ArcBest Corporation (ARCB) saw its stock price plummet 5.21% in pre-market trading on Wednesday, despite reporting third-quarter earnings that surpassed analyst expectations. The significant drop comes as investors digest the company's mixed financial results and ongoing challenges in the freight market.

The logistics and transportation company reported adjusted earnings of $1.46 per share for the quarter ended September 30, beating the consensus estimate of $1.37 per share. However, this figure was lower than the $1.64 per share reported in the same quarter last year. Revenue for the period fell 1.4% year-over-year to $1.05 billion, slightly above analysts' expectations of $1.04 billion.

While ArcBest managed to outperform on earnings, the decline in revenue and lower profit compared to the previous year highlight the ongoing pressures facing the freight industry. The company's net income for the quarter stood at $39.27 million, down from the previous year. Despite the earnings beat, investors appear concerned about the company's ability to maintain growth in a challenging economic environment, leading to the sharp sell-off in early trading.