Old Dominion Freight Line

Saia’s Q1 miss, weak March shipments send shares 20% lower

Shares of less-than-truckload carriers were priced for beat-and-raise results heading into earnings season. Saia missed first-quarter expectations Friday, sending its stock 20% lower and pulling the rest of its peer group down for a second time in a week.

Saia (NASDAQ: SAIA) said March didn’t provide the seasonal demand uptick the company normally experiences. The update followed an in-line report from Old Dominion Freight Line (NASDAQ: ODFL) on Wednesday, which accelerated a sell-off that...

https://www.freightwaves.com/news/saias-q1-miss-light-march-shipments-send-shares-20-lower

Old Dominion’s Q1 earnings meet estimate, but LTL stocks fall anyway

Old Dominion Freight Line said it is seeing promising signs around demand but that it isn’t yet ready to call a cycle upturn. However, its operating ratio guidance for the second quarter was weaker than the historical trend, which may be the reason shares of less-than-truckload carriers sold off on Wednesday.

Old Dominion (NASDAQ: ODFL) reported earnings per share of $1.34 for the 2024 first quarter, which was in line with the consensus estimate and 5 cents ahead of the year-ago result when...

https://www.freightwaves.com/news/old-dominions-q1-earnings-meet-estimate-but-ltl-stocks-fall-anyway

Borderlands Mexico: Nearshoring boom brings more production closer to US

Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Nearshoring boom bringing more production closer to US; Mexican and US officials sign agreement to expand international bridge; Old Dominion Freight Line receives approval for new terminal near Phoenix; and construction begins for 785,000-square-foot logistics park in Houston.

Nearshoring boom bringing more production closer to US

Mexico registered a record $36 billion...

https://www.freightwaves.com/news/borderlands-mexico-nearshoring-boom-brings-more-production-closer-to-us

XPO provides favorable February update

Similar to other less-than-truckload carriers, XPO saw a notable year-over-year (y/y) improvement in volumes in February when compared to January.

In a Tuesday update following the market close, the carrier said tonnage grew 3.5% y/y in February as a 5.8% increase in shipments was partially offset by a 2.2% decline in weight per shipment. The tonnage increase was an improvement from a modest decline in January.

Further, XPO (NYSE: XPO) was facing tougher tonnage comps than most peers. When...

https://www.freightwaves.com/news/xpo-provides-favorable-february-update

Old Dominion Freight Line still waiting for market to turn

Old Dominion Freight Line reported a modest improvement in metrics during February but said market conditions “continue to reflect softness in the domestic economy.”

The less-than-truckload carrier saw revenue per day increase 1.2% year over year (y/y) during February, following a 2.7% decline in January. Tonnage was down 3% as a slight increase in shipments was offset by a 3.2% decline in weight per shipment. January saw a 2.3% decline in shipments while shipment weights were 3.2% lower.

January...

https://www.freightwaves.com/news/old-dominion-freight-line-still-waiting-for-market-to-turn

Old Dominion readies for eventual turnaround

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Management from less-than-truckload carrier Old Dominion Freight Line noted “continued softness in...

https://www.freightwaves.com/news/old-dominion-readies-for-eventual-turnaround

Old Dominion reports muted November

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A weak freight environment was to blame for a dip in tonnage during November, less-than-truckload...

https://www.freightwaves.com/news/old-dominion-reports-muted-november

Annual LTL GRIs slightly ahead of schedule

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Less-than-truckload carrier Old Dominion Freight Line announced Monday it will implement a 4.9%...

https://www.freightwaves.com/news/annual-ltl-gris-slightly-ahead-of-schedule

Where did Yellow’s freight go?

The third-quarter earnings season showed all publicly traded less-than-truckload carriers experienced some type of bump following Yellow’s exit. If it was a competition, Saia was the winner.

While there’s a little noise in the numbers, the sequential progression from the second to the third quarters is a good yardstick of how Yellow’s $5 billion freight share was redistributed. Yellow had been teetering for years but as tensions rose with its union workforce in the June-July time frame, shippers...

https://www.freightwaves.com/news/where-did-yellows-freight-go

Old Dominion says Yellow freight redistribution not settled

Carrying excess capacity through the downcycle allowed Old Dominion Freight Line to minimize impacts to service as it onboarded Yellow’s abandoned shipments.

The less-than-truckload carrier beat third-quarter expectations Wednesday, posting earnings per share of $3.09. The result was 18 cents above consensus but 27 cents lower year over year (y/y).

“Investing ahead of the curve” remains the company’s strategy. It views the incremental cost of holding latent capacity, which allows it to be...

https://www.freightwaves.com/news/old-dominion-says-yellow-freight-redistribution-not-finished

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