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- ArcBest Corp ARCB reported first-quarter FY23 revenue declined by 12.8% year-over-year to $1.11 billion, missing the consensus of $1.18 billion.
- Adjusted EPS was $1.58 compared to $3.02 in 1Q22, missing the consensus of $1.80.
- Adjusted operating income from continuing operations was $51.9 million (-52.4% Y/Y), and the margin contracted by 372 bps to 4.7%.
- Sales by segments: Asset-Based $697.82 million (-1.1% Y/Y), and Asset-Light $438.09 million (-26.4% Y/Y).
- Asset-Based total tonnage per day increased by 2.7% Y/Y, and LTL-rated weight per shipment decreased by 2.5%. Total shipments per day increased by 7.9%.
- Total billed revenue per hundredweight decreased by 3.9%.
- As of April 27, 2023, ArcBest has settled repurchases of 314,765 shares of common stock for $29 million under the current repurchase plan, with $96 million remaining available under the current authorization.
- Adjusted EBITDA decreased by 40% Y/Y to $78.1 million, and the margin contracted by 320 bps to 7.1%.
- ArcBest's cash provided by operating activities for the quarter totaled $20.66 million, compared to cash used of $(11.25) million a year ago.
- It held cash and equivalents of $203.32 million as of March 31, 2023.
- Price Action: ARCB shares closed higher by 2.16% at $89.90 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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