Old Dominion Lowers Earnings Forecast

Old Dominion Freight Line said Tuesday it is lowering its profit forecast "due to difficult economic conditions."

The Thomasville, N.C., carrier forecasts earnings of $1.73 to $1.76 per diluted share for 2008, down from the previous forecast of $1.90 to $1.95, the company said in a statement.

ODFL said that it is carrying 6% to 7% less freight than it did this time last year. It also cited the "continuing competitive pricing environment."

In estimates compiled by Bloomberg, analysts forecast that ODFL would end the year with earnings of $1.86 per share.

The company will report its fourth-quarter and full-year 2008 earnings Jan. 29.

ODFL is ranked No. 20 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.