ArcBest Corporation's stock plummeted 6.61% during intraday trading on Friday, following the release of its fourth-quarter financial results.
The transportation and logistics company reported adjusted earnings of $0.36 per diluted share for the quarter, a significant decline from $1.33 per share reported in the same period last year. This result missed the analyst consensus estimate of $0.41 per share. Furthermore, the company posted a net loss from continuing operations of $8.1 million for the quarter.
While quarterly revenue of $972.7 million slightly exceeded analyst expectations, the substantial earnings miss and shift to a net loss compared to the prior year's profit are viewed as the primary drivers behind the stock's sharp decline.
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