Shares in Old Dominion Freight Line jump
Old Dominion Freight Line shares jumped Friday after the trucking company said it's hauling more goods than previously estimated.
Old Dominion Freight Line Inc., based in Thomasville, N.C., now expects total tonnage to increase between 4.5 percent and 5 percent in the first quarter, compared with the same period a year ago. The previous range was between 4 percent and 4.5 percent.
Old Dominion Freight said prices should pick up, too. Revenue per hundredweight, which measures how much a trucking company gets for every 100 pounds of goods moved, may increase between 2.5 percent and 3 percent in the current quarter, excluding fuel surcharge.
The company's stock rose 5.2 percent in afternoon trading, gaining $1.88 to $38.19. Old Dominion Freight Line Inc. has traded between $26.12 and $38.55 over the last 52 weeks.
The trucking company is expected to report first-quarter results on April 25. Analysts expect earnings of 41 cents a share and revenue of $531.4 million.