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ArcBest Misses Mark in Q1

ArcBest (NASDAQ: ARCB) missed first-quarter expectations on Tuesday, reporting a net loss of $2.9 million, or 12 cents per share. The unadjusted result included a $21.6 million charge from the closure of a tech company it was backing.

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

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