ArcBest Corporation (NASDAQ:ARCB) reported worse-than-expected second-quarter adjusted EPS results on Friday.
ArcBest reported a second-quarter FY24 revenue of $1.08 billion, ahead of the consensus of $1.06 billion. Adjusted EPS was $1.98 compared to $1.54 a year ago, missing the consensus of $2.06, according to data from Benzinga Pro.
Asset-Based $712.7 million (per-day decrease of 2.1%), and Asset-Light $395.8 million (per-day decrease of 4.2%). Asset-based business total tonnage per day decreased by 20.3%, and total shipments per day fell by 4.8% Y/Y.
ArcBest declared a quarterly cash dividend of $0.12 per share, payable on August 27, 2024.
"I am incredibly proud of our employees' commitment to utilizing our quality process in pursuit of excellence every day. This dedication has led to significant improvements in our operational execution, with ABF Freight achieving its best on-time service performance in recent years," Judy R. McReynolds, ArcBest Chairman and CEO, said. "Furthermore, our substantial year-over-year improvement in operating income is a solid performance, especially considering ongoing macroeconomic headwinds."
ArcBest shares gained 1.3% to trade at $106.83 on Monday.
These analysts made changes to their price targets on ArcBest following earnings announcement.
- JP Morgan analyst Brian Ossenbeck maintained ArcBest with a Neutral rating, while increasing the price target from $127 to $134.
- TD Cowen analyst Jason Seidl maintained ArcBest with a Buy rating, while lowering the price target from $148 to $136.
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