Business
Old Dominion Freight Line Provides Update for Third 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 August 2023. Revenue per day decreased 1.4% as compared to August 2022, primarily due to a 6.0% 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 1.2% decrease in LTL shipments per day and a 4.8% 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 1.8% and 8.8%, 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 Old Dominion’s tonnage for August reflects continued softness in the domestic economy as well as a change in the mix of our freight. Through July of this year, our daily shipment count averaged approximately 47,000 shipments per day and that average increased to approximately 50,000 shipments per day in August. This incremental increase is due in part to the direct and indirect impact of one of our largest competitors ceasing operations in July, as we believe underlying demand has remained relatively consistent. Our team responded well to this inflection in our volumes and our service metrics have remained best-in-class. We will continue to focus on providing our customers with superior service at a fair price, as we believe this element of our long-term strategic plan continues to support our ability to win 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...