Benzinga | Jul 28, 2021 10:27AM EDT

Old Dominion Freight Beats Q2 Estimates, Plans $2B Share Repurchase Program

* Old Dominion Freight Line Inc (NASDAQ: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.