Truckload stocks get an upgrade at Goldman Sachs. Analyst cites “bottoming” fundamentals and the likelihood that the trucking downturn is nearing the midway point as reasons for the upgrade.
Old Dominion posts first year-on-year revenue drop in 3 years as macro weakness hits home
Old Dominion reported continued LTL volume weakness in July. Near-term volume relief may be hard to come by as domestic and global macroeconomic trends remain tepid.
A great deal of focus has been placed on the seasonal weakness in TL volumes, but LTL volume weakness is equaling concerning.
Saia’s interim report also showed a slowdown in LTL activity.
Old Dominion has made a commitment to donate up to $250,000 to the American Red Cross Disaster Relief fund.
CEO Gantt lowered capex guidance by $10 million to $480 million, likely reflecting top line headwinds, but we’re waiting to hear updated revenue guidance in the conference call.
As workers decide their fate, management works to wean itself off high-volume business.
The increase comes after a first quarter update that was strong on the pricing side but a little weaker on the tonnage picture.
ODFL spends money on aggressive capex building out its network of service centers and maintaining a low tractor-to-trailer ratio, as well as, increasingly, share buybacks.
Everyone knew the quarter was weaker than it had been. The question is how much. Stock prices have reflected a significant slowdown.
Even the Port’s director agrees something needs to be done; East Coast port notches new record; ATA crows about California victory.
Suit alleging millions in DoD overcharges centers on proper reweighing.
Also in the pickup: vets get a shot at free CDL training; another dispatch from the parking wars
OD’s top line revenue grew 21.2% year over year to $1.06B and earnings per share swelled 71% to $2.12. Even more impressively, Old Dominion achieved a 78.4% operating ratio, a company (and possibly industry) record and 280 bps improvement over Q3 2017.
