Core Insights - XPO's third-quarter results exceeded expectations, driven by efficiency initiatives and higher yields in its less-than-truckload segment [1] Financial Performance - Adjusted earnings per share (EPS) for the quarter were reported at $1.07, surpassing consensus by 5 cents and matching the previous year's result [2] - Consolidated revenue increased by 3% year-over-year to $2.11 billion, exceeding the consensus estimate of $2.07 billion [3] Less-Than-Truckload Segment - Less-than-truckload revenue rose slightly year-over-year to $1.26 billion, with a 6% decline in tonnage per day offset by a 6% increase in revenue per hundredweight [4] - Tonnage decreased despite easing prior-year comparisons, but improved freight mix contributed to higher yields, with yield (excluding fuel surcharges) up 12.6% on a two-year stacked comparison [5] - The adjusted operating ratio for the LTL unit was reported at 82.7%, reflecting a 150 basis point improvement year-over-year and 20 basis points better than the second quarter [8] European Transportation Segment - The European transportation segment saw a 7% year-over-year revenue increase to $857 million, but reported an operating loss of $2 million, marking an $8 million year-over-year swing [9]

Core Insights - Old Dominion Freight Line reported third-quarter earnings per share of $1.28, exceeding consensus by 6 cents but down 15 cents year-over-year [1] - Revenue for the quarter was $1.41 billion, slightly above consensus but 4% lower compared to the previous year [2] - The company experienced a 9% year-over-year decline in total tonnage, with an 8% drop in shipments and a 1.2% decrease in weight per shipment [3] Financial Performance - The operating ratio was 74.3%, which is 160 basis points worse year-over-year but 30 basis points better than the second quarter [4] - Cost per shipment increased by 6.2%, while revenue per shipment rose by only 3.4%, resulting in a negative spread of 280 basis points [4] - The company’s management had previously indicated potential for 80 to 120 basis points of sequential deterioration in operating ratio, which was better than expected [4] Market Reaction - Shares of Old Dominion were up 4.2% in pre-market trading following the earnings report [6] - The company’s CEO emphasized a strong long-term financial strategy and readiness to respond to future demand increases [6]