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Old Dominion (ODFL) Q4 Earnings Top Estimates, Revenues Miss
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Old Dominion Freight Line, Inc. (ODFL - Free Report) reported mixed fourth-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate, but revenues missed the same.
Quarterly earnings per share of $2.92 outpaced the Zacks Consensus Estimate of $2.68 and increased 21.2% year over year.
Revenues of $1,491.65 million lagged the Zacks Consensus Estimate of $1,507.7 million but increased 5.8% year over year. The uptick was backed by a 16.7% increase in less-than-truckload (LTL) revenue per hundredweight, partially offset by the decrease in LTL tons.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
The LTL services unit logged a total of $1,473.66 million, up 6% year over year. Revenues from other services fell 12.6% to $17.99 million.
In the quarter under review, LTL weight per shipment fell 0.6%, while LTL revenue per shipment rose 16%. LTL shipments and LTL shipments per day were down 8.6% each, year over year.
Total operating expenses moved up 2.3% to $1.06 billion. Operating income improved 15.5% to $430.23 million.
Old Dominion exited the fourth quarter with cash and cash equivalents worth $186.31 million compared with $216.73 million at the end of September 2022. Long-term debt of $79.96 million was flat sequentially.
During the fourth quarter, Old Dominion paid out dividends worth $33.1 million and repurchased shares worth $0.2 billion.
ODFL’s board of directors has raised its quarterly cash dividend by 33.3% to 40 cents per share, effective from the first quarter of 2023. The raised dividend will be paid out on Mar 15, 2023, to all its shareholders of record as of Mar 1, 2023.
ODFL generated $361.3 million of net cash from operating activities. Capital expenditures incurred in the reported quarter were $270.4 million.
For 2023, ODFL anticipates its aggregate capital expenditures to be almost $800 million. Of the total, $300 million is anticipated to be invested in real estate and service center expansion projects, $400 million in tractors and trailers and $100 million in information technology and other assets.
United Airlines’ (UAL - Free Report) fourth-quarter 2022 earnings of $2.46 per share beat the Zacks Consensus Estimate of $2.07. In the year-ago quarter, UAL incurred a loss of $1.60 per share when air-travel demand was not as buoyant as in the current scenario. The fourth quarter of 2022 was the third consecutive profitable quarter at UAL since the onset of the pandemic.
Operating revenues of $12,400 million beat the Zacks Consensus Estimate of $12,230 million. UAL’s revenues increased 51.37% year over year owing to upbeat air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.9% from fourth-quarter 2019 (pre-coronavirus) levels.
Delta Air Lines’ (DAL - Free Report) fourth-quarter 2022 earnings (excluding 19 cents from non-recurring items) of $1.48 per share beat the Zacks Consensus Estimate of $1.29 per share. DAL reported earnings of 22 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,435 million, which also surpassed the Zacks Consensus Estimate of $13,030.3 million. Driven by the high air-travel demand, total revenues increased more than 41.87% on a year-over-year basis.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) fourth-quarter 2022 earnings of $1.92 per share missed the Zacks Consensus Estimate of $2.45 and declined 16% year over year.
JBHT’s total operating revenues of $3,649.62 million also lagged the Zacks Consensus Estimate of $3,796.8 million. The top line jumped 4.4% year over year. Total operating revenues, excluding fuel surcharges, fell 2.9% year over year.
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Old Dominion (ODFL) Q4 Earnings Top Estimates, Revenues Miss
Old Dominion Freight Line, Inc. (ODFL - Free Report) reported mixed fourth-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate, but revenues missed the same.
Quarterly earnings per share of $2.92 outpaced the Zacks Consensus Estimate of $2.68 and increased 21.2% year over year.
Revenues of $1,491.65 million lagged the Zacks Consensus Estimate of $1,507.7 million but increased 5.8% year over year. The uptick was backed by a 16.7% increase in less-than-truckload (LTL) revenue per hundredweight, partially offset by the decrease in LTL tons.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
Old Dominion Freight Line, Inc. price-consensus-eps-surprise-chart | Old Dominion Freight Line, Inc. Quote
The LTL services unit logged a total of $1,473.66 million, up 6% year over year. Revenues from other services fell 12.6% to $17.99 million.
In the quarter under review, LTL weight per shipment fell 0.6%, while LTL revenue per shipment rose 16%. LTL shipments and LTL shipments per day were down 8.6% each, year over year.
Total operating expenses moved up 2.3% to $1.06 billion. Operating income improved 15.5% to $430.23 million.
Old Dominion exited the fourth quarter with cash and cash equivalents worth $186.31 million compared with $216.73 million at the end of September 2022. Long-term debt of $79.96 million was flat sequentially.
During the fourth quarter, Old Dominion paid out dividends worth $33.1 million and repurchased shares worth $0.2 billion.
ODFL’s board of directors has raised its quarterly cash dividend by 33.3% to 40 cents per share, effective from the first quarter of 2023. The raised dividend will be paid out on Mar 15, 2023, to all its shareholders of record as of Mar 1, 2023.
ODFL generated $361.3 million of net cash from operating activities. Capital expenditures incurred in the reported quarter were $270.4 million.
For 2023, ODFL anticipates its aggregate capital expenditures to be almost $800 million. Of the total, $300 million is anticipated to be invested in real estate and service center expansion projects, $400 million in tractors and trailers and $100 million in information technology and other assets.
Currently, Old Dominion carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Transportation Companies
United Airlines’ (UAL - Free Report) fourth-quarter 2022 earnings of $2.46 per share beat the Zacks Consensus Estimate of $2.07. In the year-ago quarter, UAL incurred a loss of $1.60 per share when air-travel demand was not as buoyant as in the current scenario. The fourth quarter of 2022 was the third consecutive profitable quarter at UAL since the onset of the pandemic.
Operating revenues of $12,400 million beat the Zacks Consensus Estimate of $12,230 million. UAL’s revenues increased 51.37% year over year owing to upbeat air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.9% from fourth-quarter 2019 (pre-coronavirus) levels.
Delta Air Lines’ (DAL - Free Report) fourth-quarter 2022 earnings (excluding 19 cents from non-recurring items) of $1.48 per share beat the Zacks Consensus Estimate of $1.29 per share. DAL reported earnings of 22 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,435 million, which also surpassed the Zacks Consensus Estimate of $13,030.3 million. Driven by the high air-travel demand, total revenues increased more than 41.87% on a year-over-year basis.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) fourth-quarter 2022 earnings of $1.92 per share missed the Zacks Consensus Estimate of $2.45 and declined 16% year over year.
JBHT’s total operating revenues of $3,649.62 million also lagged the Zacks Consensus Estimate of $3,796.8 million. The top line jumped 4.4% year over year. Total operating revenues, excluding fuel surcharges, fell 2.9% year over year.