Business
Old Dominion Freight Line Provides Update for Second-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 May 2021. Revenue per day increased 47.6% as compared to May 2020 due to a 28.3% 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 32.6% 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 15.3% and 11.1%, respectively, as compared to the same period last year.\n\nGreg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, \"Old Dominion produced strong revenue growth for the first two months of the second quarter due to an increase in demand for our services and the ongoing improvement in the domestic economy. Our quarter-to-date revenue performance is above our normal sequential trend, which reflects our ability to win market share by delivering superior service at a fair price to our customers. In addition, we have available capacity within our service center network due to the significant investments we have made over many years. We remain committed to further expanding the capacity of both our workforce and our service center network this year, and we are confident that the continued execution of our 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) changes in our relationships with significant customers; (4) our ex...