These Analysts Boost Their Forecasts On Old Dominion After Strong Earnings

Old Dominion Freight Line, Inc. ODFL reported better-than-expected second-quarter 2024 results on Wednesday.

The company reported a revenue increase of 6.1% year over year to $1.498 billion, in line with the consensus of $1.499 billion. EPS was $1.48, above the consensus of $1.46, according to data from Benzinga Pro.

Old Dominion's operating cash flow was $387.8 million for the second quarter and $811.7 million for the six months that ended in June.

Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, "Old Dominion produced another quarter of profitable growth despite continued softness in the domestic economy. This was our third consecutive quarter with growth in both revenue and earnings per diluted share, and it was the first time in over a year where our earnings increased by double digits."

Old Dominion Freight Line shares gained 6.6% to trade at $207.52 on Thursday.

These analysts made changes to their price targets on Old Dominion Freight Line following the announcement.

• Baird analyst Garrett Holland maintained Old Dominion Freight Line with an Outperform rating, while raising the price target from $205 to $215.
• JP Morgan analyst Brian Ossenbeck maintained the stock with a Neutral and boosted the price target from $176 to $193.
• BMO Capital analyst Fadi Chamoun maintained Old Dominion with an Outperform rating and increased the price target from $210 to $215.
• Raymond James analyst Patrick Tyler Brown maintained Old Dominion with an Outperform rating, while increasing the price target from $190 to $209.

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