Old Dominion reports August revenue per day down 5.2% y/y

Old Dominion Freight Line reported certain less-than-truckload operating metrics for August 2024. Revenue per day decreased 5.2% as compared to August 2023 due to a 6.1% 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 5.0% decrease in LTL shipments per day and a 1.1% 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 3.0% and 4.9%, respectively, as compared to the same period last year. Marty Freeman, President and Chief Executive Officer of Old Dominion, commented, “Our revenue results for August reflect continued softness in the domestic economy as well as the impact of lower fuel surcharge revenue on our yields. While our LTL volumes declined on a year-over-year basis, our LTL shipments per day in August were relatively consistent with July and our year-to-date average through the first half of this year. We also maintained our long-term, disciplined approach to pricing, which is reflected in the ongoing improvement in our LTL revenue per hundredweight. The OD Family of employees remains focused on delivering superior service at a fair price to our customers, which has created an unmatched value proposition in our industry. We believe that by continuing to execute our long-term strategic plan, we are positioning Old Dominion to win profitable market share over the long-term while also increasing shareholder value.