ArcBest reports preliminary Q4 trends; Nov Asset-Based rev/day down 7%, Asset-Light expects $5-7M loss

ARCBEST CORP /DE/

Asset-Based billed rev/day down 9% QTD; Oct -11.2%, Nov -7%; Oct 2023 comp boosted by competitor cyberattack.
Asset-Light rev/day down 10% QTD; purchased transpo expense 86% of rev; expects $5-7M non-GAAP Q4 operating loss.
Revenue/CWT decrease driven by lower fuel surcharges; ex-fuel, low-single-digit increase in Asset-Based pricing.
Asset-Based operating ratio expected at high end of historical 100-200 bps sequential increase due to manufacturing softness.
November results impacted by weak industrial production and shift of higher-weight LTL to truckload market.

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