Old Dominion reports Q2 EPS $1.48, consensus $1.45

Reports Q2 revenue $1.5B, consensus $1.5B…Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion produced another quarter of profitable growth despite continued softness in the domestic economy. This was our third consecutive quarter with growth in both revenue and earnings per diluted share, and it was the first time in over a year where our earnings increased by double digits. These results were made possible by the dedication of the OD Family of employees, who continue to execute on our long-term strategic plan that is centered on our ability to provide our customers with superior service at a fair price. Consistently delivering best-in-class service also continues to support our yield-management strategy and ongoing ability to win market share. “Our second quarter revenue growth of 6.1% was primarily due to a 4.4% increase in LTL revenue per hundredweight and a 1.9% increase in LTL tons per day. The increase in LTL tons per day reflects a 3.1% increase in LTL shipments per day that was partially offset by a 1.2% decrease in weight per shipment. LTL revenue per hundredweight, excluding fuel surcharges, increased 4.9% due primarily to the success of our long-term yield-management strategy. Our consistent, cost-based approach to pricing focuses on offsetting our cost inflation while also supporting further investments in the capacity and technology that our customers expect.