FORT SMITH, Ark. – ArcBest (NASDAQ:) Corporation (NASDAQ: ARCB) reported third quarter earnings that fell short of analyst expectations, while revenue came in slightly below estimates. The logistics company’s shares edged up 1% following the release.
ArcBest posted adjusted earnings per share of $1.64, missing the consensus estimate of $1.88. Revenue for the quarter was $1.06 billion, just shy of the $1.07 billion analysts were expecting.
The company’s Asset-Based segment, which includes less-than-truckload operations, saw revenue decline 5.8% year-over-year to $709.7 million. Tonnage per day decreased 11.3%, while shipments per day were down slightly by 0.7%. However, revenue per hundredweight increased 7.4%.
In the Asset-Light segment, which includes truckload brokerage and other logistics services, revenue fell 9.6% to $385.3 million compared to the prior year quarter.
“Over the past year, we have made substantial strides in controlling costs, improving productivity, and enhancing our service quality,” said Judy R. McReynolds, ArcBest Chairman and CEO.
The company noted that prolonged weakness in the manufacturing sector continues to negatively impact weight per shipment metrics. However, ArcBest said pricing momentum continued in the quarter, driven by a 5.9% general rate increase implemented in September.
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