Boston, MA 04/28/2014 (wallstreetpr) – On Friday, Old Dominion Freight Line (NASDAQ:ODFL) announced its financial performance for the period of three months ended on March 31, 2014.
Revenue In Line, But Misses EPS Estimate
For the reported quarter, the company’s revenue came in at $620.3 million, recording an increase of 15.2%, in comparison to $538.4 million, in the same quarter previous year. At the same time, its net income grew to $45.9 million from $40.6 million in the first quarter of the previous year, indicating an increase of 13.2%. The earnings per share on a diluted basis for the quarter came at $0.53 as against $0.47 per share. According to the analysts’ consensus, the company’ EPS target was set at $0.056 on revenue of $596.24 million. At the same time, Old Dominion’s operating ratio marked improvement, reporting 87.1% for the first quarter as against 87.8% in the previous year.
Exceed Expectations
Old Dominion Freight Line (NASDAQ:ODFL)’s President and CEO, David S. Congdon, said that the company has been able to achieve better milestones this year, in spite of the negative impact of the cold weather at the beginning of the year. He added that the company’s first quarter revenue exceeded their forecasts and the success in the period indicates the company’s ability to win market share through facilitating its customers with timely and claims-free service at a reasonable price.
Congdon reported that, in the first quarter, the company’s LTL tons per day rose 13.9% that included an 11.9% increase in shipments and 1.8% increase in weight per shipment. LTL revenue per hundredweight rose 1.6% in the first quarter, while excluding fuel surcharge, LTL revenue grew 2.2%, in line with the expectation. Capital expenditures stood at $79.8 million in the quarter, and Old Dominion Freight Line (NASDAQ:ODFL) plans another increase of $25 million to its planned capital outlay for 2014 to add more tractors and trailers, on account of strong first quarterly performance and equally strong expectations for the remaining year.
