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Old Dominion Freight Line, Inc. (ODFL) - free report >>
Knight-Swift Transportation Holdings Inc. (KNX) - free report >>
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Old Dominion Freight Line, Inc. (ODFL) - free report >>
Knight-Swift Transportation Holdings Inc. (KNX) - free report >>
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Old Dominion (ODFL) Posts Solid November LTL Unit Performance
Old Dominion Freight Line (ODFL - Free Report) provided an update on the performance of its less-than-truckload (“LTL”) segment, which is its primary revenue generator, in November.
With 11.5% increase in LTL tons per day and rise in LTL revenue per hundredweight, ODFL’s revenue per day climbed 29.9% year over year in November. LTL tons per day benefited from 15.2% increase in LTL shipments per day. The metric was partly hurt by 3.2% decrease in LTL weight per shipment.
Quarter to date, Old Dominion’s LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges jumped 16.6% and 9.4% year over year, respectively.
Old Dominion Freight Line, Inc. Price
Old Dominion Freight Line, Inc. price | Old Dominion Freight Line, Inc. Quote
ODFL’s president and chief executive officer, Greg C. Gantt, said, “Our revenue growth through November reflects our continued ability to win market share and the ongoing strength in the domestic economy.” The company expects the sequential increase in revenue per day for the fourth quarter of 2021 to exceed its 10-year average for this metric. Amid capacity constraints in the trucking industry, Old Dominion expects customer demand to remain strong into next year.
Zacks Rank & Other Key Picks
Old Dominion carries a Zacks Rank #2 (Buy).
Here are some other top-ranked stocks in the Transportation - Truck industry:
Knight-Swift Transportation Holdings (KNX - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a stellar earnings surprise history having outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 14%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Knight-Swift have gained more than 43% so far this year.
ArcBest Corporation (ARCB - Free Report) sports a Zacks Rank #1. The company’s earnings have trumped the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 27.4%.
Shares of ArcBest have surged more than 100% so far this year.
Saia (SAIA - Free Report) also carries a Zacks Rank #1. The company’s earnings have surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 14.8%.
Shares of Saia have rallied more than 76% so far this year.