ArcBest Corp (NASDAQ: ARCB) reported third-quarter adjusted earnings per share of $1.22, well ahead of the consensus estimates ranging from 79 cents to 82 cents per share.
The asset-based division, which includes less-than-truckload (LTL) operations, reported a 1% year-over-year increase in tonnage, with LTL tonnage increasing in the mid-single-digit range while spot truckload (TL) tonnage fell by double digits.
Revenue per hundredweight, or yield, declined 2% year-over-year. LTL yield was down in the low single digits due to a 7% increase in weight per shipment.
The asset-based division’s operating ratio (OR) improved 80 basis points to 92.4%. “ArcBest’s asset-based business reflects the positive impact of an improving marketplace and sequential growth in shipments and tonnage compared to the second quarter,” the press release stated.
The asset-light division reported a 6% year-over-year increase in revenue with an 80 basis point improvement in OR to 97.8%. The division saw increases in managed transportation, international and ground expedite services during the quarter.
“Throughout the third quarter and into October the ArcBest team, enabled by technology and assured capacity options, is providing much-needed flexibility to customer supply chains while also improving operational efficiency. Our company was built on strong customer relationships and it is our goal to ensure those customers are positioned well to succeed,” said Chairman, President and CEO Judy McReynolds.
The company will host a call at 9:30 a.m. EST with analysts to discuss these results. Stayed tuned to FreightWaves for more earnings coverage of ArcBest.