Higher shipment weights help ArcBest beat Q3 expectations
Increased shipment weights fueled higher overall tonnage and revenue per shipment at ArcBest’s less-than-truckload division during the third quarter, allowing the carrier to surpass analysts’ expectations.
Heavier shipments are driving higher tonnage and revenue per bill at ArcBest’s less-than-truckload unit. Freight lost to a once-depressed truckload market is returning alongside an improved manufacturing complex. The changing freight mix helped the company beat third-quarter expectations on Wednesday.
The Institute for Supply Management’s Manufacturing PMI remained in expansion territory for a 10th consecutive month in October. The 55.5 reading was 100 basis points above expectations and the September mark. (A reading above 50 signals expansion, while one below 50 indicates contraction.)
ArcBest (NASDAQ: ARCB) reported adjusted earnings per share of $2.62 on Wednesday before the market opened. The result was 80% higher year over year and 11 cents better than the consensus estimate. (The adjusted number excluded restructuring, technology and other nonrecurring costs.)
Consolidated revenue was up 15% y/y to $1.21 billion, in line with consensus.
This story was originally published by FreightWaves. Read the full story at FreightWaves →
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