Old Dominion Freight Line, Inc. (ODFL) provided an update on the performance of its less-than-truckload (LTL) segment, which is its primary revenue generator, in February.
With an increase in LTL revenue per hundredweight partially offset by a 12.4% decline in LTL tons per day, ODFL’s revenue per day fell 2.9% year over year in February 2023. LTL tons per day were hurt by a 10.1% decrease in LTL shipments per day and a 2.5% decrease in LTL weight per shipment.
Quarter to date, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 12.1% and 8.6%, respectively, as compared to the same period last year.
Greg C. Gantt, president and chief executive officer of Old Dominion, commented, "Old Dominion’s revenue results for February reflect continued softness in the domestic economy. While our revenue decreased on a year-over-year basis, we believe our LTL shipments per day have largely stabilized and our yield continued to improve. We will continue to focus on providing our customers with superior service, which supports our consistent, cost-based approach to yield management. Our execution on these initiatives has created an unmatched value proposition in our industry, which we believe will continue to support long-term growth in our market share and increase shareholder value."
Recently, the trucking company reported mixed fourth-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings per share of $2.92 outpaced the Zacks Consensus Estimate of $2.68 and increased 21.2% year over year. Revenues of $1,491.65 million lagged the Zacks Consensus Estimate of $1,507.7 million and increased 5.8% year over year. The uptick was backed by a 16.7% increase in LTL revenue per hundredweight, partially offset by the decrease in LTL tons.
To this end, we present earnings performance of two other companies from the same Zacks Transportation-Truck industry.
Knight-Swift Transportation Holdings Inc.KNX stock has gained 9.2% since its fourth-quarter 2022 earnings release on Jan 26.
Quarterly earnings of $1.00 per share missed the Zacks Consensus Estimate of $1.13 and fell 37.9% year over year. Total revenues of $1,743.62 million lagged the Zacks Consensus Estimate of $1,779.9 million and declined 4% year over year.
J.B. Hunt Transport Services, Inc.’s JBHT fourth-quarter 2022 earnings of $1.92 per share missed the Zacks Consensus Estimate of $2.45 and declined 16% year over year.
JBHT’s total operating revenues of $3,649.62 million also lagged the Zacks Consensus Estimate of $3,796.8 million. The top line jumped 4.4% year over year. Total operating revenues, excluding fuel surcharges, fell 2.9% year over year.
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