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Old Dominion (ODFL) Q2 Earnings & Revenues Top, Grow Y/Y
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Old Dominion Freight Line (ODFL - Free Report) reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.
Quarterly earnings per share of $3.30 outpaced the Zacks Consensus Estimate of $3.10. The bottom line surged 42.9% year over year.
Revenues of $1,667.4 million also surpassed the Zacks Consensus Estimate of $1,639.6 million and increased 26.4% year over year. The uptick was backed by a 2.8% increase in LTL tons per day and a 22.6% rise in LTL revenue per hundredweight.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
The LTL services unit logged a total of $ 1,644.6 million, up 26.5% year over year. Revenues from other services rallied 16% to $22.8 million. In the quarter under review, LTL weight per shipment rose 0.1%, while LTL revenue per shipment rose 22.7%. LTL shipments and LTL shipments per day were up 2.8% each, year over year, respectively.
Total operating expenses moved up 21.5% to $1.16 billion. Operating income improved 39% to $508.71 million.
Old Dominion exited the quarter with cash and cash equivalents worth $196.13 million compared with $262.12 million at the end of March 2022. Additionally, long-term debt totaled $79.95 million at the end of the 2022 June quarter, compared with $99.95 million at the end of March 2022.
During the reported quarter, Old Dominion paid out dividends worth $33.8 million and repurchased shares worth $293.5 million.
Capital expenditures incurred in the reported quarter were $229.4 million. Old Dominion expects a capex of $835 million for 2022. Of the total, $300 million is anticipated to be invested in real estate and service-center expansion. ODFL expects to spend $485 million on tractors/trailers and $50 million on information technology and other assets, respectively.
Delta AirLines’ (DAL - Free Report) second-quarter 2022 earnings (excluding 29 cents from non-recurring items) of $1.44 per share fell short of the Zacks Consensus Estimate of $1.71. Escalated operating expenses induced the earnings miss. Multiple flight cancellations in May and June also hurt results. The earnings miss disappointed investors, resulting in the stock shedding value in early trading. In the year-ago quarter, Delta incurred a loss of $1.07 per share when air-travel demand was not as buoyant as in the current scenario.
DAL’s revenues came in at $13,824 million, which not only beat the Zacks Consensus Estimate of $13,608.9 million and soared 94% from the year-ago quarter’s figure as air-travel demand rebounded from the pandemic lows. The uptick in air-travel demand in the United States can be gauged from the fact that 75.9% of second-quarter 2022 passenger revenues came from the domestic markets.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.
JBHT’s quarterly earnings of $2.42 per share surpassed the Zacks Consensus Estimate of $1.61 and improved 50.3% year over year.
JBHT’s total operating revenues of $3,837.53 million also outperformed the Zacks Consensus Estimate of $2,908.37 million. The top line jumped 32% year over year on the back of strength across all segments. JBHT’s total operating revenues, excluding fuel surcharges, rose 21.2% year over year.
CSX Corporation (CSX - Free Report) ) reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.
CSX’s quarterly earnings of 50 cents per share (excluding 4 cents from non-recurring items) beat the Zacks Consensus Estimate of 47 cents and improved 25% year over year.
CSX’s total revenues of $3,815 million outperformed the Zacks Consensus Estimate of $2,990 million. The top line increased 28% year over year on the back of higher revenues in almost all markets, driven by pricing gains, fuel surcharge, and contribution from the acquisition of Quality Carriers. CSX’s overall revenues per unit increased 27%.
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Old Dominion (ODFL) Q2 Earnings & Revenues Top, Grow Y/Y
Old Dominion Freight Line (ODFL - Free Report) reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.
Quarterly earnings per share of $3.30 outpaced the Zacks Consensus Estimate of $3.10. The bottom line surged 42.9% year over year.
Revenues of $1,667.4 million also surpassed the Zacks Consensus Estimate of $1,639.6 million and increased 26.4% year over year. The uptick was backed by a 2.8% increase in LTL tons per day and a 22.6% rise in LTL revenue per hundredweight.
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
Other Details
The LTL services unit logged a total of $ 1,644.6 million, up 26.5% year over year. Revenues from other services rallied 16% to $22.8 million. In the quarter under review, LTL weight per shipment rose 0.1%, while LTL revenue per shipment rose 22.7%. LTL shipments and LTL shipments per day were up 2.8% each, year over year, respectively.
Total operating expenses moved up 21.5% to $1.16 billion. Operating income improved 39% to $508.71 million.
Old Dominion exited the quarter with cash and cash equivalents worth $196.13 million compared with $262.12 million at the end of March 2022. Additionally, long-term debt totaled $79.95 million at the end of the 2022 June quarter, compared with $99.95 million at the end of March 2022.
During the reported quarter, Old Dominion paid out dividends worth $33.8 million and repurchased shares worth $293.5 million.
Capital expenditures incurred in the reported quarter were $229.4 million. Old Dominion expects a capex of $835 million for 2022. Of the total, $300 million is anticipated to be invested in real estate and service-center expansion. ODFL expects to spend $485 million on tractors/trailers and $50 million on information technology and other assets, respectively.
Currently, Old Dominion carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Transportation Companies
Delta AirLines’ (DAL - Free Report) second-quarter 2022 earnings (excluding 29 cents from non-recurring items) of $1.44 per share fell short of the Zacks Consensus Estimate of $1.71. Escalated operating expenses induced the earnings miss. Multiple flight cancellations in May and June also hurt results. The earnings miss disappointed investors, resulting in the stock shedding value in early trading. In the year-ago quarter, Delta incurred a loss of $1.07 per share when air-travel demand was not as buoyant as in the current scenario.
DAL’s revenues came in at $13,824 million, which not only beat the Zacks Consensus Estimate of $13,608.9 million and soared 94% from the year-ago quarter’s figure as air-travel demand rebounded from the pandemic lows. The uptick in air-travel demand in the United States can be gauged from the fact that 75.9% of second-quarter 2022 passenger revenues came from the domestic markets.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.
JBHT’s quarterly earnings of $2.42 per share surpassed the Zacks Consensus Estimate of $1.61 and improved 50.3% year over year.
JBHT’s total operating revenues of $3,837.53 million also outperformed the Zacks Consensus Estimate of $2,908.37 million. The top line jumped 32% year over year on the back of strength across all segments. JBHT’s total operating revenues, excluding fuel surcharges, rose 21.2% year over year.
CSX Corporation (CSX - Free Report) ) reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.
CSX’s quarterly earnings of 50 cents per share (excluding 4 cents from non-recurring items) beat the Zacks Consensus Estimate of 47 cents and improved 25% year over year.
CSX’s total revenues of $3,815 million outperformed the Zacks Consensus Estimate of $2,990 million. The top line increased 28% year over year on the back of higher revenues in almost all markets, driven by pricing gains, fuel surcharge, and contribution from the acquisition of Quality Carriers. CSX’s overall revenues per unit increased 27%.