A month has gone by since the last earnings report for Old Dominion Freight Line (ODFL Quick QuoteODFL - Free Report) . Shares have added about 9.2% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Old Dominion due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Earnings Beat at Old Dominion in Q3

Old Dominion's third-quarter 2023 earnings per share of $3.09 surpassed the Zacks Consensus Estimate of $2.89 but declined 8% year over year.

Revenues of $1,515.27 million beat the Zacks Consensus Estimate of $1,492 million and decreased 5.5% year over year. The downside was due to a 6.9% decrease in LTL tons per day, partially offset by a 3.1% increase in LTL revenue per hundredweight.

The LTL services unit revenues came in at $1,501.26 million, down 5.2% year over year. Revenues from other services fell 32.4% to $14.01 million.

In the quarter under review, LTL weight per shipment dipped 4.1%, while LTL revenue per shipment declined 1.1%. LTL shipments and LTL shipments per day were down 4.4% and 2.9%, year over year, respectively. LTL revenue per hundredweight increased 3.1%.

Total operating expenses fell 3.4% to $1.07 billion. Operating income declined 10.3% to $445.02 million. Old Dominion exited the third quarter with cash and cash equivalents worth $206.60 million compared with $55.14 million at the prior-quarter end. Long-term debt was $59.97 million, flat sequentially. Capital expenditures incurred in the reported quarter were $172 million. Old Dominion paid out dividends worth $131.5 million and repurchased shares worth $368.1 million in the first nine months of 2023.

For 2023, ODFL anticipates its aggregate capital expenditures to be approximately $720 million. Of the total, $260 million is anticipated to be invested in real estate and service center expansion projects, $385 million in tractors and trailers, and $75 million in information technology and other assets.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended upward during the past month.

VGM Scores

At this time, Old Dominion has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Old Dominion has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Old Dominion belongs to the Zacks Transportation - Truck industry. Another stock from the same industry, JB Hunt (JBHT Quick QuoteJBHT - Free Report) , has gained 8% over the past month. More than a month has passed since the company reported results for the quarter ended September 2023.

JB Hunt reported revenues of $3.16 billion in the last reported quarter, representing a year-over-year change of -17.6%. EPS of $1.80 for the same period compares with $2.57 a year ago.

For the current quarter, JB Hunt is expected to post earnings of $1.80 per share, indicating a change of -6.3% from the year-ago quarter. The Zacks Consensus Estimate has changed -1.7% over the last 30 days.

JB Hunt has a Zacks Rank #5 (Strong Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.