Why Old Dominion Freight Line Stock Is Down Today
Old Dominion Freight Line (NASDAQ: ODFL) is seeing signs of life in the trucking industry, but no indication that demand is recovering at a rapid rate. Investors were disappointed by its latest update, sending Old Dominion shares down 2.9% as of 2:15 p.m. ET.
Old Dominion and other transportation companies have been stuck in neutral lately, with the company's stock flat over the last six months. The issue is the economy, or at least the perception that things could turn worse from here. Large manufacturers and other big shipping clients have become more cautious, which has taken a lot of the demand out of the trucking market.
On Tuesday, Old Dominion reported tepid year-over-year growth in February. Revenue per day was up 1.2% for the month compared to 2023. Weight per shipment was down, but it was partially offset by a 0.2% increase in shipments per day.
Source Fool.com
