ArcBest Corp surges after Q3 profit beats Wall Street estimates

ArcBest

27/10/2023 17:05

** Shares of logistics firm ArcBest Corp  ARCB.O  rise
~13.3% to $99.67 in afternoon trading 
    ** Stock hits highest levels since mid-September 
    ** Co reports adjusted profit of $2.31 per share comfortably
beating Wall Street expectations of $1.50, according to LSEG
data
    ** Analysts at Jefferies in a note say beat driven by
better-than-expected operating ratio 
    ** Co's adjusted asset-based operating ratio of 88.8%,
improved 400 basis points in Q3 versus Q2 
    ** "Expectations had been for a flat sequential operating
ratio as the company absorbs a 350 bps cost headwind
attributable to higher wages associated with the new labor
contract" - Jefferies 
    ** Including session gains, shares up ~42.3% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))