Old Dominion Freight Line Inc ODFL reported a Q2 2023 revenue decrease of 15.2% Y/Y to $1.41 billion on lower volumes, missing the consensus of $1.44 billion.
Revenue fall reflects a 15.0% Y/Y decline in LTL services revenue, reflecting lower LTL tons per day (-14.1% Y/Y) and LTL revenue per hundredweight (-1.1% Y/Y).
Also, revenue decreased by 32.5% Y/Y in the other services segment in the quarter.
Operating income decreased by 23.0% Y/Y to $391.6 million, with an operating ratio of 72.3%, compared to 69.5% a year ago.
EPS of $2.65 was in line with the consensus.
Old Dominion's operating cash flow was $287.8 million for Q2 2023. The company had $55.1 million in cash and equivalents as on June 30, 2023. Capital expenditures stood at $244.7 million in Q2 2023.
In H1 2023, ODFL returned $302.2 million through share repurchases and $87.8 million via cash dividends to the stockholders.
Repurchase: ODFL disclosed a new share repurchase program for buying back up to $3.0 billion shares.
The new repurchase program will commence after the completion of its existing $2.0 billion worth of repurchase program, of which $376.9 million remains available and uncommitted as of June 30, 2023.
2023 Outlook: The company reiterated its aggregate capital expenditure guidance at approximately $700 million, including planned expenditures of $260 million for real estate and service center expansion projects; $365 million for tractors and trailers; and $75 million for information technology and other assets.
Price Action: ODFL shares are trading lower by 0.85% at $392.00 premarket on the last check Wednesday.
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