Business
Old Dominion Freight Line Provides Update for Second-Quarter 2020
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 May 2020. Revenue per day decreased 16.2% as compared to May 2019 due to a 12.1% decrease in LTL tons per day and a decrease in LTL revenue per hundredweight. The change in LTL tons per day was attributable to a 16.7% decrease in LTL shipments per day that was partially offset by a 5.4% increase in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges decreased 4.7% and 1.4%, respectively, as compared to the same period last year.\n\n\nGreg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Old Dominion’s revenue results for May reflect the significant decline in the domestic economy as well as a decrease in fuel surcharge revenue. While economic uncertainty continues, we are encouraged by the gradual improvement in our daily revenue trend throughout the month of May. In addition, the combination of operating efficiencies and reduction in discretionary spending has allowed us to balance our variable operating costs with the change in business levels.\n\n\n“The current environment has produced many operating challenges, but the remarkable focus and resolve of our team has allowed us to maintain our long-term value proposition by continuing to deliver superior service at a fair price. Our primary focus as a company, however, remains the safety and well-being of our OD Family of employees. We want to thank each of them for their hard work and dedication as they continue to support the needs of our customers while Helping The World Keep Promises.”\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, many of which are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the current COVID-19 pandemic: (1) the competitive environment with respect to industry capacity and p...