ArcBest Q4 Results Miss Street View As Macro Headwinds Weigh; Advances Strategic Initiatives

Benzinga Real-time News · Feb 3, 2023 08:12

ArcBest Corp (NASDAQ:ARCB) reported fourth-quarter FY22 revenue growth of 5% year-over-year to $1.244 billion, missing the consensus of $1.250 billion.
Adjusted EPS of $2.45 missed the consensus of $2.53.
Operating income decreased to $51.2 million, down from $86.9 million a year ago, and the margin declined by 322 bps to 4.1%.
Sales by segments: Asset-Based $711.44 million (+4.1% Y/Y), and Asset-Light $572.37 million (+5.8% Y/Y).
Asset-Based total tonnage per day decreased by 5.5%, including a decline of 1.6% in LTL-rated weight per shipment. Total shipments per day increased by 0.8%.
Total billed revenue per hundredweight increased 9.3% Y/Y, positively impacted by higher fuel surcharges.
Adjusted EBITDA decreased by 14% Y/Y to $110.66 million, and the margin declined by 197 bps to 8.9%.
ArcBest held cash and equivalents of $326.03 million.
Chair and CEO Judy R. McReynolds said, "Despite the challenges in 2022 as a result of ongoing macro trends, the ArcBest team remained focused on serving our customers and advancing our strategic initiatives."
Price Action: ARCB shares closed higher by 2.64% at $90.15 on Thursday.

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ArcBest Q4 Results Miss Street View As Macro Headwinds Weigh; Advances Strategic Initiatives

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