Old Dominion Freight Line, Inc. (ODFL) Thursday reported a decline in profit for the third quarter, reflecting lower revenues due to overall tonnage declines and a reduction in fuel surcharges due to the decrease in the price of diesel. The company's earnings missed analysts estimates by 4 cents.
Old Dominion's net income for the third quarter declined 55.1% to $10.49 million or $0.28 per share from $23.36 million or $0.63 per share in the previous year.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue from operations for the quarter declined 22.4% to $322.76 million from $415.87 million last year. Analysts expected a revenue of $331.61 million for the quarter.
Depreciation and amortization expenses increased 9% to $24.04 million from $22.04 million last year.
Old Dominion's operating ratio was 93.8% for the third quarter of 2009, compared to 89.8% for the third quarter of 2008.
Intercity miles for the quarter were 76.89 million, compared to 87.94 million a year ago. Total tons were 1.25 million, compared to 1.46 million last year. Total shipments decreased to 1.49 million from 1.73 million in the previous year. Revenue per intercity mile declined to $4.20 from $4.73 in the earlier year.
For the nine-month period, net income declined to $25.19 million or $0.68 per share from $57.63 million or $1.55 per share in the same period of the previous year. Revenue from operations for the period declined 22.3% to $934.08 million from $1.20 million a year ago.
ODFL is currently trading at $28.23, down 0.80 or 2.75%, on a volume of 1.10 million shares on the Nasdaq.
For comments and feedback: editorial@rttnews.com