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Logistics Company ArcBest's Stock Tumbles Post Q1 Results: Here's Why

ArcBest Corp (NASDAQ:ARCB) reported first-quarter fiscal 2024 revenue declined by 6.30% year-over-year to $1.036 billion, marginally ahead of the consensus of $1.033 billion. Adjusted EPS was $1.34 compared to $1.58 a year ago, missing the consensus of $1.53. The first-quarter net loss from continuing operations includes a $21.6 million after-tax, noncash impairment charge related to ArcBest’s equity investment in Phantom Auto, which ceased operations in the first-quarter of 2024. Operating income from continuing operations was $24.435 million (+6% ...