy, forklifts are transforming into autonomous powerhouses that contribute to more efficient and productive logistics processes.
ArcBest: A Rising Player in the Logistics Industry
ArcBest may not be a household name, but it is making waves in the world of logistics. Offering a range of services, including less-than-truckload shipping, truck brokerage, and supply chain management, ArcBest has positioned itself alongside industry giants like Old Dominion Freight Line and XPO.
Impressively, ArcBest saw its total sales reach $4.4 billion in 2023, marking a remarkable 40% increase compared to 2018. Moreover, its earnings per share soared to $7.88, more than double the figure from the previous year.
This consistent long-term growth is a testament to the company’s commitment to innovation. According to CEO McReynolds, “We just have innovation as part of who we are. We know what it takes to develop game-changing solutions.”
Recognizing that a customer’s supply chain costs extend beyond transportation alone, ArcBest stands out by offering comprehensive solutions. Notably, their cutting-edge Vaux technology has captured the interest of some of the largest 50 companies in the U.S. by sales.
It’s no surprise that Wall Street is bullish on ArcBest stock. With an impressive 82% of analysts rating the shares as Buy, the company stands well above the average Buy-rating ratio of approximately 55% for S&P 500 stocks. Analysts are projecting a promising earnings per share growth of over 20% for the next three years, outpacing the previous five-year average of 15% annual growth.
While shares experienced a minor 1% dip on Tuesday, it is important to note that this occurred alongside a broader market downturn following an unexpectedly high inflation reading. As the S&P 500 and Nasdaq Composite fell by 1.1% and 1.2% respectively, ArcBest’s minimal decline was relatively modest.
In conclusion, ArcBest is emerging as a major player in the logistics industry. With its diverse range of services, commitment to innovation, and strong financial performance, the company is well-positioned for continued growth and success.