U.S. markets closed
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow 30

    31,097.26
    +321.83 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.11 (+0.90%)
     
  • Russell 2000

    1,727.76
    +19.77 (+1.16%)
     
  • Crude Oil

    108.46
    +2.70 (+2.55%)
     
  • Gold

    1,812.90
    +5.60 (+0.31%)
     
  • Silver

    19.85
    -0.50 (-2.44%)
     
  • EUR/USD

    1.0426
    -0.0057 (-0.54%)
     
  • 10-Yr Bond

    2.8890
    -0.0830 (-2.79%)
     
  • GBP/USD

    1.2103
    -0.0072 (-0.59%)
     
  • USD/JPY

    135.1750
    -0.5530 (-0.41%)
     
  • BTC-USD

    19,211.11
    -230.00 (-1.18%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • Nikkei 225

    25,935.62
    -457.42 (-1.73%)
     

Old Dominion's (ODFL) Q1 Earnings Beat Estimates, Rise Y/Y

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·4 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Old Dominion Freight Line’s ODFL first-quarter 2022 earnings per share of $2.60 outpaced the Zacks Consensus Estimate of $2.37. The bottom line surged 52.9% year over year. The upside was driven by an improvement in the operating ratio (operating expenses as a percentage of revenues) on the back of higher revenues.

Revenues of $1497.3 million also surpassed the Zacks Consensus Estimate of $1,454.1 million and increased 32.9% year over year. The uptick was backed by a 12% increase in LTL (Less-Than-Truckload) tons per day and a 17.4% rise in LTL revenue per hundredweight.

Other Details

In the quarter under review, LTL weight per shipment fell 1.1%, while LTL revenue per shipment rose 16.1%. LTL shipments and LTL shipments per day were up 15% and 13.2% year over year, respectively.

Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise

Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
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

Old Dominion’s major revenue-generating segment LTL services logged a total of $1,475.8 million, up 33% year over year. Revenues from other services rallied 27.3% to $21.5 million.

Total operating expenses moved up 27.4% to $1,091.6 million, mainly due to a 24.6% rise in costs pertaining to salaries, wages & benefits, a 54% increase in operating supplies and expenses as well as a 51.3% surge in purchased transportation costs. Operating ratio improved 320 basis points to 72.9%. Lower the value of this metric, the better.

Old Dominion exited the quarter with cash and cash equivalents worth $262.12 million compared with $462.6 million at the end of 2021. Capital expenditures incurred in the reported quarter were $93.7 million. Old Dominion expects a capex of $825 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 and $40 million on tractors/trailers and information technology and other assets, respectively.

During the first quarter, Old Dominion — currently carrying a Zacks Rank #3 (Hold) — paid out dividends worth $34.2 million to its shareholders. ODFL used $438.4 million of cash for its share repurchase program, including a $400-million accelerated share buyback program that will expire by August 2022. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Earnings Snapshots

Within the broader Transportation sector, J.B. Hunt Transport Services JBHT, CSX Corporation CSX and United Airlines UAL recently reported first-quarter 2022 results.

J.B. Hunt reported better-than-expected first-quarter 2022 earnings numbers. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.

Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year. JBHT currently carries a Zacks Rank #3.

CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.

Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year. CSX carries a Zacks Rank of 3 at present.

United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss suffered by UAL as coronavirus concerns continue to weigh on air-travel demand.

Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million. UAL is presently Zacks #3 Ranked.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

CSX Corporation (CSX) : Free Stock Analysis Report

United Airlines Holdings Inc (UAL) : Free Stock Analysis Report

J.B. Hunt Transport Services, Inc. (JBHT) : Free Stock Analysis Report

Old Dominion Freight Line, Inc. (ODFL) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research