Old Dominion Freight Line (NASDAQ: ODFL) said it is seeing promising signs around demand but that it isn't yet ready to call a cycle upturn. However, its operating ratio guidance for the second quarter was weaker than the historical trend, which may be the reason shares of less-than-truckload carriers sold off on Wednesday. Old Dominion reported earnings per share of $1.34 for the 2024 first quarter, which was in line with the consensus estimate and 5 cents ahead of the year-ago result when accounting for the company's March two-for-one stock split. The in-line result wasn't enough for investors. Shares of ODFL were down 10.9% at 12:46 p.m. EDT Wednesday compared to the S&P 500, which was down 0.5%. Other LTL competitors saw shares sag as well. ArcBest (NASDAQ: ARCB) was down 8.4%, XPO (NYSE: XPO) was down 7.3% and Saia (NASDAQ: SAIA) was off 5.9%. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); Old Dominion's revenue increased 1.2% year over year (y/y) to $1.46 billion as tonnage fell 3.2% (shipments and weight per shipment were down 0.5% and 2.7%, respectively), which was offset by a 4.1% increase in revenue per hundredweight, or yield. (Yield was up 6.7% excluding fuel surcharges.) Lower shipment weights helped boost the yield calculations. Revenue per shipment (excluding fuel surcharges) was up 3.8% y/y even though weight per shipment and length of haul were ...