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Lackluster LTL revenues hurt Old Dominion's (ODFL) Q2 results. ODFL's board, meanwhile, clears a new share buyback program.
Old Dominion Freight Line (ODFL) came out with quarterly earnings of $2.65 per share, beating the Zacks Consensus Estimate of $2.63 per share. This compares to earnings of $3.30 per share a year ago.
Old Dominion Freight Line Inc. ODFL, +1.52% reported Wednesday second-quarter profit that topped expectations while revenue fell short, amid weakness in tons carried in its trucks per day and trucking rates. The trucking company also announced a new $3 billion stock repurchase program, which adds to the $376.9 million remaining in the old program.
Lackluster freight demand is likely to have hurt Old Dominion's (ODFL) revenue performance in Q2.
Three names stand out within the market's favorite industry: Old Dominion Freight Line NASDAQ: ODFL, Saia NASDAQ: SAIA and RXO NYSE: RXO are at the top of the "popular" list based on market sentiment and other metrics.
The potential bankruptcy of Yellow helped lift ODFL shares. The company reported a double-digit drop in revenue in May, but pricing remained strong.
Old Dominion Freight Line, Inc.'s earnings have probably peaked this cycle, but the stock price is ignoring it. Even using generous assumptions, Old Dominion stock is overvalued based on long-term earnings expectations. This has been a great growth stock to own the past several years, but many of the catalysts for that growth were temporary.
One report said Yellow, the nation's third-largest LTL carrier, could run out of liquidity in six weeks. If Yellow goes bankrupt, other carriers, like Saia, XPO, and Old Dominion, will likely pick up market share.
THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announced today that it plans to release its second quarter 2023 financial results before opening of trading on Wednesday, July 26, 2023. The Company will also hold a conference call to discuss its financial results and outlook at 10:00 a.m. (Eastern Time) on Wednesday, July 26, 2023. An online, real-time webcast of Old Dominion's quarterly conference call will be available at www.odfl.com on Wednesday, July 26,.
Shares of Old Dominion Freight Line inc. NASDAQ: ODFL just keep on truckin' higher.