Old Dominion Freight Beats Q2 Estimates, Plans $2B Share Repurchase Program - Old Dominion Freight Line (NASDAQ:ODFL)

Old Dominion Freight Line Inc ODFL reported second-quarter revenue growth of 47.2% year-over-year to $1.32 billion, beating the consensus of $1.23 billion.
Revenue growth reflects a 28.1% increase in LTL tons and a 14.9% increase in LTL revenue per hundredweight.
EPS improved by 84.8% Y/Y to $2.31, beating the consensus of $2.09.
The operating income increased by 83.8% Y/Y to $366.04 million. The operating ratio improved by 550 bps to $72.3%.
Operating expenses increased by 36.8% Y/Y to $953.36 million.
The company generated cash from operating activities year-to-date of $508.3 million and held $484.2 million in cash and cash equivalents as of June 30, 2021.
Old Dominion approved a new share repurchase program of up to $2 billion of its outstanding stock. The new repurchase program will begin after completing the existing $700 million repurchase program, which had $206.3 million remaining available and uncommitted as of June 30, 2021.
Price Action: ODFL shares traded lower by 2.56% at $252.64 on the last check Wednesday.