ArcBest’s second quarter result, a $0.67 per share profit, was much better than analysts’ forecasts for a break-even performance. The company will restore salary and benefit cuts.
ArcBest managed through the first quarter largely unscathed by the coronavirus outbreak. That has all changed in April as revenue is off 20% year-over-year.
Weak demand on the asset light side weighs down results.
Shippers are buying far more than LTL these days, McReynolds says.
After strong fourth-quarter earnings results, weather and other external forces are expected to weigh on earnings reports in the first quarter, resulting in a mixed bag for public companies.
