Old Dominion’s shares fell 7.3% after earnings, with the clearest concern being a cautious fourth-quarter revenue outlook: the $1.54–$1.58 billion forecast implies revenue below the third quarter’s $1.59 billion. Freight demand improved in September, but third-quarter LTL tons per day were still down 0.1% year over year.
- Third-quarter revenue rose 13.1% to $1.59 billion, while earnings per diluted share increased 28.9% to $1.65.
- The operating ratio improved 280 basis points to 71.5%.
- LTL revenue per hundredweight increased 13.3%; LTL tons per day fell 0.1% for the quarter, though September tons per day rose 1.6% year over year.
- Sequentially, third-quarter tons per day increased 1.2% and shipments per day increased 2.4%.
- Management forecast fourth-quarter revenue of $1.54–$1.58 billion, which it said would be above normal seasonality.
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