2023-04-28 07:33:24 ET
ArcBest ( NASDAQ: ARCB ) reported revenue fell 13.4% in Q1 to $1.11B. The company's asset-based business decreased compared to the prior-year period influenced by reduced customer order quantities related to softness in the general economy.
Total tonnage per day increased 2.7% during the quarter and LTL-rated weight per shipment was down 2.5%. Total shipments per day increased 7.9%. Total billed revenue per hundredweight decreased 3.9%. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, decreased by a percentage in the low single digits.
Operating income from continuing operations was $21.2M and net income from continuing operations was $18.8M. On a non-GAAP basis, operating income was $53.5M vs. $87M a year ago and an operating ratio of 92.3% was higher than the 87.7% operating ratio from a year ago.
Shares of ArcBest ( ARCB ) were inactive in the premarket session.
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ArcBest points to softness in economy with Q1 revenue drop