ArcBest (NASDAQ: ARCB) reported Q1 EPS of $0.36, $0.47 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $701.4 million versus the consensus estimate of $706.02 million.

First Quarter Results of Operations Comparisons

Asset-Based

First Quarter 2020 Versus First Quarter 2019

• Revenue of $515.7 million compared to $506.1 million, a per-day increase of 0.3 percent.
• Total tonnage per day increase of 4.6 percent, with a low single-digit percentage increase in LTL-rated tonnage combined with a double-digit percentage increase in TL-rated spot shipment tonnage moving in the Asset-Based network.
• Total shipments per day decrease of 2.2 percent. Total weight per shipment increase of 6.9 percent and an increase of 3.6 percent in LTL-rated weight per shipment impacted by transactional, LTL-rated shipments added during the first quarter.
• Total billed revenue per hundredweight decreased 4.3 percent and was negatively impacted by lower fuel surcharges versus prior year. Excluding fuel surcharge, the percentage increase on LTL-rated freight was in the low-single digits.
• Operating income of $13.2 million and an operating ratio of 97.4 percent compared to the prior year quarter operating income of $13.6 million and an operating ratio of 97.3 percent. On a non-GAAP basis, operating income of $17.8 million and an operating ratio of 96.5 percent compared to the prior year quarter operating income of $15.4 million and an operating ratio of 96.9 percent.

"The effects of the coronavirus pandemic began impacting our customers' businesses in late March," said Judy R. McReynolds, Chairman, President and CEO of ArcBest. "In some cases, we began handling new shipments related to the pandemic while we also started to experience impacts of reduced demand and facility closures from other customers. Though this contributed to reductions in shipments, and revenue that was somewhat below previous expectations, operational resources and the associated costs were effectively managed to available business levels. As a result, the COVID-19 pandemic did not have a significant impact on our financial results in first quarter 2020. In fact, it was one of the best first quarters in our company's history. However, in April we experienced significant business declines in all operating segments."

For earnings history and earnings-related data on ArcBest (ARCB) click here.