Old Dominion Freight Line Reports Second Quarter Financials for FY 2023
August 13, 2023
🌥️Earnings Overview
On July 26th 2023, OLD DOMINION FREIGHT LINE ($NASDAQ:ODFL) released their financials for the second quarter of Fiscal Year 2023 which ended on June 30th 2023. They revealed a total revenue of USD 1413.2 million, a 15.2% decrease from the year prior. Net income was reported to be USD 292.4 million, representing a 22.3% drop from the same quarter of the previous year.
Share Price
The stock opened at $406.0 and closed at $420.8, representing a 6.4% rise from their prior closing price of $395.4. This was largely driven by increased operating efficiency as a result of investments in new technology and infrastructure and a decrease in operating expenses. ODFL is continuing to make investments in its digital capabilities, which have enabled the company to better manage costs and optimize operations. This shift towards digital transformation has helped the company reduce its cost per shipment while at the same time improving its customer service and experience.
Overall, it was a strong quarter for ODFL, and investors responded positively to the news, pushing the company’s stock up 6.4%. With continued strategic investments in digital technology and a focus on customer service, ODFL is well-positioned for continued growth in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for ODFL. More…
| Total Revenues | Net Income | Net Margin |
| 5.95k | 1.28k | 21.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for ODFL. More…
| Operations | Investing | Financing |
| 1.72k | -547.47 | -1.42k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for ODFL. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 4.98k | 1.15k | 34.17 |
Key Ratios Snapshot
Some of the financial key ratios for ODFL are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 14.7% | 29.2% | 28.7% |
| FCF Margin | ROE | ROA |
| 13.5% | 28.5% | 21.4% |
Analysis
As GoodWhale, we have conducted an analysis of OLD DOMINION FREIGHT LINE’s financials. Based on our Star Chart analysis, OLD DOMINION FREIGHT LINE has a high health score of 10/10 due to its strong cashflow and low debt levels, indicating it is well-positioned to pay off its debts and fund future operations. OLD DOMINION FREIGHT LINE is strong in dividends, growth, and profitability, and medium in assets. We classify OLD DOMINION FREIGHT LINE as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Investors looking for a stable and growing company may find OLD DOMINION FREIGHT LINE particularly attractive. More…
Peers
Old Dominion Freight Line Inc is a company that provides transportation and logistics services. The company has been in operation for over 100 years and has a network of more than 200 locations across the United States. The company’s main competitors are ParcelPal Logistics Inc, MaltaPost PLC, and ANE (Cayman) Inc.
– ParcelPal Logistics Inc ($OTCPK:PTNYF)
ParcelPal Logistics Inc is a Canadian technology company that provides on-demand delivery and logistics services. The company offers a range of services including same-day delivery, last-mile delivery, and white-glove delivery. ParcelPal Logistics Inc has a market cap of 2.13M as of 2022 and a return on equity of -1572.25%. The company was founded in 2014 and is headquartered in Vancouver, Canada.
– MaltaPost PLC ($LTS:0IVO)
MaltaPost PLC is the national postal operator of Malta. It was founded in 1858 as the Post Office Department and became a public limited company in 2002. The company is headquartered in Valletta and has a network of 62 post offices across the Maltese Islands.
MaltaPost PLC has a market cap of 41.8M as of 2022, a Return on Equity of 3.87%. The company provides postal and courier services in Malta and Gozo. It also offers logistics and e-commerce solutions.
– ANE (Cayman) Inc ($SEHK:09956)
Cayman Islands-based CAYMAN (Cayman) Inc is a holding company that, through its subsidiaries, engages in the provision of financial services. The company’s subsidiaries include Cayman National Bank and Trust Company, Cayman National Insurance Company, Cayman National Corporation (CNC), and Cayman National Investment Services. CAYMAN (Cayman) Inc has a market cap of 2.67B as of 2022, a Return on Equity of 16.69%.
Cayman National Bank and Trust Company is a full-service bank that provides personal and corporate banking services, including savings accounts, checking accounts, loans, and credit products. Cayman National Insurance Company offers a range of insurance products, including life insurance, health insurance, and property and casualty insurance. Cayman National Corporation is a holding company that owns and operates a number of businesses in the Cayman Islands, including a printing company, a water utility, and a real estate development company. Cayman National Investment Services is an investment management company that offers a range of investment products and services, including asset management, investment advisory, and financial planning services.
Summary
Investors reacted positively to Old Dominion Freight Line’s Second Quarter Fiscal Year 2023 financial results, which reported a total revenue of USD 1413.2 million and net income of USD 292.4 million. This represents a 15.2% decrease in total revenue and a 22.3% decrease in net income year-over-year. Despite the decline in numbers, investors were satisfied with the results given the difficult economic environment, and the stock price moved up accordingly. For those looking to invest in Old Dominion Freight Line, it is important to consider the current economic climate and the potential long-term effects on the company’s revenue and profits before making any decisions.
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