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Old Dominion (ODFL) Q2 Earnings & Revenues Beat, Rise Y/Y

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Old Dominion Freight Line, Inc. (ODFL - Free Report) reported second-quarter 2018 earnings per share of $1.99, which surpassed the Zacks Consensus Estimate of $1.82. The bottom line also surged 67.2% on a year-over-year basis.  Results were aided by higher revenues.

Quarterly revenues increased 23.1% year over year to $1,033.5 million and outpaced the consensus mark of $1,024.6 million. The year-over-year improvement in the top line was primarily driven by 14.6% and 7.4% increase in LTL tons and LTL revenue per hundredweight, respectively.

While LTL tons per day rose 14.6% year over year, LTL revenue per hundredweight increased 7.4%. In the quarter under review, LTL revenue per hundredweight was up 4.1%, excluding fuel surcharges. Also, LTL shipments improved 11.2% and LTL weight per shipment increased 3.1%.

Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise

 

Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise | Old Dominion Freight Line, Inc. Quote


Additionally, operating ratio improved 220 basis points (bps) to 78.7%.

As of Jun 30, 2018, this Zacks Rank #2 (Buy) company rewarded shareholders to the tune of $68.8 million through dividends ($21.4 million) and buybacks ($47.4 million). Old Dominion exited the quarter with cash and cash equivalents of $140.6 million. Debt-to-total capitalization ratio at the end of the quarter was 1.8% compared with 4% at the end of 2017. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Capital expenditures in the quarter totaled $191.7 million. For 2018, Old Dominion continues to expect capital expenditures of $555 million. Of the total amount, $200 million is anticipated to be spent on real estate and service center expansion while approximately $310 million and $45 million is estimated to be spent on tractors and trailers, and technology and other assets, respectively.

Upcoming Releases

Investors interested in the broader Transportation sector are keenly awaiting second-quarter earnings reports from key players, namely C.H. Robinson Worldwide, Inc. (CHRW - Free Report) , Expeditors International of Washington, Inc. (EXPD - Free Report) and Air Lease Corporation (AL - Free Report) . While C.H. Robinson will report second-quarter earnings on Jul 31, Expeditors and Air Lease will release the same on Aug 7 and Aug 9, respectively.

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