NEW YORK (TheStreet) -- Shares of Old Dominion Freight Lines (ODFL) - Get Old Dominion Freight Line, Inc. Report are falling by 7.78% to $66.54 on heavy trading volume late Thursday afternoon, following weaker-than-expected results for the 2016 first quarter.
Before the market open, the Thomasville, NC-based trucking company posted earnings of 72 cents per diluted share, which did not meet analysts' estimates of 76 cents per share.
Revenue increased 1.6% to $707.7 million year-over-year, but was below analysts' expectations of $721.5 million.
"Old Dominion produced solid results for the first quarter despite an operating environment that continues to be challenging," Vice Chairman and CEO David Congdon said in a statement.
"Our first-quarter revenue growth of 1.6% reflects an economy that remained sluggish and the impact of a 23.3% decline in fuel surcharges," he added.
About 1.75 million of the company's shares were traded by late this afternoon compared to its average volume of 578,895 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, increase in net income, good cash flow from operations and growth in earnings per share.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: ODFL