Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reported weaker-than-expected second-quarter earnings on Wednesday.
The company posted earnings of $1.27 per share, down 14.2% from $1.48 in the year-ago period and below the Street estimate of $1.30. Revenue fell 6.1% to $1.41 billion, missing expectations of $1.43 billion.
Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion’s financial results in the second quarter reflect the ongoing softness in the domestic economy. While the challenging macroeconomic backdrop created demand headwinds for our business during the quarter, our market share remained relatively consistent and our team continued to execute on our long-term strategic plan. The cornerstone of our plan remains our commitment to creating an unmatched value proposition for our customers by providing them with superior service at a fair price. As a result, we were pleased to once again achieve an on-time service performance of 99% and a cargo claims ratio of 0.1%.”
Old Dominion Freight Line shares rose 0.9% to trade at $147.75 on Thursday.
These analysts made changes to their price targets on Old Dominion Freight Line following earnings announcement.
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