Business
Old Dominion Freight Line Provides Update for Fourth-Quarter 2021
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 November 2021. Revenue per day increased 29.9% as compared to November 2020 due to an 11.5% increase in LTL tons per day and an increase in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 15.2% increase in LTL shipments per day that was partially offset by a 3.2% 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 16.6% and 9.4%, respectively, as compared to the same period last year.\n\nGreg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Our revenue growth through November reflects our continued ability to win market share and the ongoing strength in the domestic economy. We believe the sequential change in revenue per day for the fourth quarter of 2021 will once again exceed our 10-year average for this metric. We also expect that strong customer demand will continue into next year, as shippers continue to value our superior service and available network capacity at a time when the industry’s capacity is generally limited. While we have capacity to support additional volume growth, we remain committed to further investment in our business to support our expectations for increased market share in 2022 and beyond. We are confident that the continued execution of our long-term strategic plan can produce long-term gains in market share and 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, many of which will continue to be amplified by the current COVID-19 pandemic: (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 public health epidemics, pandemics and similar outbreaks; (3) cha...