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220.25
0.85%
1.86
After Hours:
220.80
0.55
+0.25%
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Why is Old Dominion Freight Line Inc (ODFL) Stock down?
We've noticed a 5.45% decline in Old Dominion Freight Line Inc (ODFL) stock during the 2024-10-23 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
24 Apr, 2024:
Old Dominion Freight Line, Inc. (ODFL) stock plummeted by 11.05% despite the company largely meeting market expectations for its first-quarter earnings.
- Q1 earnings: Analysts had anticipated Old Dominion to earn $1.34 per share on sales of $1.47 billion for the quarter. The company's earnings matched expectations at $1.34 per share, with revenue just slightly below expectations at $1.46 billion.
- High Expectations: Old Dominion's stock had been performing well, driven by expectations of significant earnings growth. Analysts had projected a 23% annual growth in earnings over the next five years. However, in the first quarter, the company's earnings growth was only around 4%, with sales growing by barely 1%.
- Investor Disappointment: While CEO Marty Freeman described the results as "solid", investors seemed disappointed, possibly expecting stronger growth. The stock's high valuation, trading at nearly 40 times earnings, reflects the market's anticipation of robust growth, which the first-quarter results did not fully deliver.
0.48%
0.47%
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