ArcBest Q3 profit rises on pricing and cost savings
ARCB•ArcBest reported Q3 revenue of $1.21 billion, up 15% year over year and in line with analyst expectations, while adjusted earnings per share increased. The company said pricing, productivity and restructuring-related cost savings drove higher earnings.
1. Quarterly results
ArcBest's Q3 revenue rose 15% year over year to $1.21 billion, matching the $1.21 billion analyst consensus. Net income was $51.66 million, and adjusted earnings per share increased year over year.
2. Operating factors
The company attributed higher earnings and margins to disciplined pricing, productivity and restructuring-related cost savings. Asset-based tonnage grew as shipments were heavier, offset by fewer shipments per day; asset-light revenue increased mainly because of higher revenue per shipment amid tightening capacity. ArcBest said recent less-than-truckload contract renewals averaged a 5.1% increase.
