Old Dominion Freight Line, Inc. announced its financial results for the second quarter ended June 30, 2025, on July 30, 2025. The company reported diluted earnings per share (EPS) of $1.27, falling short of analyst estimates of $1.30 per share.
Total revenue for the second quarter was $1.41 billion, a 6.1% decrease year-over-year, missing analyst expectations of $1.43 billion. The operating ratio increased by 270 basis points to 74.6%, primarily due to the deleveraging effect of lower revenue on operating expenses and increased depreciation.
The decrease in revenue was largely due to a 9.3% decrease in LTL tons per day, reflecting persistent softness in the domestic economy. This volume decline was a result of a 7.3% decrease in LTL shipments per day and a 2.1% decrease in LTL weight per shipment.
Despite the significant volume challenges, LTL revenue per hundredweight, excluding fuel surcharges, increased by 5.3% compared to the second quarter of 2024, demonstrating the company's disciplined approach to yield management. Net income for the quarter declined to $268.6 million from $322 million in the prior year period.
The company continued to return capital to shareholders, utilizing $187.2 million for capital expenditures in the quarter and $424.6 million for share repurchases and $118.5 million for cash dividends in the first half of the year. Management remains confident in its long-term strategic plan despite the difficult operating environment.
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