“‘Outdated Dominion’s income outcomes for February replicate continued softness within the home financial system.’”
Outdated Dominion Freight Line Inc. offered on Friday a midquarter replace on sure working metrics, which confirmed continued weak point in demand.
The trucking firm
stated income per day in February was down 2.9% from the identical interval a 12 months in the past, as a 12.4% drop in less-than-truckload (LTL) tons per day was partially offset by a rise in LTL income per hundredweight. LTL refers back to the comparatively smaller transported cargo.
That follows a 7.8% decline in tons per day in January, after a 12.3% lower in December.
Chief Government Greg Gantt stated the February outcomes confirmed that the U.S. financial system continued to sluggish. (Read more about how many on Wall Street see transportation companies as economic barometers.)
In early February, Outdated Dominion had reported fourth-quarter revenue that topped expectations however revenue that came up a bit shy. At the moment, CEO Gantt stated the outcomes had been produced amid many “challenges,” which had been primarily associated to the “sudden slowdown within the home financial system,” in accordance with a transcript of the earnings convention name offered by AlphaSense.
Additionally learn MarketWatch’s “Economic Report” column and the “U.S. Economic Calendar” for extra information on the U.S. financial system.
In the meantime, Outdated Dominion’s inventory, which slipped 0.4% in noon buying and selling Friday, has rallied 16.6% over the previous three months, whereas the Dow Jones Transportation Common
has gained 3.8% and the Dow Jones Industrial Common
has misplaced 3.4%.