Old Dominion Freight Line Q3: Misses On Earnings And Revenue As Economic Headwinds Weigh
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 23 2024
0mins
Should l Buy ODFL?
Source: Benzinga
Third Quarter Financial Results: Old Dominion Freight Line reported a 3.0% year-over-year revenue decline to $1.470 billion, missing expectations, with earnings per share at $1.43, also below consensus. The decrease was driven by a drop in LTL tons and shipments, despite a rise in LTL revenue per hundredweight.
Market Reaction and Commentary: Following the results, ODFL shares fell 5.79% to $187.99 in premarket trading, as CEO Marty Freeman noted ongoing economic softness and increased operating costs impacting profitability.
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Analyst Views on ODFL
Wall Street analysts forecast ODFL stock price to fall
18 Analyst Rating
7 Buy
8 Hold
3 Sell
Hold
Current: 185.510
Low
114.00
Averages
162.18
High
196.00
Current: 185.510
Low
114.00
Averages
162.18
High
196.00
About ODFL
Old Dominion Freight Line, Inc. is a less-than-truckload (LTL) motor carrier. The Company provides regional, inter-regional and national LTL services through a single integrated, union-free organization. Its service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. It offers a range of value-added services including container drayage, truckload brokerage and supply chain consulting. It operates approximately 261 service center locations, of which it owns 239 and leased 22. Its service centers are responsible for the pickup and delivery of freight within their local service area. Its systems allow it to offer its customers access to information, such as freight tracking, shipping documents, rate quotes, rate databases and account activity. Its integrated systems and customer service department provide its customers with a single point of contact to access information.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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