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Old Dominion (ODFL) Q3 Earnings Top Estimates, Revenues Miss
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Old Dominion Freight Line, Inc. (ODFL - Free Report) reported mixed third-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings per share of $3.36 outpaced the Zacks Consensus Estimate of $3.06. The bottom line increased 36% year over year.
Revenues of $1,603.7 million lagged the Zacks Consensus Estimate of $1,615.1 million but increased 14.5% year over year. The uptick was backed by a 17.4% increase in less-than-truckload (LTL) revenue per hundredweight, partially offset by the 2.6% decrease in LTL tons.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
The LTL services unit logged a total of $1,582.95 million, up 14.8% year over year. Revenues from other services fell 4.5% to $20.74 million.
In the quarter under review, LTL weight per shipment rose 1.5%, while LTL revenue per shipment rose 19.2%. LTL shipments and LTL shipments per day were down 4.1% each year over year.
Total operating expenses moved up 8.9% to $1.11 billion. Operating income improved 29.4% to $496.08 million.
Old Dominion exited the third quarter with cash and cash equivalents worth $216.73 million compared with $196.13 million at the end of June 2022. Long-term debt of $79.95 million was flat sequentially.
During the reported quarter, Old Dominion paid out dividends worth $33.4 million and repurchased shares worth $368.1 million.
ODFL generated $514.2 million of net cash from operating activities. Capital expenditures incurred in the reported quarter were $181.7 million.
Old Dominion now expects a capex of $720 million for 2022 compared with the prior expectation of $835 million. Of the total, $300 million is still anticipated to be invested in real estate and service-center expansion. However, ODFL now expects to spend $350 million on tractors/trailers (prior view: $485 million) and $70 million (prior view: $50 million) on information technology and other assets, respectively.
Currently, Old Dominion carries a Zacks Rank #4 (Sell).
Delta AirLines’ (DAL - Free Report) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.
United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results.
In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.
Operating revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’s quarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.
JBHT’s operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.
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Old Dominion (ODFL) Q3 Earnings Top Estimates, Revenues Miss
Old Dominion Freight Line, Inc. (ODFL - Free Report) reported mixed third-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings per share of $3.36 outpaced the Zacks Consensus Estimate of $3.06. The bottom line increased 36% year over year.
Revenues of $1,603.7 million lagged the Zacks Consensus Estimate of $1,615.1 million but increased 14.5% year over year. The uptick was backed by a 17.4% increase in less-than-truckload (LTL) revenue per hundredweight, partially offset by the 2.6% decrease in LTL tons.
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
The LTL services unit logged a total of $1,582.95 million, up 14.8% year over year. Revenues from other services fell 4.5% to $20.74 million.
In the quarter under review, LTL weight per shipment rose 1.5%, while LTL revenue per shipment rose 19.2%. LTL shipments and LTL shipments per day were down 4.1% each year over year.
Total operating expenses moved up 8.9% to $1.11 billion. Operating income improved 29.4% to $496.08 million.
Old Dominion exited the third quarter with cash and cash equivalents worth $216.73 million compared with $196.13 million at the end of June 2022. Long-term debt of $79.95 million was flat sequentially.
During the reported quarter, Old Dominion paid out dividends worth $33.4 million and repurchased shares worth $368.1 million.
ODFL generated $514.2 million of net cash from operating activities. Capital expenditures incurred in the reported quarter were $181.7 million.
Old Dominion now expects a capex of $720 million for 2022 compared with the prior expectation of $835 million. Of the total, $300 million is still anticipated to be invested in real estate and service-center expansion. However, ODFL now expects to spend $350 million on tractors/trailers (prior view: $485 million) and $70 million (prior view: $50 million) on information technology and other assets, respectively.
Currently, Old Dominion carries a Zacks Rank #4 (Sell).
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) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.
United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results.
In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.
Operating revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’s quarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.
JBHT’s operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.