By Don Nico Forbes
Old Dominion Freight Line posted lower earnings in the fourth quarter, driven down by persistent demand headwinds.
The Thomasville, N.C.-based freight carrier posted a profit of $263.1 million, or $1.23 a share, from $322.8 million, or $1.47 a share, in the same quarter a year ago.
Analysts has expected earnings per share of $1.17, according to FactSet.
Revenue fell 7.3% to $1.385 billion, but beat analyst projections of $1.375 billion.
The fall came largely due to an 8.2% drop in less-than-truckload tons per day, and a 7.6% decrease in LTL shipments per day.
Excluding fuel surcharges, LTL revenue per hundredweight--a measure of pricing strength--increased 3.8%.
The company's operating ratio increased by 410 basis points to 75.9%, as the decline in revenue had a deleveraging effect on operating expenses, the company said.
"Old Dominion's financial results for the fourth quarter reflect the ongoing softness in the domestic economy," Chief Executive Marty Freeman said.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
February 05, 2025 07:15 ET (12:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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