Less-than-truckload carrier Old Dominion Freight Line beat first-quarter expectations on Wednesday, noting that demand improved throughout the quarter.
Old Dominion (NASDAQ: ODFL) reported first-quarter earnings per share of $1.14, 9 cents above consensus but 5 cents lower year over year.
Revenue of $1.33 billion was 3% lower y/y but $20 million ahead of consensus. The result was also better than the top end of management’s guidance range ($1.25 billion to $1.3 billion), which assumed only normal seasonal demand trends.
“Old Dominion’s first quarter financial results reflect a continuation of encouraging trends that started developing late last year,” said Marty Freeman, Old Dominion president and CEO, in a news release. “While our first quarter revenue decreased on a year-over-year basis, demand for our LTL service improved as the quarter progressed.”
Click for full story – “Old Dominion eyeing y/y margin improvement in Q2”
Tonnage declined 8% y/y as a similar decline in shipments was only partially offset by a slight increase in weight per shipment. Revenue per hundredweight (yield) increased 6% y/y (4% higher excluding fuel surcharges).
The company reported a 76.2% operating ratio (23.8% operating margin), which was 80 basis points worse y/y but 50 bps better than the seasonally stronger fourth quarter. The result was also roughly 200 bps ahead of management’s implied 78.2% guide.
Click for full story – “Old Dominion eyeing y/y margin improvement in Q2”
Shares of ODFL were up 1.5% in premarket trading on Wednesday.
Old Dominion will host a call at 10:00 a.m. EDT on Wednesday to discuss first-quarter results.
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