First look: Old Dominion posts Q1 beat

Revenue of $1.33 cardinal was 3% little y/y but $20 cardinal up of consensus. The effect was besides amended than the apical extremity of management’s guidance scope ($1.25 cardinal to $1.3 billion), which assumed lone mean seasonal request trends.

“Old Dominion’s archetypal 4th fiscal results bespeak a continuation of encouraging trends that started processing precocious past year,” said Marty Freeman, Old Dominion president and CEO, successful a quality release. “While our archetypal 4th gross decreased connected a year-over-year basis, request for our LTL work improved arsenic the 4th progressed.”

Tonnage declined 8% y/y arsenic a akin diminution successful shipments was lone partially offset by a flimsy summation successful value per shipment. Revenue per hundredweight (yield) accrued 6% y/y (4% higher excluding substance surcharges).

The institution reported a 76.2% operating ratio (23.8% operating margin), which was 80 ground points worse y/y but 50 bps amended than the seasonally stronger 4th quarter. The effect was besides astir 200 bps up of management’s implied 78.2% guide.

Shares of ODFL were up 1.5% successful premarket trading connected Wednesday.

Old Dominion volition big a telephone astatine 10:00 a.m. EDT connected Wednesday to sermon first-quarter results.

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