Headline: Old Dominion Freight Line Reports Mixed Q3 Results Amid Challenging Environment

THOMASVILLE, N.C. - Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reported third-quarter earnings that slightly exceeded analyst expectations, although revenue declined year-over-year due to softened demand. The less-than-truckload carrier posted earnings of $1.43 per share, surpassing the consensus estimate of $1.42. However, revenue fell 3% year-over-year to $1.47 billion, missing expectations of $1.49 billion. Old Dominion attributed the challenging operating environment to the "ongoing softness in the domestic economy." LTL tonnage per day decreased by 4.8% compared to the third quarter of 2023, reflecting a 3.4% decline in daily LTL shipments and a 1.4% decrease in weight per LTL shipment. President and CEO Marty Freeman stated, "The challenging operating environment and the strong comparable results of the third quarter of 2023 led to our first year-over-year decrease in quarterly revenue and diluted earnings per share this year." The company's operating ratio increased by 210 basis points to 72.7% in the third quarter. Net income dropped 9.1% to $308.6 million. Despite the adverse conditions, Old Dominion remained focused on pricing discipline, with LTL revenue per hundredweight, excluding fuel surcharges, increasing 4.6% year-over-year. Freeman emphasized that the company continues to execute its long-term strategic plan focused on delivering superior service, which he believes will lead to market share gains and shareholder value over time.