Old Dominion Q1 EPS $1.14 Beats Estimates; Revenue $1.33B Exceeds Guidance
Old Dominion reported Q1 EPS of $1.14, topping estimates by $0.09 while revenue of $1.33 billion exceeded consensus by $20 million despite a 3% year-over-year decline. The LTL carrier posted an operating ratio of 76.2%, 200 basis points better than its guided 78.2%, as tonnage fell 8%.
1. Q1 Financial Results
Old Dominion reported first-quarter earnings per share of $1.14, beating the $1.05 consensus by $0.09, while revenue reached $1.33 billion, $20 million above estimates despite a 3% year-over-year decline.
2. Operating Metrics
Tonnage declined 8% year-over-year as shipment counts fell similarly, partially offset by a slight increase in weight per shipment, driving a 6% increase in revenue per hundredweight (yield).
3. Efficiency and Guidance
The carrier posted a 76.2% operating ratio, improving 200 basis points relative to its 78.2% guidance and 50 basis points better than the seasonally stronger fourth quarter, with a 23.8% operating margin.
4. Demand Trends and Next Steps
Management noted that demand for its less-than-truckload service improved throughout the quarter, and the company will host a call to discuss the results at 10:00 a.m. EDT.