Old Dominion Freight Line's stock surged 5.10% during intraday trading on Wednesday, as investors reacted positively to the company's latest quarterly results.
The less-than-truckload carrier reported fourth-quarter earnings per share of $1.09, exceeding the analyst consensus estimate of $1.06. Revenue for the quarter came in at $1.31 billion, also topping expectations of $1.30 billion. Despite year-over-year declines in both profit and revenue amid a challenging freight environment, the better-than-expected performance provided a boost to investor sentiment.
Further supporting the positive move, Old Dominion announced a 3.6% increase in its quarterly cash dividend to $0.29 per share. The company also outlined its capital expenditure plans for the fiscal year, projecting $265 million in investments aimed at network expansion and service center growth.
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