Why ArcBest Stock Drove Off the Road Today
A miserable earnings season for the trucking sector continued on Tuesday with results from (NASDAQ: ARCB). Shares of the Arkansas-based transportation and logistics provider traded down 13% as of 2:30 p.m. ET following the release of its quarterly earnings report.
ArcBest investors were likely fearing the worst, ahead of the company's earnings release. A number of trucking stocks that have already reported, including industry juggernaut Old Dominion Freight Line, have posted disappointing quarters due to sluggish demand from large shipping customers.
ArcBest was no different. The company earned $1.34 per share in the quarter on sales of $1 billion, which was light compared to the expected $1.53 per share in earnings on revenue of $1.03 billion. Revenue was down 3%, and total shipments per day decreased by 6.2% year over year.
Source Fool.com
