ArcBest Corp ARCB reported third-quarter FY23 revenue declined by 11.6% year-over-year to $1.128 billion, marginally missing the consensus of $1.13 billion.
Adjusted EPS was $2.31 compared to $3.79 in 3Q22, above the consensus of $1.50.
Operating income from continuing operations was $45.09 million (-60.9% Y/Y), and the margin contracted by 504 bps to 4%.
Sales by segments: Asset-Based $741.19 million (-6.4% Y/Y), and Asset-Light $419.31 million (-18.6% Y/Y).
Asset-Based business total tonnage per day decreased by 6.3% Y/Y, and LTL-rated weight per shipment decreased by 6.4%. Asset-Based total shipments per day increased by 1.5%.
The company stated that Q3 Asset-Light results were affected by lower revenue per shipment and reduced margins associated with business mix changes and the soft rate environment.
Asset-Based business revenue declined due to a weaker logistics industry backdrop, including continued manufacturing sector contraction.
As of October 26, 2023, ArcBest has settled repurchases of 798,818 shares of common stock for $76.8 million under the current repurchase plan, with $48.2 million remaining available under the current authorization.
Adjusted EBITDA from continuing operations decreased by 33.9% Y/Y to $101.59 million, and the margin contracted by 304 bps to 9%.
ArcBest's cash provided by operating activities for the nine months ended September 30, 2023, totaled $194.76 million, compared to $350.45 million a year ago.
ARCB held cash and equivalents of $251.5 million as of September 30, 2023.
Price Action: ARCB shares closed lower by 1.91% at $87.99 on Thursday.
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