Old Dominion (ODFL) Drops on 4th Day as Earnings Disappoint

We recently published 10 Stocks Hit by Painful Plunge. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is one of the best-performing stocks on Wednesday.

Old Dominion dropped for a fourth consecutive day on Wednesday, slashing 9.66 percent to close at $146.46 apiece following a disappointing earnings performance in the second quarter of the year.

In its updated report, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) said that net income fell by 16.6 percent to $268.6 million from $322 million in the same period last year. Total revenues dipped by 6.1 percent to $1.4 billion from $1.5 billion year-on-year, due to a 9.3-percent decrease in LTL tons per day, which was partially offset by an increase in LTL revenue per hundredweight.

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In the six-month period, net income dropped by 14.8 percent to $523 million from $614 million, while revenues dipped by 6 percent to $2.78 billion from $2.96 billion.

“Old Dominion’s financial results in the second quarter reflect the ongoing softness in the domestic economy. While the challenging macroeconomic backdrop created demand headwinds for our business during the quarter, our market share remained relatively consistent and our team continued to execute on our long-term strategic plan,” said Old Dominion Freight Line, Inc. (NASDAQ:ODFL) President and CEO Marty Freeman.