XPO - Old Dominion's Q1 Earnings Meet Estimate but LTL Stocks Fall Anyway | Benzinga
Old Dominion reported earnings per share of $1.34 for the 2024 first quarter, which was in line with the consensus estimate and 5 cents ahead of the year-ago result when accounting for the company's March two-for-one stock split.
The in-line result wasn't enough for investors.
Shares of ODFL were down 10.9% at 12:46 p.m. EDT Wednesday compared to the S&P 500, which was down 0.5%. Other LTL competitors saw shares sag as well. ArcBest (NASDAQ: ARCB) was down 8.4%, XPO (NYSE: XPO) was down 7.3% and Saia (NASDAQ: SAIA) was off 5.9%.
Old Dominion's revenue increased 1.2% year over year (y/y) to $1.46 billion as tonnage fell 3.2% (shipments and weight per shipment were down 0.5% and 2.7%, respectively), which was offset by a 4.1% increase in revenue per hundredweight, or yield. (Yield was up 6.7% excluding fuel surcharges.) Lower shipment weights helped boost the yield calculations.
Revenue per shipment (excluding fuel surcharges) was up 3.8% y/y even though weight per shipment and length of haul were ...