Old Dominion Freight Line Stock Rises 5% Despite Revenue Decline

(RTTNews) - Stock of Old Dominion Freight Line, Inc. (ODFL) is up by 5.25 percent during Monday trading, increasing $9.63 to $193.29. This increase in stock price comes despite a decrease in net income to $263.1 million from $322.8 million, and a drop in diluted earnings per share to $1.23, compared to $1.47.

ODFL is currently trading at $194.22, up $10.56 from the previous close of $183.66. The stock has fluctuated today, reaching a high of $199.29 and a low of $192.75. Trading volume has reached 1.3 million shares, slightly below the average volume of 1.4 million.

Despite the revenue challenges, the stock has shown resilience, with the 52-week range for the stock standing at $165.49 to $233.26.

The company's revenue decline in the fourth quarter was primarily attributed to an 8.2% decrease in LTL tons per day, driven by a 7.6% decrease in LTL shipments per day and a 0.7% drop in LTL weight per shipment.