ArcBest Corp. of Fort Smith (Nasdaq: ARCB) reported net income of $46.9 million, up 16.1% from $40.4 million a year ago.
Earnings per share came to $1.96, up from $1.64.
But the results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.03 per share.
The freight transportation and logistics company posted second-quarter revenue of $1.08 billion, down from $1.1 billion in the same quarter a year ago but higher than Wall Street forecasts. Four analysts surveyed by Zacks expected $1.05 billion.
“I am incredibly proud of our employees’ commitment to utilizing our quality process in pursuit of excellence every day,” ArcBest CEO Judy McReynolds said in a statement. “This dedication has led to significant improvements in our operational execution, with ABF Freight achieving its best on-time service performance in recent years.
“Furthermore, our substantial year-over-year improvement in operating income is a solid performance, especially considering ongoing macroeconomic headwinds.”
ABF Freight, the company’s asset division, reported revenue of $712.7 million, down from $722 million a year ago. Operating income for the quarter was $72.8 million, up from $43.3 million.
The division reported a 4.9% drop in total shipments but revenue per shipment was $562.17, up from $545.35.
The company’s asset-light logistics division reported revenue of $395.8 million, down from $409.8 million. Operating income was a negative $9.5 million, down from $13.2 million a year ago.
The logistics division reported a 12.6% increase in shipments but revenue per shipment dropped 14.9%.
Shares of the company fell more than 11% on Friday to $107.92, erasing gains for the year.
The Associated Press contributed information to this report.
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