ArcBest ( NASDAQ:ARCB – Get Free Report ) posted its earnings results on Wednesday. The transportation company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.12, Zacks reports. ArcBest had a return on equity of 7.92% and a net margin of 0.39%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. The business’s quarterly revenue was up 15.5% on a year-over-year basis.
Here are the key takeaways from ArcBest’s conference call:
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ArcBest reported third-quarter revenue of $1.2 billion, up 15% year over year , while non-GAAP operating income rose to $85 million from $50 million and adjusted EPS increased to $2.62 from $1.46.
Asset-Based operating ratio improved 210 basis points to 90.4%, supported by higher tonnage, disciplined pricing, and a heavier freight mix. Contract renewals averaged a 5.1% increase, though daily shipments declined 3% year over year.
Asset-Light operating income climbed to $14 million from $1 million a year earlier, with record managed-logistics resu...