Trucker Previous Dominion gives extra proof the U.S. financial system is slowing

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‘Previous Dominion’s income outcomes for February mirror continued softness within the home financial system.’


— Previous Dominion Freight Line Inc. Chief Govt Greg Gantt.

Previous Dominion Freight Line Inc. supplied on Friday a midquarter replace on sure working metrics, which confirmed continued weak point in demand.

The trucking firm
ODFL,
-0.33%
stated income per day in February was down 2.9% from the identical interval a yr 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 Govt Greg Gantt stated the February outcomes confirmed that the U.S. financial system continued to sluggish. (Learn extra about what number of on Wall Avenue see transportation corporations as financial barometers.)

In early February, Previous Dominion had reported fourth-quarter revenue that topped expectations however income that got here up a bit shy. At the moment, CEO Gantt stated the outcomes have been produced amid many “challenges,” which have been primarily associated to the “sudden slowdown within the home financial system,” based on a transcript of the earnings convention name supplied by AlphaSense.

Additionally learn MarketWatch’s “Financial Report” column and the “U.S. Financial Calendar” for extra knowledge on the U.S. financial system.

In the meantime, Previous 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
DJT,
+0.15%
has gained 3.8% and the Dow Jones Industrial Common
DJIA,
+0.92%
has misplaced 3.4%.

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