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Why Is Logistics Company ArcBest Stock Plunging Today?

ArcBest Corp (NASDAQ:ARCB) reported a second-quarter FY24 revenue of $1.08 billion, ahead of the consensus of $1.06 billion. Sales by segments: Asset-Based $712.7 million (per-day decrease of 2.1%), and Asset-Light $395.8 million (per-day decrease of 4.2%).   Asset-based business total tonnage per day decreased by 20.3%, and total shipments per day fell by 4.8% Y/Y. Pricing momentum persisted this quarter due to a better freight mix, higher pricing on transactional shipments and contract renewal increases of 5.1%, with overall LTL industry pricing staying rational. Meanwhile, Asset-Light revenues declined due to lower revenue per shipment and reduced margins from a soft rate environment and a higher share of ...