Old Dominion Freight Line, Inc. reported its third-quarter 2024 financial results on October 23, 2024, revealing a 3.0% year-over-year decrease in total revenue to $1.470 billion, falling short of analyst consensus estimates of $1.492 billion. Despite the revenue decline, diluted earnings per share (EPS) came in at $1.43, aligning with analyst consensus estimates.
The decrease in revenue was primarily driven by a 4.8% decrease in LTL tons per day, reflecting ongoing softness in the domestic economy. This volume decline was a result of a 3.4% drop in LTL shipments per day and a decrease in LTL weight per shipment.
Despite the challenging volume environment, the company demonstrated pricing power, with LTL revenue per hundredweight, excluding fuel surcharges, increasing by 4.6%. Operating income for the quarter dropped by 9.7%, indicating pressure on profitability due to reduced freight density and fixed costs.
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