ArcBest: 2Q Earnings Snapshot
FORT SMITH, Ark. (AP) _ ArcBest Corp. (ARCB) on Tuesday reported second-quarter profit of $24.4 million.
On a per-share basis, the Fort Smith, Arkansas-based company said it had profit of 92 cents. Earnings, adjusted for non-recurring costs, came to 93 cents per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.
The freight transportation and logistics company posted revenue of $771.5 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $771.2 million.
ArcBest shares have decreased 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.78, a fall of 36% in the last 12 months.