Old Dominion Freight Line, Inc.NASDAQ
Old Dominion Navigating A Bumpy, Pockmarked Road
Stephen Simpson, CFA
Stephen Simpson, CFA
Old Dominion's Operating Environment Has Shifted
Stephen Simpson, CFA
Stephen Simpson, CFA
Today, 11:43 AM
- Old Dominion Freight Line (ODFL -0.7%) reports LTL tons per day decreased 0.4% in November.
- LTL shipments were down 2.9% during the month, which was partially offset by a 2.5% increase in LTL weight per shipment.
- “We are encouraged by the quarter-to-date increases in our total revenue per day and LTL weight per shipment," notes CEO DavidOngdon.
- Source: Press Release
Sat, Oct. 29, 10:42 AM
- The trucking industry is anxiously waiting for the release of key heavy-duty truck order releases next week as it assesses demand for 2017.
- Overcapacity has impacted trucking pricing this year and forced several companies to idle parts of their fleets and rethink strategy. More than half of trucking stocks with a market cap of over $50M are showing a negative YTD return.
- There's a sense that the extended downturn in freight demand could be bottoming out, a theory that could be confirmed by the upcoming reports from ACT Research and FTR.
- Looking further down the road, it can't be ignored that autonomous vehicle technology could have an impact with trucking services, logistics firms and truck makers. The dramatic delivery of 50K Budweisers (NYSE:BUD) by self-driving transport company Otto (Private:UBER) is considered by some analysts as much more than a publicity stunt.
- Ford (NYSE:F) announced last summer that it's developing smaller self-driving delivery trucks and Google has a USPTO-approved patent on a self-driving delivery truck. On the long-haul side, Daimler's (OTCPK:DDAIF) Freightliner is still testing autonomous 18-wheelers.
- Related article: MIT Technology Review on Uber Freight
- Related stocks: ULH, USAK, SAIA, PATI, PTSI, JBHT, KNX, SWFT, LSTR, MRTN, HTLD, WERN, ECHO, ODFL, CVTI, CGI, ARCB, YRCW, NAV, CMI, PCAR, FDX, UPS.
Thu, Oct. 27, 7:04 AM
Wed, Oct. 26, 5:30 PM
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Thu, Jul. 28, 7:05 AM
Wed, Jul. 27, 5:30 PM
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Fri, Jul. 22, 11:23 AM
- The trucking stocks is revving higher after solid earnings reports from Swift Transportation (SWFT +12.4%) and Werner Enterprises (WERN +4.8%). Though quarterly profit dropped at both companies, commentary from management indicated the freight market is poised to improve.
- Notable movers include Covenant Transportation Group (CVTI +7.9%), Celadon Group (CGI +4.7%), Heartland Express (HTLD +4%), Knight Transportation (KNX +3.9%), and Old Dominion Freight Line (ODFL +3.1%).
Tue, Jun. 21, 10:02 AM
- The trucking and logistics sector is rattled by a weak read from Werner Enterprises (WERN -8.1%) on market conditions.
- The company warns it's having trouble with rate negotiations and faces driver wage pressure. Q2 EPS guidance was taken lower by Werner.
- Decliners in the sector off in early trading include Swift Transportation (SWFT -6.4%), Knight Transportation (KNX -6%), Heartland Express (HTLD -2.9%), Roadrunner Transportation Systems (RRTS -3.3%), Celadon Group (CGI -7.3%), Old Dominion Freight Lines (ODFL -2.3%), and XPO Logistics (XPO -1.4%).
- Previously: Werner Enterprises guides below expectation for Q2 (June 20)
Mon, May 23, 11:17 AM
- Old Dominion Freight Line (ODFL +1.3%) announces that a new $250M stock buyback program was approved by the board.
- The company's total repurchase allowance now stands at $262M with the old plan still having a $12M balance.
- The repurchase allowance represents 4.8% of Old Dominion's market cap.
Thu, Apr. 28, 7:02 AM
- Old Dominion Freight Line (NASDAQ:ODFL): Q1 EPS of $0.72 misses by $0.04.
- Revenue of $707.73M (+1.6% Y/Y) misses by $13.74M.
Wed, Apr. 27, 5:30 PM
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Wed, Mar. 2, 2:34 PM
- Old Dominion Freight Line (ODFL -0.9%) announces less-than-truckload tons rose 2.0% in January and 3.2% in February.
- LTL shipments per day were up over 6% for both months. Weight per shipment fell back during the two-month period.
Thu, Feb. 4, 10:13 AM
- Trucking stocks are in rally mode off a mix of macroeconomic news and earnings.
- Notable gainers include ArcBest (ARCB +11.7%), Old Dominion Freight Line (ODFL +4.2%), Heartland Express (HTLD +4%), Celadon Group (CGI +8.4%), YRC Worldwide (YRCW +7.7%), Knight Transportation (KNX +2.2%), and Marten Transport (MRTN +4.1%).
- It's a moonshot for Roadrunner Transportation Systems (RRTS +37.5%) after earnings.
- Shipping companies FedEx (FDX +2.6%), AirT (AIRT +3.9%), and UPS (UPS +0.8%) are also well-ahead of broad market averages.
Thu, Feb. 4, 7:35 AM
- Old Dominion Freight Line (NASDAQ:ODFL): Q4 EPS of $0.85 beats by $0.01.
- Revenue of $734.57M (+1.9% Y/Y) misses by $9.14M.
Wed, Feb. 3, 5:30 PM
- ABC, ABG, ABMD, ARW, AZN, BCE, BCO, BR, BSX, BZH, CARB, CFX, CHTR, CI, CLX, CMI, CMS, COP, COTY, CRS, CS, CSL, CUB, DFT, DLPH, DNKN, EQM, EQT, GLPI, GRUB, HIMX, ICE, IT, ITG, KELYA, LQDT, LVLT, MD, MHFI, MHO, MMC, MMP, MMS, MSCI, MSG, NAO, NYT, ODFL, OXY, PBH, PM, PPL, PRLB, PTEN, RDS.A, RFP, RL, RSTI, SBH, SNA, SPH, SQNS, STRA, TDC, TDY, TE, TPX, UTEK, VLP, VMC, WEC, XYL
Thu, Jan. 7, 6:57 PM
- RBC Capital and Stephens both came out bearish on the transportation and trucking sector, with RBC analyst John Barnes calling his outlook the most difficult report he had written since the Great Recession, citing confusing signals on the economy and earnings growth that likely will be "uninspiring."
- Barnes downgraded Old Dominion Freight Line (NASDAQ:ODFL), Swift Transportation Company (NYSE:SWFT), Ryder Systems (NYSE:R) and Rush Enterprises (NASDAQ:RUSHA) to Sector Perform from Outperform, and Heartland Express (NASDAQ:HTLD) to Underperform from Sector Perform.
- Stephens analyst Brad Delco cut near-term and longer-term estimates on less-than-truckload names, citing weaker demand trends and the higher fixed cost structure of LTL business models relative to truckload.
- Delco downgraded ArcBest (NASDAQ:ARCB) and Saia (NASDAQ:SAIA) to Equal Weight from Overweight as he favors truckload names over LTL in the current environment, but he maintained his Overweight rating on ODFL as he remains constructive on the best-in-breed name, which he believes can continue taking market share to offset broader market weakness.