ARCB - Why ArcBest Stock Drove Off the Road Today
2024-04-30 15:25:00 ET
A miserable earnings season for the trucking sector continued on Tuesday with results from ArcBest (NASDAQ: ARCB) . Shares of the Arkansas-based transportation and logistics provider traded down 13% as of 2:30 p.m. ET following the release of its quarterly earnings report.
ArcBest investors were likely fearing the worst, ahead of the company's earnings release. A number of trucking stocks that have already reported, including industry juggernaut Old Dominion Freight Line , have posted disappointing quarters due to sluggish demand from large shipping customers.
ArcBest was no different. The company earned $1.34 per share in the quarter on sales of $1 billion, which was light compared to the expected $1.53 per share in earnings on revenue of $1.03 billion. Revenue was down 3%, and total shipments per day decreased by 6.2% year over year.
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Why ArcBest Stock Drove Off the Road Today