April 24 - U.S. less-than-truckload carrier Old Dominion

Freight Line ( ODFL ) reported first-quarter revenue below above

Wall Street estimates on Wednesday, as the company hauled less

weight and shipments in the quarter.

A shift in consumer spending post-pandemic coupled with

global shipping logjams have constrained freight volumes in the

industry, impacting profits at carriers such as Old Dominion.

The company, which ships relatively small loads of freight

between 150 pounds and 15,000 pounds, posted a 1.2% rise in

revenue from a year earlier to $1.46 billion. Analysts on

average had estimated $1.47 billion, according to LSEG data.

It hauled a total of 2.2 million tons of shipments in the

quarter, down 3.2% from 2.3 million tons a year earlier.

"...challenges from the domestic economy have persisted for

longer than we originally expected," said CEO Marty Freeman.

Old Dominion said it expects capital expenditure for 2024 to

total approximately $750 million, with investments coming in

real estate, tractor and trailers, and to expand its service

centers.

The company reported a net income of $292.3 million, or

$1.34 per share, for the quarter ended March 31, from $285

million, or $1.29 per share, a year earlier.

The Thomasville, North Carolina-based carrier's operating

ratio, a key metric that indicates operating expenses as a

percentage of revenue, rose by 10 basis points to 73.5%.

A higher operating ratio reflects an increase in costs,

suggesting growing inefficiency in a company.