Functional Brands closes $8 million private placement and completes Nasdaq listing
THOMASVILLE, N.C. - On Wednesday, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reported third-quarter earnings that exceeded analyst expectations, despite a challenging freight environment.
The company’s shares were up 5.32% in pre-market trading following the result.
The less-than-truckload carrier posted earnings of $1.28 per diluted share for the third quarter, surpassing the analyst estimate of $1.22. Revenue came in at $1.41 billion, slightly above the consensus estimate of $1.4 billion, though still down 4.3% compared to the same period last year.
The company’s better-than-expected performance came despite a 9.0% decrease in LTL tons per day, reflecting broader weakness in the freight market. LTL shipments per day fell 7.9%, while LTL weight per shipment decreased 1.2%.
"Old Dominion’s third quarter financial results include decreases in both revenue and earnings per diluted share," said Marty Freeman, President and Chief Executive Officer. "The decrease in our LTL tons per day reflects a 7.9% decrease in our LTL shipments per day and a 1.2% decrease in our LTL weight per shipment that is generally indicative of softness in the macroeconomic environment."
Despite the volume challenges, the company maintained its focus on yield improvement, with LTL revenue per hundredweight excluding fuel surcharges increasing 4.7% YoY. The operating ratio increased 160 basis points to 74.3% as decreased revenue had a deleveraging effect on operating expenses.
Old Dominion continued to deliver exceptional service, maintaining 99% on-time performance and a cargo claims ratio of 0.1% during the quarter.
"Our proven track record of long-term financial success is grounded in our ability to consistently execute on the core elements of our strategic plan," Freeman added. "We remain highly motivated to continue delivering superior service for our customers, while also maintaining our yield discipline and operating efficiently."
For the first nine months of 2025, the company returned significant capital to shareholders, including $605.4 million in share repurchases and $177.2 million in cash dividends.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.