ODFL issues Q3 operating metrics

Thomasville, N.C.-based national less-than-truckload (LTL) carrier Old Dominion Freight Line (ODFL) recently provided guidance for key August operating metrics.

ODFL reported that revenue per day was down 4.8% annually in August, driven by LTL tonnage per day falling 9.2%, which the company said was partially offset by an increase in LTL revenue per hundredweight. And it explained that the decrease in LTL tons per day was attributed to an 8.2% decrease in LTL shipments per day and a 1.2% decrease in LTL weight per shipment.

On a quarter-to-date basis, ODFL said that LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, were up 4.5% and 4.7%, respectively, on an annual basis.

“Old Dominion’s revenue results for August reflect the ongoing softness in the domestic economy,” said Marty Freeman, President and Chief Executive Officer of Old Dominion.  “While our volumes declined on a year-over-year basis, the improvement in our revenue per hundredweight demonstrates the value that our customers realize from our consistent commitment to superior service. Our value proposition remains best in class, and we have the capacity to handle incremental volumes when the demand environment improves. As a result, we remain confident that we are the best positioned carrier to win profitable market share over the long term while also improving shareholder value.”

The company’s second quarter earnings date is scheduled for October 22. In its second quarter earnings, total revenue came in at $1.49 billion, for a 6.1% annual decrease, with LTL revenue, at $1.395 billion, also down 6.1% annually. LTL tons per day was down 9.3% annually, with shipments per day and weight per shipment down 7.3% and 2.1%, respectively.