ArcBest Q4 Profit Rises, Above Estimates

(RTTNews) - Logistics company ArcBest Corporation (ARCB) Tuesday reported profit of $48.79 million, or $2.01 per hare for the fourth quarter, higher than $37.34 million, or $1.48 per share, in the prior-year period. The company also decided to enhance the share purchase program to $125 million.

Net income from continuing operations was $48.79 million or $2.06 per share compared with $36.49 million or $1.48 per share a year ago.

Excluding one-time items, earnings from continuing operations were $59.98 million or $2.47 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $2.21 per share. Analysts' estimates typically exclude special items. Revenue from continuing operations was $1.089 billion, slightly below $1.163 billion last year. The consensus estimate was for $1.09 billion.

Additionally, on February 5, ArcBest's board of directors has increased its previously approved share repurchase program to $125 million. During 2023, ArcBest had purchased $91.5 million of shares.