Old Dominion reports Q1 EPS $2.58, consensus $2.69

Reports Q1 revenue $1.44B consensus $1.48B.Greg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, "Old Dominion’s first quarter financial results reflect continued softness in the domestic economy and a challenging operating environment. The resulting decrease in our volumes contributed to our first decline in quarterly revenue and earnings per diluted share in over two and a half years. The decrease in LTL revenue included an 11.9% decrease in LTL tonnage per day that was partially offset by a 9.2% increase in LTL revenue per hundredweight. The combination of this decrease in revenue and slight deterioration in our operating ratio contributed to the 0.8% decrease in earnings per diluted share to $2.58 for the quarter. "The operating ratio for the first quarter increased 50 basis points to 73.4% as compared to the first quarter of 2022. While we improved our direct costs as a percent of revenue, the decrease in these costs was more than offset by an increase in our overhead costs that are more fixed in nature. Many of these fixed cost categories increased as a percent of revenue due to the deleveraging effect associated with the decrease in revenue. In addition, depreciation and certain operating supplies and expenses increased as a result of our long-term investments in service center and equipment capacity."