FORT SMITH, Ark. - ArcBest (NASDAQ:ARCB) Corporation (NASDAQ: ARCB) reported mixed second quarter results, with revenue beating expectations but earnings per share falling short of analyst estimates.
The logistics company posted Q2 revenue of $1.08 billion, surpassing the consensus estimate of $1.06 billion. However, adjusted earnings per share came in at $1.98, missing the analyst forecast of $2.07.
ArcBest's Asset-Based segment, which includes less-than-truckload operations, saw revenue decline 2.1% year-over-year to $712.7 million. The segment's operating income improved significantly to $72.8 million compared to $43.3 million in Q2 2023.
The Asset-Light segment, which includes truckload and managed transportation services, reported a 4.2% revenue decrease to $395.8 million. This segment swung to an operating loss of $9.5 million from operating income of $13.2 million a year ago.
"I am incredibly proud of our employees' commitment to utilizing our quality process in pursuit of excellence every day. This dedication has led to significant improvements in our operational execution, with ABF Freight achieving its best on-time service performance in recent years," said Judy R. McReynolds, ArcBest Chairman and CEO.
The company highlighted substantial efficiency improvements at its ABF Freight unit, which delivered its best on-time service in five years despite higher labor contract costs and lower revenue.
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