ODFL - Why Shares in Old Dominion Freight Line Surged in August
Shares in less-than-truckload freight company Old Dominion Freight Line (NASDAQ: ODFL) rose 10.6% in August, according to data provided by S&P Global Market Intelligence. The move comes as a consequence of some outstanding operational performance by the company. In addition, management sees an improving end-market outlook, as trucking markets recover from stay-at-home measures imposed on the economy due to the COVID-19 pandemic.
Image source: Getty Images.
Old Dominion reported its second-quarter results at the end of July, and the market was left impressed by how the company dealt with the crisis. Although total revenue declined by 15.5% in Q2, and operating income fell 15.1%, management was able to actually improve some key metrics.