ArcBest Misses Mark in Q1
After adjusting for several items the company considers nonrecurring (various technology costs including a freight handling pilot, acquisition-related expenses and a write off of an equity investment) it reported adjusted earnings per share of $1.34, which was 19 cents worse than the consensus estimate and 24 cents lower year over year (y/y).
The write-off was related to ArcBest’s $25 million investment in Phantom Auto, a software company enabling the remote operation of forklifts, robots and yard trucks, which shut down during the first quarter.
ArcBest’s asset-based segment, which includes less-than-truckload operations, reported a 4% y/y decline in revenue to $672 million. Tonnage per day was down 17% y/y, which was mostly offset by a 16% increase in revenue per hundredweight, or yield.
Full story available on Benzinga.com