Old Dominion reports November revenue per day down 0.9% from last year

The company states: “Old Dominion Freight Line reported certain less-than-truckloadoperating metrics for November 2023. Revenue per day decreased 0.9% as compared to November 2022, primarily due to a 2.3% 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 2.9% decrease in LTL weight per shipment that was partially offset by a 0.6% increase in LTL shipments per day. For the quarter-to-date period, LTL revenue per hundredweight and LTL revenue per hundredweight, excluding fuel surcharges, increased 3.1% and 7.6%, respectively, as compared to the same period last year.” Marty Freeman, CEO, commented, “The decrease in our November revenue reflects continued softness in the domestic economy. We were pleased, however, to see both the continued improvement in our yield metrics and a slight increase in our LTL shipments per day. We will continue to focus on delivering superior service at a fair price to support our consistent, cost-based approach to yield management. Our ability to execute on this fundamental element of our long-term strategic plan has created an unmatched value proposition in our industry, which we believe will also continue to support our ongoing ability to win long-term market share.”