ArcBest Reports Third Quarter Results Below Expectations, Shares Rise Slightly

FORT SMITH, Ark. - ArcBest Corporation (NASDAQ: ARCB) reported third quarter earnings that fell short of analyst expectations, with revenue also coming in slightly below forecasts. Shares of the logistics company rose by 1% following the announcement of the results.

ArcBest reported adjusted earnings per share of $1.64, below the consensus estimate of $1.88. Quarterly revenue was $1.06 billion, slightly below analysts' expectation of $1.07 billion.

The Asset-Based segment, which includes less-than-truckload operations, saw revenue decrease by 5.8% compared to the same period last year, totaling $709.7 million. Daily tonnage declined by 11.3%, while the number of daily shipments fell by a modest 0.7%. However, revenue per hundred pounds increased by 7.4%.

In the Asset-Light segment, which includes full truckload brokerage and other logistics services, revenue declined by 9.6% year-over-year to $385.3 million.

Judy R. McReynolds, ArcBest's Chairman and CEO, stated, "We have made significant strides in controlling costs, enhancing efficiency, and improving our service quality over the past year."

The company noted that prolonged weakness in the manufacturing sector continues to negatively impact weight metrics per shipment. Nevertheless, ArcBest reported that pricing momentum continued in the quarter, bolstered by a 5.9% general price increase implemented in September.