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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.
Old Dominion
Old Dominion
Old Dominion Revenue by Segment
Revenue by Segment
LTL Services Revenue
CapyFin.comOther Services Revenue
CapyFin.com 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.
- Increased depreciation and certain operating supplies and expenses due to long-term investments in service center and equipment capacity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income