ODFL Reports Higher Earnings, Lowers Guidance
ess-than-truckload carrier Old Dominion Freight Line said Thursday its third-quarter net income increased 26.2% to $20.1 million or 54 cents a share, from $15.9 million or 43 cents a year earlier.
The carrier’s revenue rose 22.7% to a record $337.6 million.
Earl Congdon, chief executive officer of ODFL, said the carrier was lowering its annual guidance to between $1.87 and $1.90 a share from $1.94 to $1.97 due to “declines in both weight per shipment and revenue per hundredweight experienced in October... consistent with market indicators of a slowing economy.”
Old Dominion Freight Line is ranked No. 24 on the Transport Topics list of 100 top for-hire North American carriers.