Tonnage Still Lackluster in Old Dominion’s Q1, but Raising Fair Value on Probable Tax Reform
Less-than-truckload carrier Old Dominion’s first-quarter revenue increased about 6.5%, driven by 5% higher total-yield and a 2.5% rise in LTL tonnage. Revenue was roughly in line with our expectations as decent core rate gains (revenue per hundredweight, excluding fuel was up 2.5%) and higher fuel surcharges more than offset slightly lower-than-anticipated tonnage growth. Profitability largely met our forecast. We note the broader LTL pricing environment remains stable. Total operating ratio (ex...Old Dominion Freight Line is a less-than-truckload (LTL) motor carrier providing regional, inter-regional and national LTL services, which include expedited transportation. In addition to the company's primary LTL services, the company provides a range of services including container drayage, truckload brokerage and supply chain consulting. The company also provides access to its systems through multiple gateways that provide its customers and employees flexibility and access to information. The company employs vehicle safety systems, on-board and hand-held computer systems, freight handling systems and logistics technology to reduce costs and transit times.
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