Old Dominion Beats Q3 Estimates, Guides Q4 Above Consensus, Yet Shares Fall 5%
ODFL sits 39% above its 52-week low of $126.01 on elevated volume (1.9× avg).
Summary
Old Dominion beat on both lines: EPS of $1.65 rose 28.9% year over year against a $1.61 consensus, and revenue of $1.591 billion topped the $1.561 billion estimate. The operating ratio improved 280 basis points to 71.5%, and pricing did the heavy lifting with LTL revenue per hundredweight up about 13%. The problem is volume — LTL tons per day slipped 0.1% for the quarter, and management said inflation and consumer spending worries are still holding back a broader freight recovery. Guidance is the bright spot: Q4 revenue of $1.54 billion to $1.58 billion sits well above the $1.49 billion consensus, and October month-to-date revenue per day is running up roughly 22% year over year. The stock is down 5.31% at $177.10 anyway, which tells you the market is focused on the soft tonnage and cautious demand commentary rather than the beat.
At the time of this announcement, ODFL was trading at $174.87 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $36.3B. The 52-week trading range was $126.01 to $252.03. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.