ArcBest Corp. (ARCB) announced its second-quarter earnings, which showed an increase from the previous year but fell short of Wall Street predictions.
The company reported a net income of $46.92 million, or $1.96 per share, compared to $39.60 million, or $1.60 per share, in the same quarter the previous year.
On an adjusted basis, excluding certain items, ArcBest Corp. posted earnings of $47.38 million, or $1.98 per share. Analysts, based on a survey by Thomson Reuters, had anticipated earnings of $2.06 per share, typically excluding special items.
Revenue for the quarter witnessed a decline of 2.3%, falling to $1.078 billion from $1.103 billion in the prior year.
ArcBest Corp.'s financial summary for the second quarter (GAAP) is as follows:
- Net Income: $46.92 million, compared to $39.60 million last year.
- Earnings Per Share (EPS): $1.96, compared to $1.60 last year.
- Revenue: $1.078 billion, down from $1.103 billion last year.
