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]