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Old Dominion (ODFL) Q1 Earnings Beat Estimates, Rise Y/Y
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Old Dominion Freight Line’s (ODFL - Free Report) first-quarter 2024 earnings per share of $1.34 surpassed the Zacks Consensus Estimate of $1.33 and increased 3.9% year over year. Management has stated that all per-share data, even for the prior-year period, have been adjusted to reflect the two-for-one stock split. The stock split was announced by ODFL during the first quarter.
Revenues of $1.46 billion missed the Zacks Consensus Estimate of $1.47 billion but inched up 1.2% year over year. An increase in less-than-truckload or LTL revenue per hundredweight and yield-improvement initiatives aided results.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
Revenues from LTL services came in at $1.45 billion, up 1.6% year over year. Segmental revenues were just short of our projection of $1.47 billion. Revenues from other services fell 24.9% to $13.34 million, just above our projection of $13.1 million.
In the quarter under review, LTL weight per shipment dipped 2.7% and LTL revenue per shipment increased 1.3%. Each of LTL shipments and LTL shipments per day were down 0.5% on a year-over-year basis. LTL revenue per hundredweight increased 4.1%.
Total operating expenses increased 1.3% to $1.07 billion. Operating income inched up 0.9% to $386.4 million.
Old Dominion exited the March quarter with cash and cash equivalents of $581 million compared with $433.8 million at prior-quarter end. Long-term debt of $59.98 million remained flat sequentially. Capital expenditures incurred in the reported quarter were $119.5 million.
Old Dominion paid out dividends worth $56.6 million and repurchased shares worth $85.3 million in the March quarter. For 2024, ODFL anticipates total capital expenditures to be approximately $750 million. Of the total, $350 million is anticipated to be invested in real estate and service center expansion projects, $325 million in tractors and trailers, and $75 million in information technology and other assets.
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.
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Old Dominion (ODFL) Q1 Earnings Beat Estimates, Rise Y/Y
Old Dominion Freight Line’s (ODFL - Free Report) first-quarter 2024 earnings per share of $1.34 surpassed the Zacks Consensus Estimate of $1.33 and increased 3.9% year over year. Management has stated that all per-share data, even for the prior-year period, have been adjusted to reflect the two-for-one stock split. The stock split was announced by ODFL during the first quarter.
Revenues of $1.46 billion missed the Zacks Consensus Estimate of $1.47 billion but inched up 1.2% year over year. An increase in less-than-truckload or LTL revenue per hundredweight and yield-improvement initiatives aided results.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
Old Dominion Freight Line, Inc. price-consensus-eps-surprise-chart | Old Dominion Freight Line, Inc. Quote
Revenues from LTL services came in at $1.45 billion, up 1.6% year over year. Segmental revenues were just short of our projection of $1.47 billion. Revenues from other services fell 24.9% to $13.34 million, just above our projection of $13.1 million.
In the quarter under review, LTL weight per shipment dipped 2.7% and LTL revenue per shipment increased 1.3%. Each of LTL shipments and LTL shipments per day were down 0.5% on a year-over-year basis. LTL revenue per hundredweight increased 4.1%.
Total operating expenses increased 1.3% to $1.07 billion. Operating income inched up 0.9% to $386.4 million.
Old Dominion exited the March quarter with cash and cash equivalents of $581 million compared with $433.8 million at prior-quarter end. Long-term debt of $59.98 million remained flat sequentially. Capital expenditures incurred in the reported quarter were $119.5 million.
Old Dominion paid out dividends worth $56.6 million and repurchased shares worth $85.3 million in the March quarter. For 2024, ODFL anticipates total capital expenditures to be approximately $750 million. Of the total, $350 million is anticipated to be invested in real estate and service center expansion projects, $325 million in tractors and trailers, and $75 million in information technology and other assets.
Zacks Rank
Currently, ODFL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year. Delta expects adjusted earnings of $2.20-$2.50 per share for second-quarter 2024.
CSX Corporation's (CSX - Free Report) first-quarter 2024 earnings per share of 46 cents beat the Zacks Consensus Estimate by a penny. However, the bottom line declined 4% year over year.
Total revenues of $3.68 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line decreased 1% year over year due to lower fuel surcharge, a decline in other revenues, lower trucking revenues and reduced export coal prices.