Business
Old Dominion Freight Line Provides Update for Third Quarter 2022
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 August 2022. Revenue per day increased 14.5% as compared to August 2021 due to an increase in LTL revenue per hundredweight that was slightly offset by a 0.9% decrease in LTL tons per day. The change in LTL tons per day was attributable to a 2.7% decrease in LTL shipments per day that was partially offset by a 1.8% increase in LTL weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 18.1% and 7.3%, 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 solid revenue growth for the first two months of the third quarter. While our volumes decreased on a year-over-year basis, we continued to improve our yield through the consistent execution of our yield management initiatives. Providing shippers with superior service is required to support these initiatives, and our service levels remain best-in-class. We remain focused on delivering superior service at a fair price and believe customer demand for our value proposition remains strong, which positions us to win further market share.”\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 public health epidemics, pandemics and similar outbreaks, including the continuing impact of the COVID-19 pandemic; (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, a...