ArcBest (ARCB) saw its loss widen to $7.41 million, or $0.29 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.10 million, or $0.24 a share. On the other hand, adjusted net loss for the quarter narrowed to $5.80 million, or $0.22 a share from a loss of $5.91 million or $0.23 a share, a year ago. Revenue during the quarter grew 4.77 percent to $651.09 million from $621.46 million in the previous year period. Operating margin for the quarter stood at negative 1.88 percent as compared to a negative 1.49 percent for the previous year period.
Operating loss for the quarter was $12.25 million, compared with an operating loss of $9.26 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $8.66 million compared to operating profit of $8.36 million in prior year period.
"The first quarter ��" typically the most challenging of the year ��" saw revenue growth in both our Asset-Based and Asset-Light businesses but also experienced some changing freight characteristics on the less-than-truckload side and a degree of weaker demand, particularly in the truckload sector," said ArcBest chairman, president and chief executive officer Judy R. McReynolds. “Our enhanced market approach, in which we now offer most services under the ArcBest brand, became fully operational in the first quarter. We continue to see positive reception from customers about our heightened focus on meeting all of their supply chain needs. Customers also recognize the value we bring to their own businesses with our ability to manage even the most complex logistics challenges."
Operating cash flow drops significantly
ArcBest has generated cash of $1.76 million from operating activities during the quarter, down 85.73 percent or $ 10.58 million, when compared with the last year period. The company has spent $13.12 million cash to meet investing activities during the quarter as against cash outgo of $21.50 million in the last year period. It has incurred net capital expenditure of $13.02 million on net basis during the quarter, down 4.19 percent or $0.57 million from year ago period.
The company has spent $20.67 million cash to carry out financing activities during the quarter as against cash outgo of $21.03 million in the last year period.
Cash and cash equivalents stood at $82.25 million as on Mar. 31, 2017, down 39.60 percent or $53.92 million from $136.17 million on Mar. 31, 2016.
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