ArcBest reported Q2 adjusted EPS of $2.38, surpassing estimates by $0.12, as revenue rose 16% year-over-year to $1.18 billion.
ArcBest posted a Q2 adjusted earnings per share of $2.38, excluding restructuring and other nonrecurring costs, beating consensus estimates by $0.12. The company’s net loss stood at $13.8 million, or $0.62 per share, compared to adjusted earnings of $1.02 higher year-over-year.
Revenue increased 16% year-over-year to $1.18 billion, slightly above the $1.17 billion estimate. The asset-based unit, including ABF Freight, saw revenue rise 10% to $784 million, driven by an 8% increase in weight per shipment despite a 3% decline in shipments. Contractual rate increases averaged 5.8% during the quarter.
The company implemented a 5.9% general rate increase for LTL services on June 22, six weeks ahead of its typical 11-month cadence.