ArcBest Q3 Profit Declines

(RTTNews) - ArcBest (ARCB) reported third quarter net income from continuing operations of $34.9 million, or $1.42 per share, compared to $88.6 million, or $3.49 per share, in the prior-year period. ArcBest's third quarter 2023 results were impacted by $30.2 million of noncash lease impairment charges with no comparable charges in the prior-year period. On a non-GAAP basis, net income from continuing operations was $56.7 million, or $2.31 per share, compared to $96.1 million, or $3.79 per share. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.50, for the quarter. Analysts' estimates typically exclude special items.

Third quarter revenue from continuing operations was $1.1 billion, compared to $1.3 billion, a year ago. Analysts on average had estimated $1.13 billion in revenue.

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