Old Dominion Freight Line
said third-quarter and full-year 2002 earnings forecasts would be above analysts' expectations, due to increased shipments.
The company expects to earn 65 cents to 70 cents a share, compared with 44 cents a share in last year's third quarter. The company had originally estimated EPS of 54 cents to 59 cents. Analysts were expecting the company to earn 55 cents a share.
For 2002, the company now expects to earn $1.90 to $2 a share, up from its original estimate of $1.62 to $1.72 a share, and compared with $1.22 in the year-ago period. Analysts were expecting the company to earn $1.70 a share.
The company cited an increase in demand for LTL tons and LTL shipments. Old Dominion also said the bankruptcy of competitor
earlier this month contributed to the company's profitable quarter.
Shares of the Thomsonville, N.C.-based company closed at $16.35 Friday on the