Old Dominion Freight Line’s (ODFL - Free Report) first-quarter 2024 earnings per share of $1.34 surpassed the Zacks Consensus Estimate of $1.33 and increased 3.9% year over year. Management has stated that all per-share data, even for the prior-year period, have been adjusted to reflect the two-for-one stock split. The stock split was announced by ODFL during the first quarter.
Revenues of $1.46 billion missed the Zacks Consensus Estimate of $1.47 billion but inched up 1.2% year over year. An increase in less-than-truckload or LTL revenue per hundredweight and yield-improvement initiatives aided results.
Revenues from LTL services came in at $1.45 billion, up 1.6% year over year. Segmental revenues were just short of our projection of $1.47 billion. Revenues from other services fell 24.9% to $13.34 million, just above our projection of $13.1 million.
In the quarter under review, LTL weight per shipment dipped 2.7% and LTL revenue per shipment increased 1.3%. Each of LTL shipments and LTL shipments per day were down 0.5% on a year-over-year basis. LTL revenue per hundredweight increased 4.1%.
Total operating expenses increased 1.3% to $1.07 billion. Operating income inched up 0.9% to $386.4 million.
Old Dominion exited the March quarter with cash and cash equivalents of $581 million compared with $433.8 million at prior-quarter end. Long-term debt of $59.98 million remained flat sequentially. Capital expenditures incurred in the reported quarter were $119.5 million.
Old Dominion paid out dividends worth $56.6 million and repurchased shares worth $85.3 million in the March quarter. For 2024, ODFL anticipates total capital expenditures to be approximately $750 million. Of the total, $350 million is anticipated to be invested in real estate and service center expansion projects, $325 million in tractors and trailers, and $75 million in information technology and other assets.
Zacks Rank
Currently, ODFL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.
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Old Dominion Freight Line’s (ODFL - Free Report) first-quarter 2024 earnings per share of $1.34 surpassed the Zacks Consensus Estimate of $1.33 and increased 3.9% year over year. Management has stated that all per-share data, even for the prior-year period, have been adjusted to reflect the two-for-one stock split. The stock split was announced by ODFL during the first quarter.
Revenues of $1.46 billion missed the Zacks Consensus Estimate of $1.47 billion but inched up 1.2% year over year. An increase in less-than-truckload or LTL revenue per hundredweight and yield-improvement initiatives aided results.
Revenues from LTL services came in at $1.45 billion, up 1.6% year over year. Segmental revenues were just short of our projection of $1.47 billion. Revenues from other services fell 24.9% to $13.34 million, just above our projection of $13.1 million.
In the quarter under review, LTL weight per shipment dipped 2.7% and LTL revenue per shipment increased 1.3%. Each of LTL shipments and LTL shipments per day were down 0.5% on a year-over-year basis. LTL revenue per hundredweight increased 4.1%.
Total operating expenses increased 1.3% to $1.07 billion. Operating income inched up 0.9% to $386.4 million.
Old Dominion exited the March quarter with cash and cash equivalents of $581 million compared with $433.8 million at prior-quarter end. Long-term debt of $59.98 million remained flat sequentially. Capital expenditures incurred in the reported quarter were $119.5 million.
Old Dominion paid out dividends worth $56.6 million and repurchased shares worth $85.3 million in the March quarter. For 2024, ODFL anticipates total capital expenditures to be approximately $750 million. Of the total, $350 million is anticipated to be invested in real estate and service center expansion projects, $325 million in tractors and trailers, and $75 million in information technology and other assets.
Zacks Rank
Currently, ODFL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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