Old Dominion provides update on fourth quarter 2019
Old Dominion Freight Line, Inc. has reported certain less-than-truckload (“LTL”) operating metrics for November 2019. Revenue per day decreased 3.2% as compared to November 2018 due to a 5.3% 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 5.7% decrease in LTL shipments per day that was slightly offset by a 0.4% increase in weight per shipment. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight excluding fuel surcharges increased 2.6% and 4.1%, respectively, as compared to the same period last year.
Greg C. Gantt, President and Chief Executive Officer of Old Dominion, commented, “Our revenue results for November reflect the continued softness in the domestic economy. Although our tonnage declined on a year-over-year basis, this volume trend is beginning to stabilize and our revenue per hundredweight has continued to increase. We will continue to focus on our consistent, cost-based approach to pricing and delivering superior service, which we believe provides our customers with an unmatched value proposition that supports long-term growth in our market share.”