Thursday, Old Dominion Freight Line Inc. (ODFL), a less-than-truckload multi-regional motor carrier operator, reported a second quarter profit that increased from last year helped by higher revenue. The company also reaffirmed earnings per share outlook for full-year 2008.
The Thomasville, North Carolina-based company's net income for the second quarter increased to $23.9 million, or $0.64 per share, from $22.5 million, or $0.60 per share in the prior-year quarter.
On average, 11 analysts polled by First Call/Thomson Financial expected the company to earn $0.60 per share for the quarter.
A 10.2% growth in tonnage pushed revenues up by 16.2% to $417.8 million from $359.6 million in the year-ago quarter, in line with seven Wall Street analysts revenue estimate of $417.13 million.
For the six month-period, net income declined to $34.27 million, or $0.92 per share, from $36.11 million, or $0.97 per share, for the same period in 2007.
Revenue from operations for the six months ended June 30 was $786.01 million, up 15.7% from $679.56 million for the first six months of 2007.
Looking ahead, the company reaffirmed its fiscal 2008 earnings guidance of $1.90-$1.95 per share. Analysts currently expect earnings of $1.92 per share.
ODFL closed Thursday's regular trading session at $34.85, down $0.44 or 1.25%. However, the stock lost $0.12 or 0.35%, and traded at $34.97.
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