Business
Old Dominion Freight Line Provides Update for Fourth 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 November 2023. Revenue per day decreased 0.9% as compared to November 2022, primarily due to a 2.3% 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 2.9% decrease in LTL weight per shipment that was partially offset by a 0.6% increase in LTL shipments per day. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 3.1% and 7.6%, respectively, as compared to the same period last year.\n\n\nMarty Freeman, President and Chief Executive Officer of Old Dominion, commented, “The decrease in our November revenue reflects continued softness in the domestic economy. We were pleased, however, to see both the continued improvement in our yield metrics and a slight increase in our LTL shipments per day. We will continue to focus on delivering superior service at a fair price to support our consistent, cost-based approach to yield management. Our ability to execute on this fundamental element of our long-term strategic plan has created an unmatched value proposition in our industry, which we believe will also continue to support our ongoing ability to win long-term market share.”\n\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,...