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Analyst
Eric Morgan
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 6).
- Questions
- 9on tracked calls
- Challenge rate
- 22%2 of 9 questionsLimited sample
- Companies
- 4questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 9 of 9 questions from 4 companies
ODFLOld Dominion Freight Line6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
curious if you could discuss what drove your yield ahead of your initial guidance in the quarter?
Show response
Attributed the beat to account and service mix, and framed the slower third quarter yield growth as a positive driven by rising weight per shipment.
Calendar 2026 Q1
I think the 4.4% in the quarter was a bit ahead of your guidance. So just curious if you could speak to the drivers there
Show response
Adam confirmed 4-4.5% yield ex-fuel appropriate for Q2, noted Q1 strength was due to slightly less weight per shipment headwind than expected, first quarter of positive YoY weight per shipment in some time.
Calendar 2025 Q4
Just curious how we should think about what the cadence might look like looking a little bit further out, especially if that if you do kinda hold that 1,500 pound level
Show response
Adam said revenue per hundredweight could trend toward 3% in stronger volume years as weight mix pressures yield metric. But revenue per shipment is the true measure of yield success. Would welcome weight returning to 1,600 lbs (strong-demand level). No change to yield management philosophy.
Calendar 2025 Q3
can you just speak to the market share dynamics here just because it does feel like the industry is probably not down quite as much
Show response
Revenue market share stable at 11.8% per Transport Topics for 3 consecutive years. Comparisons to public peers distorted by Yellow bankruptcy reallocation. Strategy is to maintain share in weak markets.
Calendar 2025 Q2
if we look at the ATA's shipment index, actually turned positive the past couple of months, at least for April and May
Show response
Adam explained ATA data includes parcel ground business, inflating industry numbers. Uses Transport Topics as primary source. Outperformed market by 1,000-1,200bp in past cycles.
Calendar 2024 Q4
do you think you can get to margin improvement this year if we are kind of in a steady state macro, or do you think you need to see some positive inflection here?
Show response
Adam was candid that margin improvement requires top-line growth. Overhead costs averaging $300M/quarter need revenue leverage. Sees potential in back half 2025.
CSXCSX Corporation1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q2
I think that maybe implies a little bit of acceleration in the business from 2Q levels
Show response
Kevin cited multiple customer production outages in chemicals, fertilizers, and forest products that should ease in H2. Sean cautioned Q2-Q3 seasonal margin typically declines with wage increases and restructuring charge.
FDXFedEx1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
Raj, I know you mentioned the net surcharge impact will be relatively muted in FEC in 4Q. Can you just clarify what
Show response
Carere explained fuel surcharge index updates weekly, with a lag. FedEx benefits from the lag on the way down after prices rose. No material fuel upside anticipated in Q4. The fuel pricing mechanism effectively manages profitability through price cycles.
JBHTJ.B. Hunt1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
how sustainable that level of growth is moving forward and maybe in the context of some of this different seasonality
Show response
Darren clarified East Coast labor situation affected West Coast comps, not Eastern network directly. Eastern growth driven by highway-to-rail conversion including Mexico northbound. Expects continued Eastern growth for years to come.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| ODFL Old Dominion Freight Line | 6 | 33%2 of 6 questions |
| CSX CSX Corporation | 1 | —Rate withheld: fewer than 3 questions |
| FDX FedEx | 1 | —Rate withheld: fewer than 3 questions |
| JBHT J.B. Hunt | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q1No questions recorded
- 2025 Q22 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand6
- Pricing4
- Competitive Dynamics3
- Revenue Growth2
- Margin2
- Cost Pressure1