Loading...
•
Mar 31, 2023
Old Dominion Q1 2023 Earnings Report
Old Dominion's financial performance reflected a challenging operating environment with decreased volumes, leading to declines in quarterly revenue and earnings per diluted share.
Key Takeaways
Old Dominion Freight Line reported a decrease in revenue and earnings per share for Q1 2023, driven by a decline in LTL tonnage. Despite the volume decrease, the company maintained market share and improved yield. The company expects its aggregate capital expenditures for 2023 to total approximately $700 million.
First quarter earnings per diluted share were $2.58, a 0.8% decrease compared to Q1 2022.
Total revenue decreased by 3.7% to $1,442,136,000.
LTL tonnage per day decreased by 11.9%, while LTL revenue per hundredweight increased by 9.2%.
The operating ratio increased to 73.4% from 72.9% in the same period last year.
Revenue by Segment
Forward Guidance
Old Dominion is focused on delivering superior service at a fair price and managing the fundamental aspects of the business to win market share and produce long-term profitable growth.
Positive Outlook
- Focus on superior service and fair pricing.
- Commitment to managing business fundamentals.
- Aims to win market share over the long term.
- Positioned to produce long-term profitable growth.
- Focused on increased shareholder value.
Challenges Ahead
- Challenging economic and operating environment.
- Softness in the domestic economy.
- Decline in volumes.
- Fixed cost categories increased as a percent of revenue due to the deleveraging effect associated with the decrease in revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...