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Old Dominion Freight Line Provides Update for First Quarter 2023
THOMASVILLE, N.C.--(BUSINESS WIRE)-- Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for
About this update from Old Dominion Freight Line, Inc.
[{"type":"text","content":" THOMASVILLE, N.C.--(BUSINESS WIRE)--\nOld Dominion Freight Line, Inc. (Nasdaq: ODFL) today reported certain less-than-truckload (“LTL”) operating metrics for February 2023. Revenue per day decreased 2.9% as compared to February 2022 due to a 12.4% decrease in LTL tons per day that was partially offset by an increase in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 10.1% decrease in LTL shipments per day and a 2.5% decrease in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 12.1% and 8.6%, respectively, as compared to the same period last year.\n\nGreg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion’s revenue results for February reflect continued softness in the domestic economy. While our revenue decreased on a year-over-year basis, we believe our LTL shipments per day have largely stabilized and our yield continued to improve. We will continue to focus on providing our customers with superior service, which supports our consistent, cost-based approach to yield management. Our execution on these initiatives has created an unmatched value proposition in our industry, which we believe will continue to support long-term growth in our market share and increase shareholder value.”\n\nForward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution the reader that such forward-looking statements involve risks and uncertainties that could cause actual events and results to be materially different from those expressed or implied herein, including, but not limited to, the following: (1) the challenges associated with executing our growth strategy, and developing, marketing and consistently delivering high-quality services that meet customer expectations; (2) various risks related to health epidemics, pandemics and similar outbreaks; (3) changes in our relationships with significant customers; (4) our exposure to claims related to cargo loss and damage, property damage, personal injury, workers’ compensation and healthcare, increased self-insured retention or deductible levels or premiums for excess coverage, and claims in excess of insured coverage le...