ArcBest Shares Fall On Q3 Revenue Miss, Productivity Gains Can't Offset Shipment Decline

ArcBest Corp (NASDAQ:ARCB) shares are trading lower after the company reported worse-than-expected third-quarter 2024 results.

The company reported a third-quarter revenue decline of 5.8% year over year to $1.06 billion, missing the consensus of $1.07 billion.

Sales by segments: Asset-Based $707.7 million (per-day decrease of 5.8%), and Asset-Light $385.3 million (per-day decrease of 9.6%).

Asset-based business total tonnage per day decreased by 11.3%, and total shipments per day fell by 0.7% Y/Y.

Pricing momentum continued in the quarter, driven by a 5.9% general rate increase ...