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Old Dominion (ODFL) Q3 Earnings & Revenues Surpass Estimates
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Old Dominion Freight Line, Inc. (ODFL - Free Report) third-quarter 2023 earnings per share of $3.09 surpassed the Zacks Consensus Estimate of $2.89 but declined 8% year over year.
Revenues of $1,515.27 million beat the Zacks Consensus Estimate of $1,492 million and decreased 5.5% year over year. The downside was due to a 6.9% decrease in LTL tons per day, partially offset by a 3.1% increase in LTL revenue per hundredweight.
The LTL services unit revenues came in at $1,501.26 million, down 5.2% year over year. Revenues from other services fell 32.4% to $14.01 million.
In the quarter under review, LTL weight per shipment dipped 4.1%, while LTL revenue per shipment declined 1.1%. LTL shipments and LTL shipments per day were down 4.4% and 2.9%, year over year, respectively. LTL revenue per hundredweight increased 3.1%.
Total operating expenses fell 3.4% to $1.07 billion. Operating income declined 10.3% to $445.02 million.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
Old Dominion exited the third quarter with cash and cash equivalents worth $206.60 million compared with $55.14 million at the prior-quarter end. Long-term debt was $59.97 million, flat sequentially. Capital expenditures incurred in the reported quarter were $172 million.
Old Dominion paid out dividends worth $131.5 million and repurchased shares worth $368.1 million in the first nine months of 2023.
For 2023, ODFL still anticipates its aggregate capital expenditures to be approximately $720 million. Of the total, $260 million is anticipated to be invested in real estate and service center expansion projects, $385 million in tractors and trailers, and $75 million in information technology and other assets.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 earnings of $1.80 per share missed the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
JBHT’s total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and fell 18% year over year. Total operating revenues, excluding fuel surcharges, decreased 15% year over year.
Delta Air Lines, Inc. (DAL - Free Report) reported third-quarter 2023 earnings (excluding 31 cents from non-recurring items) of $2.03 per share, which comfortably beat the Zacks Consensus Estimate of $1.92 and improved 35% on a year-over-year basis.
DAL’s revenues of $15,488 million beat the Zacks Consensus Estimate of $15,290.4 million and increased 11% on a year-over-year basis, driven by higher air-travel demand.
Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2023earnings of $1.83 per share, which missed the Zacks Consensus Estimate of $1.88 and declined 28% year over year.
Operating revenues of $2,839 million missed the Zacks Consensus Estimate of $2,876.1 million. The top line jumped 0.4% year over year, with passenger revenues accounting for 92.2% of the top line and increasing 0.1% owing to continued recovery in air-travel demand.
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Old Dominion (ODFL) Q3 Earnings & Revenues Surpass Estimates
Old Dominion Freight Line, Inc. (ODFL - Free Report) third-quarter 2023 earnings per share of $3.09 surpassed the Zacks Consensus Estimate of $2.89 but declined 8% year over year.
Revenues of $1,515.27 million beat the Zacks Consensus Estimate of $1,492 million and decreased 5.5% year over year. The downside was due to a 6.9% decrease in LTL tons per day, partially offset by a 3.1% increase in LTL revenue per hundredweight.
The LTL services unit revenues came in at $1,501.26 million, down 5.2% year over year. Revenues from other services fell 32.4% to $14.01 million.
In the quarter under review, LTL weight per shipment dipped 4.1%, while LTL revenue per shipment declined 1.1%. LTL shipments and LTL shipments per day were down 4.4% and 2.9%, year over year, respectively. LTL revenue per hundredweight increased 3.1%.
Total operating expenses fell 3.4% to $1.07 billion. Operating income declined 10.3% to $445.02 million.
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
Old Dominion exited the third quarter with cash and cash equivalents worth $206.60 million compared with $55.14 million at the prior-quarter end. Long-term debt was $59.97 million, flat sequentially. Capital expenditures incurred in the reported quarter were $172 million.
Old Dominion paid out dividends worth $131.5 million and repurchased shares worth $368.1 million in the first nine months of 2023.
For 2023, ODFL still anticipates its aggregate capital expenditures to be approximately $720 million. Of the total, $260 million is anticipated to be invested in real estate and service center expansion projects, $385 million in tractors and trailers, and $75 million in information technology and other assets.
Currently, ODFL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 earnings of $1.80 per share missed the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
JBHT’s total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and fell 18% year over year. Total operating revenues, excluding fuel surcharges, decreased 15% year over year.
Delta Air Lines, Inc. (DAL - Free Report) reported third-quarter 2023 earnings (excluding 31 cents from non-recurring items) of $2.03 per share, which comfortably beat the Zacks Consensus Estimate of $1.92 and improved 35% on a year-over-year basis.
DAL’s revenues of $15,488 million beat the Zacks Consensus Estimate of $15,290.4 million and increased 11% on a year-over-year basis, driven by higher air-travel demand.
Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2023 earnings of $1.83 per share, which missed the Zacks Consensus Estimate of $1.88 and declined 28% year over year.
Operating revenues of $2,839 million missed the Zacks Consensus Estimate of $2,876.1 million. The top line jumped 0.4% year over year, with passenger revenues accounting for 92.2% of the top line and increasing 0.1% owing to continued recovery in air-travel demand.