ArcBest Corporation ( NASDAQ: ARCB ) posted narrow misses on top and bottom lines to close a record-setting fiscal year.
For the fourth quarter, the Arkansas-based transportation and logistics company notched $2.45 in earnings per share and $1.24B in revenue, both of which narrowly missed the mark. While full-year results were cited as “record-breaking”, there was notable slowing into the close of the fiscal calendar.
“Monthly business levels in ArcBest's Asset-Based business slowed throughout the fourth quarter, resulting in moderate year-over-year revenue growth associated with flat, total daily shipments combined with a decrease in total freight tonnage and an increase in price,” the company explained. “Market conditions and diminished customer demand contributed to a decrease in the size of shipments moving through the Asset-Based network. Total Asset-Based freight trends were weaker in the quarter.”
This weakness was offset by stronger than expected performance for the asset light business, efficiency improvements, and pricing actions. What the firm calls “optimization initiatives” to cut costs into 2023 are still being explored and implemented.
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