Old Dominion Freight Line Shares Up After Earnings
February 06 2020 - 3:53PM
Dow Jones News
By Michael Dabaie
Old Dominion Freight Line Inc. (ODFL) shares rose 4% to
$215.47.
The less-than-truckload motor carrier reported fourth-quarter
total revenue of $1.01 billion, down from $1.03 billion in the
year-earlier period but in line with the FactSet consensus
forecast.
Net income was $144.0 million, down from the year-ago $159.5
million. Earnings per share were $1.80, down from $1.95. That was
above the FactSet consensus for EPS of $1.79.
"The industrial economy remained sluggish during the fourth
quarter, which contributed to the year-over-year decrease in
revenue for the second straight quarter. Our tonnage also declined
compared to the fourth quarter last year, although we were pleased
to see our yield continue to improve and our volumes begin to
stabilize," Chief Executive Greg C. Gantt said.
Old Dominion reported solid results with management sounding a
bit more optimistic on near-term trends than their counterparts on
the truckload side, Cowen said in a note.
Cowen boosted its price target to $205 from $176. "We boost our
price target to $205 but note that shares appear ahead of
themselves."
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
February 06, 2020 15:38 ET (20:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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