ODFL - Old Dominion Freight Line trades low despite improving Q3 operating ratio

Old Dominion Freight Line([[ODFL]] -1.8%) reports Q3 revenue of $1.06B, beats consensus by $10M.Increase in revenue was primarily due to a 1.3% increase in LTL tons per day that was partially offset by a 0.6% decrease in LTL revenue per hundredweight.Net cash provided by operating activities was $170.2M.Cash and cash equivalents of $420.4M as of September 30, 2020.Capital expenditures were $46.3M."Our operating ratio improved to a new quarterly Company record of 74.5% for the third quarter of 2020. We achieved this by continuing to improve our yields while also increasing the efficiency of our operations. Most of our cost categories decreased as a percent of revenue during the quarter, although the majority of the overall improvement in the operating ratio resulted from the change in both salaries, wages and benefits and operating supplies and expenses. In addition, our aggregate overhead costs improved as a percent of revenue due primarily to our continued discipline

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Old Dominion Freight Line trades low despite improving Q3 operating ratio