Trucking company Old Dominion Freight Line Inc. said Thursday lower pricing and higher costs trimmed its third-quarter earnings less than 1 percent as it missed Wall Street's expectations.
The company, which also lowered its full-year outlook, earned $20 million, or 54 cents per share, compared with 20.1 million, or 54 cents per share, in the year-ago quarter.
Revenue increased 8 percent to $363.3 million, from $337.6 million in the prior-year period.
Analysts were expecting a profit of 55 cents per share on revenue of $367.6 million, according to a poll by Thomson Financial.
The company said the "increasingly competitive" pricing environment hurt margins during the quarter, as higher costs offset a decline in the company's tax rate.
Old Dominion is a less-than-truckoad, or LTL, carrier, meaning it usually fills its trucks with freight from a variety of sources and might re-sort and redistribute that freight at a company terminal along its route. |
