“‘Old Dominion’s revenue results for February reflect continued softness in the domestic economy.’”
Old Dominion Freight Line Inc. offered on Friday a midquarter replace on sure working metrics, which confirmed continued weak point in demand.
The trucking firm
ODFL,
mentioned income per day in February was down 2.9% from the identical interval a 12 months in the past, as a 12.4% drop in less-than-truckload (LTL) tons per day was partially offset by a rise in LTL income per hundredweight. LTL refers back to the comparatively smaller transported cargo.
That follows a 7.8% decline in tons per day in January, after a 12.3% lower in December.
Chief Executive Greg Gantt mentioned the February outcomes confirmed that the U.S. financial system continued to sluggish. (Read extra about what number of on Wall Street see transportation corporations as financial barometers.)
In early February, Old Dominion had reported fourth-quarter revenue that topped expectations however income that got here up a bit shy. At that point, CEO Gantt mentioned the outcomes had been produced amid many “challenges,” which had been primarily associated to the “unexpected slowdown in the domestic economy,” in accordance with a transcript of the earnings convention name offered by AlphaSense.
Also learn MarketWatch’s “Economic Report” column and the “U.S. Economic Calendar” for extra information on the U.S. financial system.
Meanwhile, Old Dominion’s inventory, which slipped 0.4% in noon buying and selling Friday, has rallied 16.6% over the previous three months, whereas the Dow Jones Transportation Average
DJT,
has gained 3.8% and the Dow Jones Industrial Average
DJIA,
has misplaced 3.4%.
Source web site: www.marketwatch.com
