Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shares are trading higher following a second-quarter 2024 results.

The company reported a revenue increase of 6.1% year over year to $1.498 billion, in line with the consensus of $1.499 billion. EPS was $1.48, above the consensus of $1.46.

The revenue increase is primarily due to a 4.4% increase in LTL revenue per hundredweight and a 1.9% increase in LTL tons per day.

The increase in LTL tons per day was driven by a 3.1% rise in shipments per day, partially offset by a 1.2% decrease in weight per shipment.

Revenue in the other services segment decreased by 10.7% year-over-year to $13.73 million for the quarter.

Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, "Old Dominion produced another quarter of profitable growth despite continued softness in the domestic economy. This was our third consecutive quarter with growth in both revenue and earnings per diluted share, and it was the first time in over a year where our earnings increased by double digits."

Operating income increased by 7.7% YoY to $421.69 million, with an operating ratio of 71.9%, compared to 72.3% a year ago.

Old Dominion's operating cash flow was $387.8 million for the second quarter and $811.7 million for the six months that ended in June.

As of June end, the company had $74.3 million in cash and equivalents. Capital expenditures stood at $238.1 million in the second quarter.

For the first six months of this year, Old Dominion returned capital to shareholders, spending $637.1 million on share repurchases, including a $200 million accelerated program, and paying $112.6 million in dividends.

Freeman concluded, "As a result, we believe that we are the best-positioned carrier in our industry to win market share over the long-term while also continuing to enhance shareholder value."

Price Action: ODFL shares are trading higher by 2.73% at 199.15 at the last check Wednesday.

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