Trucking firm Old Dominion posts higher quarterly profit on improved pricing
ODFL•Quarterly details and industry backdrop
- Old Dominion reported a profit of $1.68 per share for the April-June quarter, up from $1.27 per share a year ago.
- Quarterly revenue grew 10.4% to $1.55 billion. Revenue per hundredweight in the LTL segment, a gauge for pricing, rose 15.2%.
- However, LTL shipments for the second quarter dropped 5.7%.
- Trucking firms have pointed to improved U.S. manufacturing activity through much of the year as a sign of strength in industrial demand. In May, manufacturing activity hit its highest reading in four years.
- Old Dominion competes with the likes of XPO XPO.N, Saia SAIA.O and the recently carved-out market leader, FedEx Freight FDXF.N.
Old Dominion posts higher second-quarter profit on improved pricing
July 29 (Reuters) - Old Dominion Freight Line ODFL.O, one of the largest less-than-truckload firms in the U.S., posted a higher second-quarter profit on Wednesday, helped by improved pricing and growing demand from industrial clients.
The results come at a time when regulatory-driven tightening of capacity is driving up rates and as businesses front-load orders to avoid shortages caused by the U.S.-Israeli war on Iran.
