Old Dominion Freight Line Beats Q3 EPS Estimates With $1.59B Revenue

Old Dominion Freight Line posted third-quarter GAAP earnings per share (EPS) of $1.65, four cents above estimates, while revenue climbed 12.8% year over year to $1.59 billion.

Revenue came in $20 million above estimates. The growth rate exceeded the 10.4% year-over-year increase in second-quarter revenue, which totaled $1.554 billion.

In the second quarter, diluted EPS rose 32.3% to $1.68. The operating ratio was 70.1%, compared with 74.6% a year earlier, while daily less-than-truckload (LTL) tonnage fell 4.1%.

August operating data showed revenue per day rose 12.4% year over year. Daily LTL tonnage declined 0.9%, shipments per day fell 2.4% and weight per shipment increased 1.7%.

For the quarter through August, LTL revenue per hundredweight increased 11.3% from a year earlier, or 4.8% excluding fuel surcharges. In the second quarter, those measures rose 15.2% and 5.5%, respectively.

Old Dominion’s earnings call is set for Wednesday, Oct. 28, at 10 a.m. ET (14:00 UTC).