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Old Dominion Freight Line Q1 Profit Edges Down

Old Dominion Freight Line Inc. (ODFL) reported that its first-quarter net income was $133.18 million or $1.11 per share, compared to $133.32 million or $1.10 per share in the same quarter last year.

The financial results for the first quarter of 2020 include $10.1 million of expense related to special employee bonus payments made in March. These bonus payments were provided to non-executive employees in appreciation for their extraordinary effort in responding to the COVID-19 pandemic.

Revenue for the quarter declined to $987.36 million from $990.78 million last year. The decrease in revenue in the first quarter was due to a 3.9% decrease in LTL tons per day that was partially offset by a 2.6% increase in LTL revenue per hundredweight. Excluding fuel surcharges, LTL revenue per hundredweight increased 3.3% over the same period of the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share and revenues of $983.08 million. Analysts' estimates typically exclude special items.

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