ARCB - Why ArcBest Stock Is Accelerating Today
2024-02-06 13:12:00 ET
Trucking company ArcBest (NASDAQ: ARCB) managed to navigate past speedbumps, including demand questions and market disruptions, and still deliver earnings that were above expectations. Investors were excited, sending shares of ArcBest up as much as 12.4% for the day and up 8.5% as of 12:30 Eastern Tuesday.
ArcBest earned $2.47 per share in its fourth quarter on revenue of $1.1 billion, surpassing Wall Street expectations for $2.21 per share in earnings on sales of $1.09 billion. Revenue was down 6.4% year over year in the quarter, but the company managed to reduce operating expenses by nearly 8%, resulting in a more than 20% jump in operating income, compared to a year ago.
The results came despite softer freight demand. Total shipments fell by 0.8% in the quarter, and total tonnage carried per day decreased by more than 7%.
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Why ArcBest Stock Is Accelerating Today