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ArcBest Corp. of Fort Smith on Tuesday reported first-quarter earnings of $1.9 million, down 61% from the same quarter last year, though earnings per share beat Wall Street expectations.
The publicly traded logistics company (Nasdaq: ARCB) reported net income of 7 cents per share. Earnings, adjusted for non-recurring costs and pretax expenses, were 36 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The company said quarterly revenue was $701.4 million in the period, down 1% from the same quarter last year. Operating income was $7.8 million, dow from $8.6 million in the same period last year.
In a news release, Chairman and CEO Judy McReynolds said the effects of the coronavirus began hitting customer businesses in late March.
“In some cases, we began handling new shipments related to the pandemic while we also started to experience impacts of reduced demand and facility closures from other customers,” McReynolds said. “Though this contributed to reductions in shipments, and revenue that was somewhat below previous expectations, operational resources and the associated costs were effectively managed to available business levels. As a result, the COVID-19 pandemic did not have a significant impact on our financial results in first quarter 2020. In fact, it was one of the best first quarters in our company’s history.
“However, in April we experienced significant business declines in all operating segments.”
ArcBest shares have fallen 30% since the beginning of the year. The stock has decreased 37% in the last 12 months.
Excluding certain items, the company said non-GAAP operating income was $12.4 million in first quarter, down from $11.3 million in the same quarter last year. Non-GAAP net income was $9.4 million, or 36 cents per diluted share, compared to $6.7 million, or 25 cents per diluted share, in the same quarter last year.
Arkansas Business will update this story.
(The Associated Press contributed to this report.)