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THOMASVILLE, N.C. - Old Dominion Freight Line Inc . (NASDAQ:ODFL) reported first-quarter earnings that beat analyst expectations on Wednesday.
The company’s shares were up +3.47% in premarket trading following the release.
The less-than-truckload carrier posted adjusted earnings per share of $1.19, surpassing the analyst consensus of $1.16. Revenue came in at $1.37 billion, slightly below estimates of $1.38 billion and down 5.8% YoY.
Old Dominion’s operating ratio increased to 75.4% from 73.5% in the year-ago quarter, as lower revenue had a deleveraging effect on expenses. LTL tons per day decreased 6.3%, reflecting a 5.0% drop in shipments per day and a 1.4% decline in weight per shipment.
"Old Dominion’s financial results for the first quarter reflect the ongoing softness in the domestic economy," said Marty Freeman, President and CEO. "While we were encouraged to see signs of improving demand during the first quarter, there continues to be uncertainty with the economy."
The company maintained its disciplined approach to pricing, with LTL revenue per hundredweight excluding fuel surcharges rising 4.1% YoY. Old Dominion also achieved 99% on-time service performance and a cargo claims ratio below 0.1% in Q1.
For 2025, Old Dominion now expects capital expenditures of approximately $450 million, down $125 million from its initial plan. The company returned $260.6 million to shareholders through share repurchases and dividends in Q1.
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